Title 23, Public Utilities and Regulated Industries

(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:(1) is licensed under this article;(2) is an authorized delegate of a person licensed under this article; or(3) is exclude…

(a) In this section, “material litigation” means litigation that according to generally accepted accounting principles or international financial reporting standards is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the app…

(a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond. (b) (1) The surety bond under subsection (a) shall be in a form satisfactory to the Securities Commissioner and shall run to the Stat…

(a) When an application is filed under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applican…

(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. …

(a) A licensee shall maintain at all times a tangible net worth that is the greater of:(1) $100,000 or 3 percent of total assets for the first $100,000,000;(2) 2 percent of additional assets for $100,000,000 to $1,000,000,000; and(3) 0.5 percent of additional assets for any amoun…

(a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:(1) is licensed under this article;(2) is licens…

(a) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:(1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if …

(a) When an application for a license is made under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of…

(a) A licensee under this article shall pay an annual renewal fee of $375 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by th…

(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) (1) A contract between a licensee and an authorized delegate must require…

A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.

(a) On or before April 1 of each year, a licensee shall provide to each authorized delegate through which it engages in the business of money transmission training materials on how to:(1) recognize financial abuse and financial exploitation of an elder adult; and(2) respond appro…

(a) The Securities Commissioner or the commissioner's designee may conduct an annual examination of a licensee or of any of its authorized delegates upon 45 days' notice in a record to the licensee. (b) The commissioner may examine a licensee or its authorized delegate, at any ti…

The Securities Commissioner may consult and cooperate with other state money services regulators and agencies of the United States Government in enforcing and administering this chapter. They may jointly pursue examinations and take other official action that they are otherwise e…

(a) A licensee shall file with the commissioner within 15 business days any material changes in information provided in a licensee's application as prescribed by the commissioner. (b) A licensee shall file with the commissioner within 45 days after the end of each calendar quarte…

(a) (1) A person, or a group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Securities Commissioner before acquiring control.(2) If an individual becomes a key individual of the licensee in the ordinary course of bu…

(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least five years:(1) a record of each payment instrument, stored-value, virtual currency, or prepaid access obligation sold;(2) a general ledger posted at least monthly con…

(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering. (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be re…

(a) Unless otherwise specified in this section, all information filed with the commissioner shall be available for public inspection under rules promulgated by the commissioner consistent with state and federal law governing the disclosure of public information. (b) Except for re…

(a) A licensee shall provide its name and mailing address or telephone number to the purchaser in connection with each money transmission or currency exchange transaction conducted by the licensee directly or through an authorized delegate. (b) An authorized delegate shall displa…

(a) A money transmitter or currency exchanger licensed or required to be licensed under this chapter shall establish, implement, update, and enforce written physical security and cybersecurity policies and procedures reasonably designed to ensure the confidentiality, integrity, a…

(a) Every licensee shall forward all money received for transmission according to 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 crime o…

(a) This section does not apply to:(1) money received for transmission subject to the federal remittance transfer definitions, 12 C.F.R. Part 1005.30, as it existed on January 1, 2023; or(2) money received for transmission under a written agreement between the licensee and payee …

(a) This section does not apply to:(1) money received for transmission subject to the federal remittance transfer definitions, 12 C.F.R. Part 1005.30, as it existed on January 1, 2023;(2) money received for transmission that is not primarily for personal, family, or household pur…

(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles or international financial reporting standards of not less than the aggregate amount of all of its outstanding money tr…

(a) Except to the extent otherwise limited by the commissioner pursuant to § 23-55-701, the following investments are permissible under § 23-55-701:(1) cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers i…

(a) The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:(1) the licensee violates this chapter or a rule adopted or an order issued under this chapter;(2) the licensee does not cooperate with an examination o…

(a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that:(1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter;(2) the authorized delegate did not c…

(a) If the Securities Commissioner determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee, authorized delegate, or any other person is likely to cause immediate and irreparable harm to the licensee, its customers, or t…

The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized represent…

The commissioner may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed $1,000 per day for each day the violation is outstanding, plus this State's costs and expenses for the invest…

(a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter, that intentionally makes a false entry or omits a material entry in such a record, or violates any rule promulgate…

(a) (1) [Repealed.](2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may su…

(a) (1) Whenever a licensee has refused or is unable to pay its obligations generally as they become due or whenever it appears to the commissioner that a licensee is in an unsafe or unsound condition, the commissioner, or the Attorney General representing the commissioner, may a…

All administrative proceedings under this chapter must be conducted in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(a) Except as otherwise provided in §§ 23-55-803 and 23-55-807, the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be…

In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provision…

This chapter takes effect January 1, 2008.

(a) The Securities Commissioner may:(1) Enter into an arrangement, agreement, or other working relationship with federal, state, or self-regulatory authorities, the Conference of State Bank Supervisors, or a subsidiary entity owned by the Conference of State Bank Supervisors to f…

(a) (1) The owner of a virtual currency kiosk or a virtual currency kiosk operator, in establishing a relationship with a customer and before entering into an initial virtual currency transaction on behalf of or with the customer, shall disclose in clear, conspicuous, and legible…

(1) In this article:(1) “Authorized user” means an employee, contractor, agent, or other person that participates in a financial institution's business operations and is authorized to access and use a financial institution's information systems and data.(2) “Consumer” means an in…

(a) A financial institution shall develop, implement, and maintain a comprehensive information security program. (b) The information security program under subsection (a) shall:(1) be written in one or more readily accessible parts; and(2) contain administrative, technical, and p…

(a) In order for a financial institution to develop, implement, and maintain an information security program, the financial institution shall comply with this section. (b) (1) A financial institution shall designate a qualified individual responsible for overseeing and implementi…

This article does not apply to a financial institution that maintains customer information concerning fewer than 5,000 consumers.