Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:15C-13 Written report required upon occurrence of certain events. 13. Within 15 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 …

17:15C-14 Approval for acquisition of control of licensee; application, fee. 14. a. A person shall not directly or indirectly acquire control of a licensee without the prior written approval of the commissioner. The application for change of control shall be in writing in a form …

17:15C-15 Confidentiality of information, reports. 15. a. Notwithstanding any other provision of law, all information or reports obtained by the department from an applicant, licensee or authorized delegate, whether obtained through reports, applications, examinations, audits, in…

17:15C-16 Suspension, revocation of license. 16. After notice and hearing pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), the commissioner may suspend or revoke a licensee's license if the commissioner finds that: a. The licensee has made a m…

17:15C-17 Authorization of delegates. 17. Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract, which shall provide that the licensee appoints the person as its delegate wit…

17:15C-18 Regulations pertinent to delegates. 18. a. An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner. b. All money transmission or sale or issuance of payment instrument activities conducted by auth…

17:15C-19 Violations by delegates; issuance of order suspending, barring; application for modification, rescission. 19. a. If, after notice and a hearing, the commissioner finds that any authorized delegate of a licensee or any director, officer, employee, or controlling person o…

17:15C-2 Definitions relative to money transmitters. 2. As used in this act: "Applicant" means a person filing an application for a license under this act. "Authorized delegate" means an entity authorized by the licensee pursuant to the provisions of section 17 of this act to sel…

17:15C-20 Limitation of licensee's responsibility. 20. A licensee's responsibility to any person for a money transmission conducted on that person's behalf by the licensee or the licensee's authorized delegate shall be limited to the amount of money transmitted or the face amount…

17:15C-21 Applicability of APA. 21. The provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) shall apply to any hearing afforded pursuant to this act. L.1998,c.14,s.21.

17:15C-22 Violations, penalties. 22. a. If, after notice and hearing, the commissioner finds that a person has violated any provision of this act or a rule adopted under this act, the commissioner may order the person to pay the commissioner a civil penalty in an amount specified…

17:15C-23 Powers of commissioner. 23. a. If it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this act or of any rule or order of the commissioner, the commissioner may apply to the Superior Court for an order enjoi…

17:15C-24 Violations designated fourth, third degree crimes. 24. a. Any person who knowingly and willfully violates any provision of this act for which a penalty is not specifically provided is guilty of a crime of the fourth degree. b. Any person who knowingly and willfully make…

17:15C-25 Regulations. 25. The commissioner shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act. L.1998,c.14,s.25.

17:15C-26 Presumptions regarding licensees, delegates; service of process. 26. a. Any licensee, authorized delegate or other person who engages in business activities that are regulated under this act, with or without filing an application, is deemed to have done both of the foll…

17:15C-27 Application required for those currently doing business; status of current licensees. 27. a. Every person engaged in activities within this State encompassed by this act on the effective date of this act, except those persons already licensed under chapter 15 of Title 1…

17:15C-3 Inapplicability of act; exemptions. 3. a. This act shall not apply to: (1) The United States or any department, agency, or instrumentality thereof; (2) The United States Postal Service; (3) The State or any political subdivision thereof; (4) Banks, bank holding companies…

17:15C-4 License required. 4. a. No person, other than a person exempt from the provisions of this act pursuant to section 3, shall engage in the business of money transmission without a license as provided in this act. b. A licensee may conduct its business in this State at one …

17:15C-5 Net worth requirements for licensees. 5. a. (1) Except as provided pursuant to paragraph (2) of this subsection a., for a person licensed to engage in business in this State only as a foreign money transmitter, each licensee shall at all times have a net worth of not les…

17:15C-6 Possession of security device, permissible investments. 6. a. Each licensee shall at all times possess a surety bond, irrevocable letter of credit or such other similar security device acceptable to the commissioner in the amount required pursuant to section 8 of this ac…

17:15C-7 Application for license; requirements. 7. Each application for a license shall be made in writing, under oath, and in a form prescribed by the commissioner. Each application shall contain: a. For all applicants: (1) The exact name of the applicant, the applicant's princi…

17:15C-8 Accompaniment of application with security device; amounts required; conditions. 8. a. (1) Except as provided pursuant to paragraph (2) of this subsection a., each application shall be accompanied by a surety bond, irrevocable letter of credit or such other similar secur…

17:15C-9 Investigation of applicants for licensing, renewal; licensing period. 9. a. Upon the filing of a complete application, in the case of an initial application, or the filing of a complete renewal application, the commissioner shall investigate the financial condition and r…