1. (a) A person may not engage in the business of money transmission if that person, or the person with whom that person engages in the business of money transmission, is located in the State unless that person:

   1. (1) Is licensed by the Commissioner;
   2. (2) Is an authorized delegate of a licensee under whose name the business of money transmission occurs; or
   3. (3) Is a person exempted from licensing under this subtitle.
2. (b) Each licensee or license applicant shall obtain and maintain a valid unique identifier issued by NMLS on forming an account with NMLS.
3. (c) An applicant for an initial license or a license renewal shall apply for the license or renewal through NMLS.

Added as Financial Institutions § 12-404 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 23, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 12-405 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2012, c. 78, § 1, eff. June 1, 2012; Acts 2018, c. 731, § 1, eff. Oct. 1, 2018; Acts 2018, c. 732, § 3, eff. Oct. 1, 2018; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.

Formerly Art. 11, §§ 209, 211.