Title 6 — Banks and Financial Institutions

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[Repealed or reserved.]

[Repealed or reserved.]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…

In this chapter, unless the context otherwise requires: 1. "Advance fee" means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the perso…

A. Any person who acts as an advance fee loan broker shall register with the deputy director as provided in this chapter. A person who is not exempt under subsection B of this section and who advertises for, solicits or purports to be willing to make or procure a loan or extensio…

A. Application for registration as an advance fee loan broker may be made by any person. An application for registration shall be signed by the applicant and duly verified by oath. The application shall be filed with the deputy director and shall contain such information as the d…

A. The deputy director shall register the applicant as an advance fee loan broker when an applicant has fully complied with this chapter and the rules prescribed by the deputy director. B. The deputy director shall immediately notify the applicant on registering the applicant as …

Advance fee loan brokers shall maintain books, records and accounts in connection with transactions involving the receipt and disbursement of funds received by the advance fee loan broker. The books, records and accounts shall be maintained in accordance with generally accepted a…

A. The deputy director may deny, revoke or suspend the registration of an advance fee loan broker if the deputy director finds that: 1. The application for registration, any supplemental statement or any other document filed with the deputy director is incomplete, inaccurate or m…

A. An advance fee loan broker shall not advertise, display, distribute, broadcast or televise or cause or permit to be advertised, displayed, distributed, broadcast or televised any false, misleading or deceptive statement or representation with regard to the rates, terms or cond…

Failure to comply with the provisions of this chapter does not affect the validity or enforceability of any loan or extension of credit.

In this chapter, unless the context otherwise requires: 1. "Branch office" means any place of business maintained by a licensee in addition to the principal place of business of a licensee. 2. "Insured" means any person covered under an insurance contract or other evidence of ins…

A. A person shall not engage in the business of a premium finance company in this state without first being licensed as a premium finance company by the deputy director. A person who is not exempt under section 6-1403 and who advertises for, solicits or holds himself out as willi…

A. The licensing requirements of this article do not apply to: 1. Any savings and loan association, bank, savings bank, trust company, consumer lender or credit union authorized to do business in this state. 2. Any agent or broker who is licensed by the department and who allows …

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Refuses to allow an examination by the deputy director of the licensee's books and af…

A. If no grounds for denial of a license or branch office permit are found to exist, the deputy director, within one hundred twenty days after receiving a complete application, shall grant the application and issue a license or branch office permit to the applicant. B. The licens…

A. A licensee shall maintain books, accounts and records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is complying with this article. B. A licensee shall preserve its books, accounts and records of premium finance tra…

A licensee may change the licensed place of business by giving written notice to the deputy director, who shall amend the license accordingly.

A. On or before February 1, the licensee shall annually file a report under oath and in the form prescribed by the deputy director concerning the business and operations during the preceding calendar year. On good cause shown by a licensee, the deputy director may extend the time…

A. A revocation, suspension or surrender of any license does not impair or affect the obligation of any preexisting premium finance agreement between any licensee and insured. B. If any provision of this article is amended or repealed in a manner that results in a cancellation of…

A. A premium finance agreement shall: 1. Be dated and signed by the insured and the printed portion of the agreement shall be in at least eight-point type. 2. Contain the name, place of business and mailing address of the agent or broker who is negotiating the related insurance c…

Every licensee shall make available to agents, brokers and managing general agents disclosures as prescribed by title I of the consumer credit protection act (15 United States Code sections 1601 through 1667) in both English and Spanish. All premium finance agreements shall discl…

A. It is unlawful for a licensee to charge, contract for, receive or collect an interest charge other than as permitted by this article. B. The interest is to be computed on the balance of the premiums due, after subtracting the down payment made by the insured in accordance with…

A. A licensee may contract for, and if so contracted for, may collect a service charge for financing or arranging the financing of premiums under the agreement in an amount not to exceed ten dollars for each premium finance agreement. The service charge need not be refunded on ca…

No agent or broker or premium finance company shall induce an insured to become obligated under more than one premium finance agreement for the purpose of obtaining a higher rate of interest than would otherwise be permitted by this chapter or obtaining more than one service char…

A. If a premium finance agreement contains a power of attorney enabling the licensee to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the licensee unless the cancellation is in accordance with thi…

A. Except as provided in subsection B, if a financed insurance policy is cancelled by any party, the insurer shall return the gross unearned premiums due under the policy directly to the premium finance company for the account of the insured as soon as reasonably possible, but no…

A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate, distinct and apart from funds belonging to the licensee and shall be deposited with a financial i…

No filing is necessary to perfect the validity of the premium finance agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or their successors or assigns or any other insolvency proceeding under any law.

The deputy director may adopt rules necessary for the proper conduct of a premium finance company.

A. Each national banking association: 1. Shall be taxed on its net income under title 43. 2. Is subject to all other taxes that are authorized by 12 United States Code section 548 and that are levied or imposed by this state or any political subdivision of this state. B. The allo…

Banks, including national banking associations, investment companies and savings and loan associations, including federal savings and loan associations, are subject to all taxes that are levied or imposed generally on a nondiscriminatory basis, throughout this state or any politi…

A. Financial institutions may enter into agreements with the department of revenue for data match and data exchange as prescribed by section 42-1207. B. On receipt of a notice of levy, a financial institution shall encumber or surrender, as appropriate, assets held by the financi…

1. "Agreement" means the document that on execution obligates the borrower and originator under the reverse mortgage. 2. "Dwelling" means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least one of the u…

A. Adequate counseling under this chapter must be provided by a counselor who is an independent third party. B. To qualify as an independent third party, the counselor may not be associated with or compensated, directly or indirectly, by a party involved in any of the following: …

A. Before accepting a final and complete application for a reverse mortgage or assessing any fees, the originator shall: 1. Provide the borrower with a list of at least five housing counseling agencies, including at least two housing counseling agencies that can provide counselin…

A. A reverse mortgage may provide for a fixed or variable interest rate or future sharing between the originator and the borrower of the appreciation in the value of the property, as agreed on by the originator and the borrower. B. The reverse mortgage agreement shall prominently…

A. Prepayment, in whole or in part, shall be permitted without penalty at any time during the term of a reverse mortgage. B. For the purposes of this section, penalty does not include: 1. Any fees, payments or other charges that would otherwise be due when the reverse mortgage be…