Title 6, Banks and Financial Institutions

A. The director may participate in multistate supervisory processes established between states for all licensees that hold licenses in this state and other states. As a participant in multistate supervision, the director shall: 1. Cooperate, coordinate and share information with …

A. If a state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between this article and the federal law relating to money transmission shall be governed by the applicable federal law to the extent of the inconsistency. B. If there is an inconsi…

A. A person may not engage in the business of money transmission or advertise, solicit or hold itself out as providing money transmission unless the person is licensed under this article. B. Subsection A of this section does not apply to either of the following: 1. A person that …

A. To establish consistent licensure between this state and other states, the director may do both of the following: 1. Implement all licensing provisions of this article in a manner that is consistent with other states that have adopted laws that are substantively similar to thi…

A. An applicant for a license shall apply in a form prescribed by the director and pay all applicable nonrefundable fees as prescribed in section 6-126. The application must contain all of the following: 1. The legal name and residential and business addresses of the applicant an…

A. Any individual in control of a licensee or applicant, any individual who seeks to acquire control of a licensee and each key individual shall submit both: 1. A full set of fingerprints pursuant to section 6-123.01. 2. The individual's personal history and experience to the dir…

A. When an application for an original license under this article includes all of the required items and addresses, the application is complete and the director shall promptly notify the applicant in a record of the date on which the application is determined to be complete. The …

A. A license under this article shall be renewed annually. B. An applicant for license renewal shall pay all applicable fees as prescribed in section 6-126 not more than sixty days before the license expires. C. The renewal term shall be for a period of one year and shall begin o…

A. If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license pursuant to this article, the director may suspend or revoke the licensee's license. B. An applicant for a money transmission …

A. Any person or group of persons acting in concert, seeking to acquire control of a licensee, shall obtain the written approval of the director before acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to this section when the indi…

A. A licensee adding or replacing any key individual shall provide both of the following: 1. Notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's addition or replacement. 2. Information as required by section 6-1210 wi…

A. Each licensee shall submit a report of condition within forty-five days after the end of the calendar quarter or within any extended time as the director prescribes. B. The report of condition shall include: 1. A consolidated financial statement, including a balance sheet and …

A. Within ninety days after the end of each fiscal year or within any extended time as the director prescribes, each licensee shall file with the director both of the following: 1. An audited financial statement of the licensee for the fiscal year prepared in accordance with Unit…

A. Each licensee shall submit a report of authorized delegates within forty-five days after the end of the calendar quarter. The director may use NMLS for the submission of the report required by this subsection if functionality complies with this section. B. The authorized deleg…

A. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following: 1. The filing of a petition by or against the licensee under the United States bankruptcy code (11 United States Code secti…

A licensee and an authorized delegate shall file all reports required by federal currency reporting, recordkeeping and suspicious activity reporting requirements as set forth in the bank secrecy act (P.L. 91-508; 84 Stat. 1114) and other federal and state laws relating to money l…

A. To help the director determine the licensee's compliance with this article, a licensee shall maintain the following records for at least five years: 1. A record of each outstanding money transmission obligation sold. 2. A general ledger posted at least monthly that contains al…

A. Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee must: 1. Adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the lice…

A person may not engage in the business of money transmission on behalf of a person that is not licensed under this article or that is not exempt pursuant to section 6-1202. A person that engages in the activity in violation of this section is jointly and severally liable with th…

A. Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a cr…

A. Except as provided in subsection B of this section, every licensee shall refund to the sender within ten days after receipt of the sender's written request for a refund of money received for transmission unless any of the following occurs: 1. The money is forwarded within ten …

A. Except as provided in subsection C of this section, every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agr…

A. A licensee shall maintain at all times a tangible net worth as follows: 1. The greater of $100,000 or three percent of total assets for the first $100,000,000. 2. Two percent of additional assets for $100,000,000 to $1,000,000,000. 3. One-half percent of additional assets for …

A. An applicant for a money transmission license must provide and a licensee at all times must maintain a surety bond in a form satisfactory to the director. B. Except as provided in subsection C of this section, the amount of the required security shall be the greater of $25,000…

A. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations. B. Except …

A. The following investments are permissible under section 6-1229: 1. Cash, including demand deposits, savings deposits and monies in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents, incl…

A. The director may suspend or revoke a license if: 1. The licensee violates this article. 2. The licensee does not cooperate with an examination or investigation by the director. 3. The licensee engages in fraud, intentional misrepresentation or gross negligence. 4. An authorize…

A. The director may suspend or revoke the designation of an authorized delegate if the director finds that: 1. The authorized delegate violated this article. 2. The authorized delegate did not cooperate with an examination or investigation by the director. 3. The authorized deleg…

In addition to the authority under section 6-137, the director may issue an order against the licensee to cease and desist from providing money transmission through an authorized delegate that violated, is violating or is about to violate this title.

In enforcing this article, the director shall consider the need to promote uniformity of the law with respect to money transmitters among states that enact money transmitter laws that are substantively similar to this article.

A. A licensee that engages in the business of receiving money for transmission on behalf of consumers for personal, family or household purposes shall provide consumer fraud warnings in accordance with subsection B of this section that include all of the following: 1. The risks o…

A. A cryptocurrency kiosk operator shall disclose in a clear, conspicuous and easily readable and understandable manner in the chosen language of the customer all relevant terms and conditions that are generally associated with the products, services and activities of the cryptoc…

In this article, unless the context otherwise requires: 1. "Authorized delegate" means a person that a licensee designates to engage in money transmission on behalf of the licensee pursuant to article 1 of this chapter. 2. "Licensee" means a person that is licensed under article …

A. Within thirty days after any transaction or series or pattern of transactions that is conducted or attempted by, at or through the business and that involves or aggregates $5,000 or more in funds or other assets, each licensee and authorized delegate of a licensee and each mon…

A. The attorney general may conduct investigations within or outside this state to determine if a licensee, authorized delegate, money transmitter, financial institution or person engaged in a trade or business has failed to file a report required by this article or has engaged o…