§ 12-404. Money Transmission Fund

   (a) "Fund" defined. -- In this section, "Fund" means the Money Transmission Fund established under this section.

(b) Established. -- There is a Money Transmission Fund that consists of:

   (1) All revenue received for the licensing of persons who engage in the business of money transmission under this subtitle;

   (2) Income from the investments that the State Treasurer makes for the Fund; and

   (3) Any other fee, examination assessment, or revenue received by the Commissioner under this subtitle.

(c) Commissioner to pay fines and penalties into General Fund. -- Notwithstanding subsection (b) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner under this subtitle into the General Fund of the State.

(d) Purpose of Fund. -- The purpose of the Fund is to pay all the costs and expenses incurred by the Commissioner that are related to the regulation of the business of money transmission under this subtitle, including:

   (1) Expenditures authorized under this subtitle; and

   (2) Any other expense authorized in the State budget.

(e) Costs and expenses to be included in State budget; carryover of excess revenue. --

   (1) All the costs and expenses of the Commissioner relating to the regulation of the business of money transmission under this subtitle shall be included in the State budget.

   (2) Any expenditures from the Fund to cover costs and expenses of the Commissioner may be made only:

      (i) With an appropriation from the Fund approved by the General Assembly in the annual State budget; or

      (ii) By the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article.

   (3) If, in any given fiscal year, the amount of the revenue collected by the Commissioner and deposited into the Fund exceeds the actual appropriation for the Commissioner to regulate the business of money transmission under this subtitle, the excess amount shall be carried forward within the Fund.

(f) Duties of State Treasurer. --

   (1) The State Treasurer is the custodian of the Fund.

   (2) The State Treasurer shall deposit payments received from the Commissioner into the Fund.

(g) Nature and use of Fund. --

   (1) The Fund is a continuing, nonlapsing fund and is not subject to § 7-302 of the State Finance and Procurement Article, and may not be deemed a part of the General Fund of the State.

   (2) Unless otherwise provided by law, no part of the Fund may revert or be credited to:

      (i) The General Fund of the State; or

      (ii) A special fund of the State.

HISTORY: 2002, ch. 539.