Title 6 — Banks and Financial Institutions

1. "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. 2. "Authorized delegate" means a person that a licensee designates to engage in money transmission on beha…

1. An operator of a payment system that provides processing, clearing or settlement services between or among persons exempted by this section or licensees in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated c…

1. Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures, providing for licensure by reciproc…

B. Persons whose activity is regulated under this article shall provide, and the director shall have full and complete access to, all records the director may reasonably require to conduct a complete examination or investigation. The records must be provided at the location and i…

1. Cooperate, coordinate and share information with other state and federal regulators in accordance with this title. 2. Enter into written cooperation, coordination or information-sharing contracts or agreements with organizations that have state or federal governmental agencies…

B. If there is an inconsistency between this article and a federal law that governs pursuant to subsection A of this section, the director may provide interpretive guidance that identifies both of the following: 1. The inconsistency. 2. The appropriate means of compliance with fe…

B. Subsection A of this section does not apply to either of the following: 1. A person that is an authorized delegate of a person licensed under this article that is acting within the scope of authority conferred by a written contract with the licensee. 2. A person that is exempt…

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 this article or multistate licensing processes. 2. Participate in nationwide protocols for licensing cooperation and coo…

1. The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting the applicant's business. 2. A list of any criminal convictions of the applicant and any material litigation in which the applicant has b…

1. A full set of fingerprints pursuant to section 6-123.01. 2. The individual's personal history and experience to the director in a form prescribed by the director so the director may obtain the following: (a) An independent credit report from a consumer reporting agency if the …

1. The application is approved. 2. The license takes effect as of the first business day after expiration of the one hundred twenty-day period. 3. The director for good cause may extend the application period. B. The director's determination that an application is complete and is…

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 on January 1 of each year after the initial license term and…

B. An applicant for a money transmission license must demonstrate that the applicant meets or will meet the requirements prescribed in sections 6-1227, 6-1228 and 6-1229.

B. A person or group of persons acting in concert, seeking to acquire control of a licensee, in cooperation with the licensee shall: 1. Submit an application in a form prescribed by the director. 2. Submit a nonrefundable fee as prescribed in section 6-126. C. On request, the dir…

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 within forty-five days after the effective date of the key individual's addition or replacem…

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 …

1. An audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles. 2. Any other information the director reasonably requires. B. The audited financial statements shall be prepared by an indepen…

B. The authorized delegate report shall include the following information for each authorized delegate: 1. The company legal name. 2. The taxpayer employer identification number. 3. The principal provider identifier. 4. The physical address, if any. 5. The mailing address. 6. Any…

1. The filing of a petition by or against the licensee under the United States bankruptcy code (11 United States Code sections 101 through 112) for bankruptcy or reorganization. 2. The filing of a petition by or against the licensee for receivership, the commencement of any other…

[Repealed or reserved.]

1. A record of each outstanding money transmission obligation sold. 2. A general ledger posted at least monthly that contains all asset, liability, capital, income and expense accounts. 3. Bank statements and bank reconciliation records. 4. Records of outstanding money transmissi…

1. Adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the licensee's authorized delegates comply with applicable state and federal law. 2. Enter into a written contract that complies with subsection C of this section. 3. Conduct a r…

[Repealed or reserved.]

B. If a licensee fails to forward money received for transmission pursuant to this section, the licensee must respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law.

1. The money is forwarded within ten days after the date on which the money is received for transmission. 2. Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten days after the date on which the money is received …

1. The name of the sender to the extent the licensee or its authorized delegate is required to capture this information prior to transmission. 2. The name of the designated recipient unless the licensee can determine the recipient via the unique transaction or identification numb…

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 over $1,000,000,000. B. Tangible net worth must be demonstrated at initial …

B. Except as provided in subsection C of this section, the amount of the required security shall be the greater of $25,000 or an amount equal to one hundred percent of the licensee's average daily money transmission liability in this state calculated for the most recently complet…

B. Except for permissible investments enumerated in section 6-1230, subsection A, the director may limit the extent to which a specific investment maintained by a licensee within a class of permissible investments may be considered a permissible investment if the specific investm…

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, including automated clearinghouse items in transit to the licensee and …

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 authorized delegate is convicted of a violation of a state or…

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 delegate engaged in fraud, intentional misrepresentation or gross negligence. 4. The authorized delegate is convi…

[Repealed or reserved.]

[Repealed or reserved.]

1. The risks of consumer fraud and how to find additional information about consumer fraud regarding money transmission. 2. Information about the dangers of transmitting money to unknown persons or to persons whom the sender cannot verify. 3. Information about how to stop a money…

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…

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 1 of this chapter. 3. "Money transmitter" means a person…

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…