Maryland § 12-416
Full text of Maryland Maryland Code § 12-416, with citation guidance and answers to common questions.
§ 12-416.
(a) A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information that NMLS requires.
(b) (1) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on the licensee’s activities in the State:
(i) The filing for bankruptcy or reorganization by the licensee;
(ii) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities in any state;
(iii) Any felony indictment or conviction of the licensee or any of its officers or directors related to money transmission activities;
(iv) The commencement of any civil action by a buyer or holder of a payment instrument or person for whom or to whom money is transmitted against a licensee; and
(v) The filing of any material litigation against the licensee.
(2) The written report required under paragraph (1) of this subsection shall be submitted to the Commissioner through NMLS.
(c) A licensee shall submit to NMLS the Uniform Authorized Agent Reporting once each quarter on the date that NMLS requires.
(d) A licensee promptly shall file with the Commissioner any demand borrowing agreement or agreements into which the licensee may enter as a permissible investment or a deposit in lieu of a surety bond.
Frequently Asked Questions About Maryland § 12-416
What does Maryland Code § 12-416 cover?
Section 12-416 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 § 12-416?
A common citation format is "Maryland Code § 12-416" (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 § 12-416 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.