Section 12-406 - Qualifications of applicant for license(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 tangible net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each licensed 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.Amended by 2023 Md. Laws, Ch. 567, Sec. 1, eff. 7/1/2023.Amended by 2021 Md. Laws, Ch. 100, Sec. 3, eff. 10/1/2021.