COMAR 09.03.14.07. Multistate Licensing Process

A. If an applicant for licensure under the Maryland Money Transmission Act avails itself or is otherwise subject to a multistate licensing process:

(1) Subject to §B of this regulation , the Commissioner’s investigation of the applicant under Financial Institutions Article, §12-409, Annotated Code of Maryland , may include the investigation results of a lead investigative state; or

(2) If Maryland is a lead investigative state, the Commissioner may investigate the applicant pursuant to Financial Institutions Article, §12-409, Annotated Code of Maryland , and the timeframes established by agreement through the multistate licensing process, except that, in no case shall the timeframe be noncompliant with the application period in Financial Institutions Article, §12-409, Annotated Code of Maryland .

B. The Commissioner’s investigation of the applicant under Financial Institutions Article, §12-409, Annotated Code of Maryland , may include the investigation results of a lead investigative state if:

(1) The Commissioner reasonably determines that the lead investigative state possesses licensing and supervision authority over money transmission in its state substantially similar to the licensing and supervision authority of the Commissioner over money transmission in Maryland;

(2) The Commissioner reasonably determines that the investigation of the lead investigative state adequately addresses the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness;

(3) The Commissioner reasonably determines the lead investigative state has sufficient staffing, expertise, and minimum standards for the purposes of investigating an applicant for a license permitting money transmission; and

(4) The Commissioner supplements the investigation of the lead investigative state with any information the Commissioner considers relevant.