Title 6 — Banks and Financial Institutions

A. Before receiving payment from the fund, a claimant must complete and execute, as judgment creditor, an assignment of judgment lien and notice of subrogation and assignment of rights to the claimant's judgment on a form provided by the department. B. If the deputy director has …

The failure of an aggrieved person to comply with all of the provisions of this article constitutes a waiver of any rights.

This article does not limit the authority of the deputy director to take disciplinary action against any licensee for a violation of this chapter or of the rules adopted pursuant to this chapter. The repayment in full of all obligations to the fund by any licensee does not nullif…

A. The financial services fund is established consisting of loan originator fees collected pursuant to this article. The deputy director shall administer the fund for the purpose of discharging the duties imposed by law on the division. B. Monies deposited in the financial servic…

Failure to comply with this article does not affect the validity or enforceability of any debt, mortgage, deed of trust or any other lien interest on real estate. A person acquiring a mortgage loan or any interest in a mortgage loan as mortgagee or beneficiary or as an assignee, …

In this article, unless the context otherwise requires: 1. "Lessee" means a person contracting with a lessor for the use of a safe deposit repository. 2. "Lessor" means a corporation or association authorized under the laws of this state, any other state or the United States to d…

A. The relationship between the lessor and the lessee shall be that of landlord and tenant in the absence of a written contract to the contrary, notwithstanding that the lessor prescribes the hours of entry into its repositories, retains and requires the use of a preparation or g…

A lessor may, during the term of any lease, move its repositories and the contents to another location on giving notice to the lessees in the manner and time required by such regulations as the deputy director may adopt.

A tenancy in a safe deposit repository may be created by contract with two or more persons, including minors, named as lessees. The terms of the contract may provide that any one or more of the lessees, or the survivor or survivors of the lessees shall have access and entry to th…

A lease of a repository shall not be invalid or voidable by reason of the minority of the lessee or lessees and all rights and liabilities of the lessor and any lessee arising out of such transaction and any act of the parties in relation thereto shall be of the same legal effect…

A. Notice to the lessor of an adverse claim is not effectual to require the lessor to deny access to any person previously named on its records as lessee or as officer or agent of any lessee, nor is it sufficient to require the lessor to allow access to the repository by any adve…

Neither the death nor incompetency of a lessee revokes the authority of a lessor to deal with an agent who has been authorized in writing by such lessee until the lessor has actual knowledge of the fact of death or of an adjudication of incompetency of the lessee, nor is the revo…

In the event only one lessee is named in the lease of a repository and the lessee dies, or on the death of last surviving lessee under a tenancy in two or more names, the repository may be opened by two employees of the lessor in the presence of any person who presents himself an…

A. The lessor shall have a landlord's lien upon the contents of a repository for the rent. B. If the lessee does not pay the rent within six months after it is due, or fails to surrender possession of the repository within six months from the date of termination of the lease, the…

In this chapter, unless the context otherwise requires: 1. "Acquisition of control" means a transaction by which a person obtains, directly or indirectly, control of a financial institution. 2. "Application" means an application which is made pursuant to this article for approval…

A person shall not directly or indirectly take any action that causes or results in a company becoming a financial institution holding company, except with the approval of the deputy director pursuant to this article or as otherwise allowed by this article.

A. This article does not apply to the following persons or transactions of the type specified: 1. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a financial institution or controlling person. 2. A perso…

A. A person shall not, directly or indirectly, make a tender offer for, request or invite a tender offer for, offer to exchange securities for or acquire in the open market or otherwise any voting security or any security convertible into a voting security of a financial institut…

A. An application shall be in writing, in such form as the deputy director may prescribe and accompanied by the information, data and records the deputy director requires. The deputy director shall prescribe by rule or order the form of the application and the information, data o…

If any material change occurs in the facts set forth in the application, or if for any other reason the acquiring party desires to amend the application, the person shall file with the deputy director an amendment setting forth the change, together with copies of all documents an…

A. The deputy director may deny an application if the deputy director finds any of the following: 1. The financial condition of the financial institution holding company that would acquire control will jeopardize the financial stability of the financial institution or controlling…

An application that is not denied or approved by the deputy director within sixty days after the application is filed with the deputy director is deemed to be approved by the deputy director as of the first day after the period. The deputy director and the applicant may extend th…

Before determining whether a person controls another person or before denying or approving an application for approval to become a financial institution holding company the deputy director may hold a hearing. The deputy director shall give notice of the hearing to the applicant, …

A person who is not a resident of this state, domiciled in this state or authorized to do business in this state and who files an application is deemed to have: 1. Consented to the jurisdiction of the courts of this state for all actions arising under this article. 2. Appointed t…

A. With respect to any voting security acquired in violation of this article or any rule or order of the deputy director, a person is not entitled to vote or give a written proxy or consent for a period of five years after the acquisition except with the written consent of the de…

A. The deputy director may require reports from and examine financial institution holding companies and each subsidiary of the holding companies. The deputy director shall accept the examination and financial reports of the appropriate federal or state holding company regulatory …

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.