Title 45, Banks And Financial Institutions

The commissioner may require that any person claiming to be exempt from licensing pursuant to § 45-7-104 provide information and documentation to the commissioner demonstrating that such person qualifies for any claimed exemption.

(a) In order to carry out the purposes of this chapter, the commissioner may, subject to § 45-7-108:(1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and…

(a) The commissioner may conduct an examination or investigation of a licensee or authorized delegate, or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and…

(a) Notwithstanding any law to the contrary and except as otherwise provided in subsection (b), all information or reports obtained by the commissioner from an applicant, licensee, or authorized delegate, whether obtained through reports, applications, examination, audits, invest…

(a) To efficiently and effectively administer and enforce this chapter, the commissioner is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Asso…

(a) 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. (b) Subsection (a) does not apply to:(1) A person that is an authorized delegate of a p…

(a) To establish consistent licensing between this state and other states, the commissioner is authorized to:(1) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; a…

(a) The commissioner is authorized to utilize NMLS for all aspects of licensing in accordance with this chapter, including, but not limited to, license applications, renewal applications, applications for acquisitions of control, notifications, surety bonds, reporting, criminal h…

(a) Applicants for a license under this chapter shall apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable:(1) The legal name and residential and business addresses of the applicant and any fictitious or trade nam…

(a) 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 commissioner the following items:(1) The individual's fingerprints for submission to the federal bureau of investigat…

(a) When an application for an original license under this chapter appears to the commissioner to include all the items and address all of the matters that are required, the application is considered complete under this section. (b) Unless the commissioner has extended the applic…

(a) (1) A license under this chapter must be renewed annually.(2) A nonrefundable supervision fee, as provided in § 45-1-118(i), must be paid between November 1 and December 31 of each year.(3) The renewal term is for a period of one (1) year and begins on January 1 of each year …

(a) 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 commissioner may suspend or revoke the licensee's license in accordance with the procedures established by this chapter …

(a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the commissioner prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition o…

(a) A licensee adding or replacing any key individual shall:(1) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual's appointment; and(2) Provide information as required by § 45-7-114 within forty-five …

(a) Each licensee shall submit a report of condition within forty-five (45) days after the end of the calendar quarter, or within any extended time as the commissioner may prescribe. (b) The report of condition must include:(1) Financial information at the licensee level;(2) Nati…

(a) Each licensee shall, within ninety (90) days after the end of each fiscal year, or within any extended time as the commissioner may prescribe, file with the commissioner:(1) An audited financial statement of the licensee for the fiscal year prepared in accordance with United …

(a) Each licensee shall submit a report of authorized delegates within forty-five (45) days after the end of the calendar quarter. (b) The authorized delegate report must include, at a minimum, each authorized delegate's:(1) Company legal name;(2) Taxpayer employer identification…

(a) A licensee shall file a report with the commissioner, describing the event and its expected impact on the licensee's activities in the state, within three (3) days after the occurrence of any of the following events:(1) The filing of a petition by or against the licensee unde…

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 (31 U.S.C. § 5311 et seq.) and other federal and state laws pertaining to money…

(a) A licensee shall maintain the following records for at least three (3) years:(1) A record of each outstanding money transmission obligation sold;(2) A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;(3) Bank statem…

(a) 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. (b) Before a licensee is authorized to conduct business through an au…

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 § 45-7-104. A person that engages in such activity provides money transmission to the same extent as if the person were a licensee, and …

(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 authorized delegates must be performed strictly in a…

(a) 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 or that a crime…

(a) This section does not apply to:(1) Money received for transmission subject to the Remittance Transfer Rule (12 CFR Part 1005, Subpart B); or(2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or serv…

(a) This section does not apply to:(1) Money received for transmission subject to the Remittance Transfer Rule (12 CFR Part 1005, Subpart B);(2) Money received for transmission that is not primarily for personal, family, or household purposes;(3) Money received for transmission p…

(a) A licensee or authorized delegate shall conspicuously disclose on the licensee's website or mobile application, and conspicuously post on the premises of each physical location in this state where the licensee or authorized delegate conducts money transmission, the name and p…

(a) 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 paystubs or an equivalent statement to workers. (1) Issue …

A licensee's responsibility to any person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction purchased.

(a) A licensee under this chapter shall at all times maintain a tangible net worth of:(1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000);(2) Two percent (2%) of additional asset…

(a) An applicant for a money transmission license shall provide, and a licensee shall maintain at all times, security consisting of a surety bond in a form satisfactory to the commissioner. (b) The amount of the required security must be the greater of fifty thousand dollars ($50…

(a) A licensee shall at all times maintain permissible investments that have a market value, computed in accordance with United States generally accepted accounting principles, of not less than the aggregate amount of all of its outstanding money transmission obligations. (b) Exc…

(a) The following investments are permissible under § 45-7-137:(1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents, includi…

(1) After notice and an opportunity for a hearing, the commissioner may suspend or revoke a licensee's license if the commissioner finds that:(1) A fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for …

(a) The commissioner may issue an order suspending or barring the authorized delegate from continuing to be or becoming an authorized delegate of any licensee during the period for which the order is in effect, if, after notice and an opportunity for a hearing, the commissioner f…

(a) The commissioner may enter consent orders at any time with a person to resolve a matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the…

(a) A person who knowingly and willfully violates this chapter or any order or rule issued pursuant to this chapter for which a penalty is not specifically provided commits a Class C misdemeanor; provided, that each day the violation occurs constitutes a separate offense. (b) A p…

(1) If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule promulgated in accordance with this chapter, the commissioner may order the person to:(1) Cease and desist violating the chapter or any rule promulgated…

A hearing or other opportunity to be heard afforded pursuant to this chapter must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.