Maryland Financial Institutions Section 12-405

      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)      Is licensed by the Commissioner;

            (2)      Is an authorized delegate of a licensee under whose name the business of money transmission occurs; or

            (3)      Is a person exempted from licensing under this subtitle.