Maryland Administrative Code

.06 Final Loss Mitigation Affidavit. A. Subject to §B of this regulation, a final loss mitigation affidavit required by Real Property Article, §7-105.1(h)(4), Annotated Code of Maryland, and this chapter shall be in a form substantially similar to that in Appendix E of this regul…

.07 Notice of Foreclosure Action. A. Notice of Foreclosure Action to Accompany a Preliminary Loss Mitigation Affidavit. (1) A form substantially similar to that in Appendix H-1 of this regulation shall be used to comply with the notice of filing requirement when accompanying a pr…

.08 Postfile Foreclosure Mediation. A. Subject to §B of this regulation, a request for postfile mediation required by Real Property Article, §7-105.1(h)(4), Annotated Code of Maryland, and this chapter shall be in a form substantially similar to that in Appendix F of this regulat…

.09 Office of Administrative Hearings. A. Borrower Information Worksheet and Instructions. (1) With respect to a scheduled prefile mediation session, the Office of Administrative Hearings shall provide the Borrower(s) Information Worksheet and the instructions regarding the docum…

.10 Addressed Envelope. A. The following addressed envelopes are required by this chapter and shall be in the form and include the information set forth in this regulation. B. Required Addressed Envelopes. (1) An addressed envelope accompanying the Notice of Intent to Foreclose s…

.11 Time. In computing any period of time prescribed by this chapter, Maryland Rule 1-203 shall apply.

.12 Filing of Duplicate Forms. Any affidavit, application, or other form submitted to a circuit court as required by this chapter may be a duplicate of the original affidavit, application, or other form.

.13 Challenges to Certificates of Vacancy or Certificates of Unfitness for Human Habitation. A. A form substantially similar to that in Appendix J of this regulation shall be used to comply with the requirement to provide a description of the procedure to challenge a certificate …

.14 Enforcement. The Commissioner may enforce the provisions of this chapter by exercising any of the powers provided under Financial Institutions Article, §§2-114—2-116, Annotated Code of Maryland.

.01 Purpose. This chapter is intended to carry out the provisions of Business Regulation Article, §§7-302 and 7-302.1, Annotated Code of Maryland. In particular, it is intended to set license-related fees to cover the actual documented direct and indirect costs of regulating coll…

.02 Fees. A. Initial License Fee. The initial license fee required by Business Regulation Article, §§7-302(a) and 7-302.1, Annotated Code of Maryland, is $350 for a 1-year license term. B. Renewal Fee. The renewal fee required by Business Regulation Article, §7-306(b)(2), Annotat…

.01 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (…

.02 Examination Fees. A. This chapter is intended to set fees to cover the reasonably incurred costs of examinations of a licensee or its authorized delegate pursuant to Financial Institutions Article, §12-424(c), Annotated Code of Maryland. B. The Commissioner of Financial Regul…

.03 Persons Not Engaging in Money Transmission. A. In accordance with the Maryland Money Transmission Act, the following persons are not engaging in money transmission when engaging in the activities described: (1) An operator of a payment system when providing processing, cleari…

.04 Relationship to Federal Law. A. If State money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of the Maryland Money Transmission Act and the federal law governing money transmission shall be governed by the applicable federa…

.05 Application for License. A. In addition to the requirements set forth in Financial Institutions Article, §12-407, Annotated Code of Maryland, applications for a license shall contain at a minimum and as applicable: (1) The legal name and residential and business addresses of …

.06 Information Requirements for Certain Individuals. A. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Commissioner through NMLS the following items: (1) The individua…

.07 Multistate Licensing Process. A. If an applicant for licensure under the Maryland Money Transmission Act avails itself or is otherwise subject to a multistate licensing process: (1) Subject to §B of this regulation, the Commissioner’s investigation of the applicant under Fina…

.08 Corporate Governance. A. A licensee shall establish, document, and maintain sufficient corporate governance, as follows: (1) Each element of a licensee’s corporate governance shall be commensurate with the size, operational complexity, and overall risk profile of the licensee…

.09 Maintenance of License. A. If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new license, the Commissioner may suspend or revoke the licensee’s license in accordance with the procedures established under th…

.10 Acquisition of Control and Change of Key Individual. A. Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall comply with Financial Institutions Article, §12-415, Annotated Code of Maryland. B. Any person, or group of persons acting…

.11 Notice and Information Requirements for a Change of Key Individuals. A. A licensee adding or replacing any key individual shall: (1) Provide notice in a manner prescribed by the Commissioner as soon as reasonably practicable, but in no event later than 15 days after the effec…

.12 Bank Secrecy Act Reports. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to mo…

.13 Authorized Delegates. A. For purposes of this regulation, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. B. Before a licensee may conduct bus…

.14 Timely Transmission. A. Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a vic…

.15 Refunds. A. This regulation does not apply to: (1) Money received for transmission subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended or recodified from time to time; or (2) Money received for transmission pursuant to a written agreement between …

.16 Receipts. A. This regulation does not apply to: (1) Money received for transmission subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended or recodified from time to time; (2) Money received for transmission pursuant to a written agreement between th…

.17 Disclosures for Payroll Processing Services. A. A licensee that provides payroll processing services shall: (1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) Make available worker paystubs…

.18 Prudential Standards. A. Financial Responsibility. In considering the financial responsibility of a licensee, the Commissioner may consider the amount of tangible net worth a licensee maintains in excess of the statutory requirement under Financial Institutions Article, §12-4…

.01 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Actual change in value” means, with respect to each scenario included on the disclosure form found in Appendix A of this chapter, the average annual change in value for ho…

.02 Required Disclosures. A. Financing Agreements and Commitments. (1) In addition to providing any other disclosures required by Commercial Law Article, Title 12, Subtitles 9 and 10, Annotated Code of Maryland, a lender receiving an application for a shared appreciation agreemen…

.03 Calculation of Property Value. A. Means of Calculating the Property Value. (1) The lender shall use the estimated fair market value to determine the starting value of the property. (2) The starting value may represent a discount of the estimated fair market value at the time …

.04 Calculating Values in Appendix A of this Chapter. A. Actual Appreciation. Actual change in value shall be calculated using the All-Transactions House Price Index as published by the Federal Reserve Bank of St. Louis unless this index becomes unavailable, in which case the Com…

.05 Ability to Repay. A lender offering a shared appreciation agreement is deemed to have given due regard to a borrower’s ability to repay if disclosures are provided by the lender to the borrower in compliance with Regulation .02 of this chapter, provided that: A. The shared ap…

.01 Scope. Scope. This chapter governs Kiosks, as such term is defined herein, and the conduct of any person operating a Kiosk in the State.

.02 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined (1) “Commissioner” has the meaning stated in Financial Institutions Article, §1-101, Annotated Code of Maryland. (2) “Electronic Notice of Fraud” means any (a) Any electronic co…

.03 Registration. A. Registration of Operator. (1) A person may not operate a Kiosk in the State after January 1, 2026, unless registered as an Operator with the Commissioner. (2) A person shall register through NMLS with the Commissioner as an Operator: (a) On or before January …

.04 Fee Refunds for Fraudulent Transactions. A. Scope. (1) This regulation governs the procedure by which a User may request a Fee Refund on a transaction the User alleges is a Fraudulent Transaction. (2) A User’s rights under this regulation are in addition to any rights a User …

.05 Fraud Prevention. A. An Operator shall maintain restrictions that prevent more than one User of the Operator from using the same virtual currency wallet. B. An Operator shall have the ability to prevent designated virtual currency wallets from being used at any Kiosk of the O…

.06 Communications and Notices. A. An Operator shall provide all required notices and communications to a User under this chapter using information the Operator collects from the User under Financial Institutions Article, §12-1204 (c), Annotated Code of Maryland. B. This regulati…

.07 Lighting, Safety, and Signage. A. Each Kiosk operated in the State by an Operator shall comply with Financial Institutions Article, §§1-402 (b), (c) and 1-402.1, Annotated Code of Maryland for each Kiosk it operates. B. For the purposes of this regulation only, the Operator s…

.08 Screen Disclosures. A. All required on-screen notices and disclosures under Financial Institutions Article §12-1201 et. seq., Annotated Code of Maryland, and this chapter shall: (1) Remain on the Kiosk screen for a minimum of: (a) Four seconds if the notice or disclosure cont…

.09 Receipts. A. In addition to information required by Financial Institutions Article, §12-1204, Annotated Code of Maryland, a Receipt shall include: (1) The name of, and contact information for, the Operator, including, but not limited to, the Operator's business address and a …

.10 Annual Report. A. An Operator shall prepare an annual report listing the following information for each Kiosk it maintains: (1) Information sufficient to identify that Kiosk; (2) The total number of transactions and the total dollar amount of transactions processed by that Ki…

.01 Definitions. The definitions contained in Business Regulation Article, §8-101, Annotated Code of Maryland, are incorporated into these regulations, by reference, as Regulation .01.

.02 Definition of Canvasser, Solicitor. The definitions of canvasser, solicitor, or similar term will be considered the same as the definition for a salesman; those persons using these terms will be subject to licensing and the requirements of the Maryland Home Improvement Law.

.03 Licenses for Contractors and Salesmen. All contractors and salesmen required to be licensed shall have licenses on and after October 1, 1962.