Title 51A, BANKS AND BANKING

(1) A licensee adding or replacing any key individual must: (a) Provide notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's appointment; and (b) Provide information as required by §§ 51A-17-62 and 51A-17-63 within for…

(1) Each licensee must submit a report of condition within forty-five days of the end of the calendar quarter, or within any extended time as the director may prescribe. (2) The report of condition must include: (a) Financial information at the licensee level; (b) Nationwide and …

(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: (a) An audited financial statement of the licensee for the fiscal year prepared in accordance with United States gener…

(1) Each licensee must submit a report of authorized delegates within forty-five days of the end of the calendar quarter. The director is authorized and encouraged to utilize NMLS for the submission of the report required by this section provided that such functionality is consis…

(1) A licensee must 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: (a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101-110…

A licensee and its authorized delegates must 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 pertaining to money laundering. The timely fi…

(1) Licensee shall maintain the following records, for determining its compliance with this chapter for at least three years: (a) A record of each outstanding money transmission obligation sold; (b) A general ledger posted at least monthly containing all asset, liability, capital…

(1) 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) Before a licensee is authorized to conduct business through an authorized…

A person shall not engage in the business of money transmission on behalf of a person not licensed under this chapter or not exempt pursuant to § 51A-17-53 . A person that engages in such activity, provides money transmission to the same extent as if the person were a licensee, s…

(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 authorized delegate for any licensee in this …

(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 be a victim of fraud or that a c…

(1) This section does not apply to: (a) Money received for transmission subject to the federal Remittance Rule, 12 C.F.R. § 1005.30 to § 1005.36, inclusive (January 1, 2024); or (b) Money received for transmission pursuant to a written agreement between the licensee and payee to …

(1) Section 51A-17-96 does not apply to: (a) Money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005 Subpart B (January 1, 2024); (b) Money received for transmission that is not primarily for personal, family, or household purposes; (c) Money r…

Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. (1) The receipt shall contain the following information, as applicable: (a) The name of the sender; (b) The name of the designated recipient; (c) The date of the tran…

In addition to the contact information required in subsection 51A-17-96 (1)(e), every licensee or authorized delegate must include on a receipt or disclose on the licensee's website or mobile application the name and phone number of the division and a statement that the licensee'…

(1) A licensee that provides payroll processing services must: (a) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (b) Make available worker paystubs or an equivalent statement to workers. (2) Subdi…

(1) A licensee under this chapter must 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 one hundred million dollars to one bil…