Section 1-503 - Reports. - Maryland Statutes

§ 1-503. Reports.
 

(a)  Required.- A person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in currency in 1 transaction shall keep a record of the transaction and shall file with the Department within 15 days of the date of the transaction a report of the transaction. 

(b)  Compliance.- The reporting requirements of this section are complied with if the person engaged in a trade or business files with the Department a duplicate copy of the report required by 26 U.S.C. § 6050-I. 

(c)  Regulations.- The Secretary shall adopt regulations appropriate to carry out the purposes of this subtitle and to provide for exemption of transactions that are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose. 
 

[1990, ch. 411; 1994, ch. 3, § 14; 1996, ch. 10, § 1.]