Chapter 489D — Chapter 489D

§489D-10 Application and license fees. (a) Each application shall be accompanied by: (b) The license fee shall be refunded if the application is denied. [L 2006, c 153, pt of §1; am L 2008, c 195, §6; am L 2013, c 167, §6]

§489D-11 Issuance of license; grounds for denial. (a) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may…

§489D-12 Renewal of license and annual report. (a) On or before December 31 of each year, each licensee shall pay renewal fees based on the number of annualized money transmissions as follows: For purposes of this subsection, "annualized money transmissions" means the number of m…

§489D-12.5 Penalties and other charges. Administrative penalties and other charges assessed under this chapter shall be deposited into the compliance resolution fund established pursuant to section 26-9(o). [L 2008, c 195, pt of §1; am L 2013, c 167, §8]

§489D-14 Extraordinary reporting requirements. Within fifteen business days of the occurrence of any one of the events listed below, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in this Stat…

§489D-14.5 Name change. To change its name, its fictitious name, or its trade name, a licensee shall file an application with the commissioner and pay a nonrefundable fee of $1,000 or a greater amount as the commissioner shall establish by rule pursuant to chapter 91. The applica…

§489D-15 Changes in control of a licensee. (a) A person or group of persons requesting approval of a proposed change of control of a licensee shall submit to the commissioner an application requesting approval of a proposed change of control of the licensee, accompanied by a nonr…

§489D-16 Money laundering reports. (a) Every licensee and its authorized delegates shall file with the commissioner all reports relating to transactions in the State, as required by federal recordkeeping and reporting requirements in title 31 United States Code section 5311 et se…

§489D-17 Examinations and investigations. (a) The commissioner may examine or investigate a licensee or authorized delegate of a licensee as reasonably necessary or appropriate to administer and enforce this chapter, rules adopted or orders issued under this chapter, and other ap…

§489D-18 Maintenance of records. (a) Each licensee shall make, keep, preserve, and make available for inspection by the commissioner the following books, accounts, and other records for a period of three years: (7) Any other records the commissioner reasonably requires by rule ad…

§489D-19 Confidentiality of records. (a) The commissioner and all employees, contractors, attorneys contracted or employed by the State, and appointees of the division of financial institutions shall not divulge or furnish any information in their possession or obtained by them i…

§489D-21 Authorized delegate contracts. Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. These contracts shall provide the following:

§489D-22 Authorized delegate; conduct. (a) An authorized delegate of a licensee shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (b) All money transmissions, sales, or issuances of payment instruments conducted by authori…

§489D-22.5 Voluntary surrender of license. (a) A licensee may voluntarily cease business and surrender its license by giving written notice to the commissioner of its intent to surrender its license. Prior to the surrender date of a license, the licensee shall have either complet…

§489D-28 Civil penalties. The commissioner may assess a fine against a person who 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 the State's costs and expenses…

§489D-34 Powers of the commissioner. In addition to any other powers provided by law, the commissioner may:

§489D-8 Permissible investments and statutory trust. (a) A licensee, at all times, shall possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of no less than the aggregate amount of all outstandi…

§489D-9 License and registration; application. (a) The commissioner may enter into agreements or contracts with the operators of NMLS or other entities designated by NMLS to collect and maintain records and process transaction fees or other fees related to licensees or other pers…

§489D-9.5 Limited exemption for financial institutions; financial institutions as authorized delegates. (a) Banks, bank holding companies, credit unions, savings banks, financial services loan companies, and mutual banks organized under the laws of the United States or any state …