Md. Code Ann., Bus. Reg. § 1-503
Reporting requirements
Effective Apr 9, 1996Added by Acts 1990, c. 411; renumbered from Corporations and Associations, § 1-503 by Acts 1994, c. 3, § 14, eff. Feb. 28, 1994. Amended by Acts 1996, c. 10, § 1, eff. April 9, 1996.State of Maryland
- (a) A person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in currency in 1 transaction shall keep a record of the transaction and shall file with the Department within 15 days of the date of the transaction a report of the transaction.
- (b) The reporting requirements of this section are complied with if the person engaged in a trade or business files with the Department a duplicate copy of the report required by 26 U.S.C. § 6050-I.
- (c) The Secretary shall adopt regulations appropriate to carry out the purposes of this subtitle and to provide for exemption of transactions that are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose.
Added by Acts 1990, c. 411; renumbered from Corporations and Associations, § 1-503 by Acts 1994, c. 3, § 14, eff. Feb. 28, 1994. Amended by Acts 1996, c. 10, § 1, eff. April 9, 1996.