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Statutes Text

Article - Financial Institutions




§11–610.

    (a)    There is a Nondepository Special Fund that consists of:

        (1)    Revenue received for the licensing of individuals under this subtitle;

        (2)    Revenue received for the licensing of persons under Subtitle 2 of this title;

        (3)    Revenue received for the licensing of persons under Subtitle 3 of this title;

        (4)    Revenue received for the licensing of persons under Subtitle 4 of this title;

        (5)    Revenue received for the licensing of persons under Subtitle 5 of this title;

        (6)    Revenue received for the licensing of persons under Title 12, Subtitle 1 of this article;

        (7)    Revenue received for the licensing of persons under Title 12, Subtitle 4 of this article;

        (8)    Revenue received for the licensing of persons under Title 12, Subtitle 9 of this article;

        (9)    Revenue received for the registration of persons under Title 12, Subtitle 10 of this article;

        (10)    Revenue received for the licensing of persons under Title 7 of the Business Regulation Article;

        (11)    Revenue received for the licensing of persons under Title 14, Subtitle 19 of the Commercial Law Article;

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

        (13)    (i)    Any other fee, examination or investigation fee or assessment, or revenue received by the Commissioner under this subtitle, Subtitles 2, 3, 4, and 5 of this title, Title 12, Subtitles 1, 4, 9, and 10 of this article, and Title 14, Subtitles 12 and 19 of the Commercial Law Article; and

            (ii)    Any other fee or revenue received by the State Collection Agency Licensing Board under Title 7 of the Business Regulation Article.

    (b)    Notwithstanding subsection (a) of this section:

        (1)    The Commissioner shall pay all fines and penalties collected by the Commissioner under Title 2, Subtitle 1 of this article, this subtitle, Subtitles 2, 3, 4, and 5 of this title, Title 12, Subtitles 1, 4, 9, and 10 of this article, and Title 14, Subtitles 12 and 19 of the Commercial Law Article into the General Fund of the State; and

        (2)    The State Collection Agency Licensing Board shall pay all fines and penalties collected by the Board under Title 7 of the Business Regulation Article into the General Fund of the State.

    (c)    The purpose of the Fund is to cover the direct and indirect costs of fulfilling the statutory and regulatory duties of the Commissioner and the State Collection Agency Licensing Board related to:

        (1)    Title 2, Subtitle 1 of this article;

        (2)    This subtitle;

        (3)    Subtitle 2 of this title;

        (4)    Subtitle 3 of this title;

        (5)    Subtitle 4 of this title;

        (6)    Subtitle 5 of this title;

        (7)    Title 12, Subtitle 1 of this article;

        (8)    Title 12, Subtitle 4 of this article;

        (9)    Title 12, Subtitle 9 of this article;

        (10)    Title 12, Subtitle 10 of this article;

        (11)    Title 7 of the Business Regulation Article;

        (12)    Title 12, Subtitles 5, 6, 9, and 10 of the Commercial Law Article;

        (13)    Title 14, Subtitles 12 and 19 of the Commercial Law Article;

        (14)    Title 7, Subtitles 1, 3, 4, and 5 of the Real Property Article;

        (15)    Title 26, Subtitle 6 of the Education Article; and

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

    (d)    (1)    The annual State budget shall include the costs and expenses of the Commissioner and the State Collection Agency Licensing Board relating to subsection (c) of this section.

        (2)    Any expenditures from the Fund to cover costs and expenses of the Commissioner and the State Collection Agency Licensing Board relating to subsection (c) of this section 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 fiscal year, the amount of the revenue collected by the Commissioner and the State Collection Agency Licensing Board and deposited into the Fund exceeds the actual appropriation for the Commissioner and the State Collection Agency Licensing Board under paragraph (2)(i) of this subsection, the excess amount shall be carried forward within the Fund.

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

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

    (f)    (1)    (i)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

            (ii)    The Fund 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)    Any other special fund of the State.