Maryland Financial Institutions Section 12-406

      (a)      To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:

            (1)      Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:

                  (i)      Engage in the business of money transmission;

                  (ii)      Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and

                  (iii)      Command the confidence of the public;

            (2)      Will keep at all times the permissible investments required under § 12-418 of this subtitle;

            (3)      Has a net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each additional location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and

            (4)      Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:

                  (i)      If the applicant is a sole proprietor, the applicant shall have the required experience;

                  (ii)      If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and

                  (iii)      If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.

      (b)      The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:

            (1)      The nature and volume of the business or proposed business of the applicant;

            (2)      The amount, nature, quality, and liquidity of the assets of the applicant;

            (3)      The amount and nature of the liabilities, including contingent liabilities, of the applicant;

            (4)      The history of, and prospects for, the applicant to earn and retain income;

            (5)      The quality of the operations of the applicant;

            (6)      The quality of the management of the applicant;

            (7)      The nature and quality of the person that has control of the applicant; and

            (8)      Any other factor the Commissioner deems relevant.