Maryland § 12-414
Full text of Maryland Maryland Code § 12-414, with citation guidance and answers to common questions.
§ 12-414.
(a) An authorized delegate may not make any fraudulent or false statement or misrepresentation to a licensee or to the Commissioner.
(b) All money transmission services conducted by an authorized delegate shall be conducted strictly in accordance with the licensee’s operating policies and procedures provided to the authorized delegate.
(c) An authorized delegate shall remit all funds owed to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
(d) (1) All funds received by an authorized delegate from money transmission services, less fees, shall constitute trust funds belonging to the licensee from the time the funds are received by the authorized delegate until the time when the funds are remitted to the licensee.
(2) If an authorized delegate commingles any of the funds received with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the funds due the licensee.
(e) An authorized delegate shall report to the licensee the theft or loss of a payment instrument within 24 hours after the theft or loss.
Frequently Asked Questions About Maryland § 12-414
What does Maryland Code § 12-414 cover?
Section 12-414 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-414?
A common citation format is "Maryland Code § 12-414" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-414 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.