Maryland Financial Institutions Section 12-406
§ 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.