Md. Code, Financial Institutions § 12-413
This is the official text of Md. Code, Financial Institutions § 12-413, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§12–413.
Official statutory text
(a) (1) Each authorized delegate that a licensee appoints under a license is the designated agent of the licensee for all purposes in connection with the licensee’s business under that license.
(2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate.
(b) Each authorized delegate that a licensee appoints under a license shall be authorized by an express written contract, which shall provide:
(1) That the licensee appoints the person as its authorized delegate with authority to engage in the business of money transmission on behalf of the licensee;
(2) That neither the licensee nor the authorized delegate may authorize subagents or subdelegates without written consent of the Commissioner;
(3) That the authorized delegate is subject to supervision, examination, and regulation by the Commissioner; and
(4) That the authorized delegate will operate in full compliance with all applicable laws and regulations.
(c) The licensee shall provide to each authorized delegate a written copy of the licensee’s operating policies and procedures, which shall be updated on a reasonable periodic basis.
(d) Copies of all contracts required under this section shall be made available to the Commissioner, upon request.
(2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate.
(b) Each authorized delegate that a licensee appoints under a license shall be authorized by an express written contract, which shall provide:
(1) That the licensee appoints the person as its authorized delegate with authority to engage in the business of money transmission on behalf of the licensee;
(2) That neither the licensee nor the authorized delegate may authorize subagents or subdelegates without written consent of the Commissioner;
(3) That the authorized delegate is subject to supervision, examination, and regulation by the Commissioner; and
(4) That the authorized delegate will operate in full compliance with all applicable laws and regulations.
(c) The licensee shall provide to each authorized delegate a written copy of the licensee’s operating policies and procedures, which shall be updated on a reasonable periodic basis.
(d) Copies of all contracts required under this section shall be made available to the Commissioner, upon request.
Status: in_force · Read it on the official government site
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