Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

361.924. Networked supervision. — 1. To efficiently and effectively administer and enforce sections 361.900 to 361.1035 and to minimize regulatory burden, the director is authorized to participate in multistate supervisory processes established between states or coordinated throu…

361.927. Relationship to federal law. — 1. In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of sections 361.900 to 361.1035 and the federal law governing money transmission shall be governed by the applica…

361.930. License required. — 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 sections 361.900 to 361.1035. 2. Subsection 1 of this section shall not ap…

361.933. Consistent state licensing. — 1. To establish consistent licensing between this state and other states, the director is authorized to: (1) Implement the licensing provisions of sections 361.900 to 361.1035 in a manner that is consistent with other states that have adopte…

361.936. Application for licensing. — 1. Applicants for a license shall apply in a form and in a medium as prescribed by the director. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director and may be changed or updated by…

361.939. Information requirement for certain individuals. — 1. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the director through NMLS the following: (1) The individual's …

361.942. Issuance of license. — 1. If an application for an original license under sections 361.900 to 361.1035 appears to include all the items and addresses and all of the matters that are required, the application is complete and the director shall promptly notify the applican…

361.945. Renewal of license. — 1. A license under sections 361.900 to 361.1035 shall be renewed annually. An annual renewal fee, to be determined by the director, shall be paid no more than sixty days before the license expiration. The renewal term shall be for a period of one ye…

361.948. Maintenance of license. — 1. If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the director may suspend or revoke the licensee's license in accordance with the procedure…

361.951. Acquisition of control. — 1. Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not …

361.954. Notice and information requirements for a change of key individuals. — 1. A licensee adding or replacing any key individual shall: (1) Provide notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's appointment; …

361.957. Report of condition. — 1. Each licensee shall submit a report of condition within forty days of the end of the calendar quarter or within any extended time as the director may prescribe. 2. The report of condition shall include: (1) Financial information at the licensee …

361.960. Audited financials. — 1. Each licensee shall, within ninety days after the end of each fiscal year or within any extended time as the director may prescribe, file with the director: (1) An audited financial statement of the licensee for the fiscal year prepared in accord…

361.963. Authorized delegate reporting. — 1. Each licensee shall submit a report of authorized delegates within forty-five days of the end of the calendar quarter. The director is authorized to utilize NMLS for the submission of the report required under this section, provided th…

361.966. Reports of certain events. — 1. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) The filing of a petition by or against the licensee under the United State…

361.969. Bank Secrecy Act reports. — A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertainin…

361.972. Records. — 1. A licensee shall maintain the following records for determining its compliance with sections 361.900 to 361.1035 for at least three years: (1) A record of each outstanding money transmission obligation sold; (2) A general ledger posted at least monthly cont…

361.975. Relationship between licensee and authorized delegate. — 1. As used 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. 2. B…

361.978. Unauthorized activities. — A person shall not engage in the business of money transmission on behalf of a person not licensed under sections 361.900 to 361.1035 or not exempt under sections 361.909 and 361.912. A person that engages in such activity provides money transm…

361.981. Prohibited authorized delegates. — 1. The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including without limitation prohibiting the authorized delegate from directly or indirectly acting as an au…

361.984. Timely transmission. — 1. Every 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 b…

361.987. Refunds. — 1. This section shall not apply to: (1) Money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as amended or recodified from time to time; or (2) Money received for transmission under a written agreement between th…

361.990. Receipts. — 1. This section shall not apply to: (1) Money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as amended or recodified from time to time; (2) Money received for transmission that is not primarily for personal, fa…

361.996. Disclosures for payroll processing services. — 1. A licensee that provides payroll processing services shall: (1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) Make available worker p…

361.999. Net worth. — 1. A licensee under sections 361.900 to 361.1035 shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for …