III. Assumptions. (Identified by Impact Letter and Number from Section II.)
A. Assuming in state exams would take 5 days to complete @ $300 per day. Assume out of state exams would take 7
days to complete @ $300 per day. Assume 20 out of state exams per year @$2,100 each and 3 in state exams per year @ $1,500 each.
D. The examination fee must be paid by the licensed company for work performed on site.
F. The examination process of money transmitter licensees will provide safer operating companies over the
long term by requiring companies to have accurate books and records and by following best practices.
Economic Impact on Small Businesses
The proposed action has minimal or no economic impact on small businesses.
Impact on Individuals with Disabilities
The proposed action has no impact on individuals with disabilities.
Opportunity for Public Comment
Comments may be sent to Joseph Rooney, Assistant Commissioner, Office of the Commissioner of Financial
Regulation, Suite 402, 500 N. Calvert Street, Baltimore MD 21202, or call 410-230-6214, or email to
email@example.com, or fax to 410-333-0475. Comments
will be accepted through February 27, 2013. A public hearing has not been scheduled.
.01 Examination Fees.
A. This chapter is intended to set fees to cover the reasonably incurred costs of examinations of a licensee
or its authorized delegate pursuant to Financial Institutions Article, §12-424(c), Annotated Code of Maryland.
B. The Commissioner of Financial Regulation sets the following daily fees for each of the Commissioner’s
employees engaged in the examination of a licensee or its authorized delegate:
(1) $300 per day for an employee serving in a position of Financial Regulation Non-Depository
Examiner in the Office of the Commissioner; and
(2) $375 per day for an employee serving in a position of Financial Regulation Non-Depository
Examiner Supervisor in the Office of the Commissioner.
C. A licensee or its authorized delegate shall reimburse each of the Commissioner’s employees engaged in
on-site examination for travel, meal, lodging, and other related travel expenses using the criteria and at the
rates set forth in the Standard State Travel Regulations.
D. The revenues collected from the fees set pursuant to these regulations shall be deposited in the
Money Transmission Fund pursuant to Financial Institutions Article, §12-404, Annotated Code of Maryland.
Commissioner of Financial Regulation