Chapter 169B

Section 3. (a)(1) To carry out the purposes of this chapter, the commissioner may, subject to paragraphs (1) and (2) of subsection (b): (i) enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations …

Section 4. (a)(1) A person shall not engage in the business of money transmission or advertise, solicit or hold itself out as providing money transmission unless the person is licensed under this chapter. (2) This subsection shall not apply to: (i) a person that is an authorized …

Section 5. (a)(1) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall, in cooperation with the licensee, file a notice, in a form and in a medium prescribed by the commissioner, with the commissioner prior to acquiring control. An add…

Section 6. (a)(1) Each licensee shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the commissioner may prescribe. (2) The report of condition shall include: (i) financial information of the licensee; (ii) nationwi…

Section 7. (a)(1) Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee shall: (i) adopt, and update as necessary, written policies and procedures reasonably designed to ens…

Section 8. (a)(1) A licensee shall forward all money received for transmission in accordance with 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 o…

Section 9. (a)(1) A licensee under this chapter shall maintain at all times: (i) a tangible net worth of the greater of $100,000 or 3 per cent of total assets for the first $100,000,000; (ii) 2 per cent of additional assets for $100,000,000 to $1,000,000,000; and (iii) 0.5 per ce…