1. 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 federal law to the extent of the inconsistency.

2. B. If any inconsistencies exist between the Maryland Money Transmission Act and a federal law that governs pursuant to this regulation, the Commissioner may provide interpretive guidance that:

   1. (1) Identifies the inconsistency; and
   2. (2) Identifies the appropriate means of compliance with federal law.

Authority: Business Regulation Article, §2-105; Financial Institutions Article, §§2-105.1, 12-401, and 12-403, Annotated Code of Maryland

Effective date: May 27, 2013 (40:10 Md. R. 916)

Chapter revised effective December 11, 2023 (50:24 Md. R. 1041)