Chapter 217, MONEY TRANSMITTERS
12 sections in this chapter.
Wis. Stat. § 217.01 Short title
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217.01 Short title. This chapter may be cited as the “Model Money Transmission Modernization Law.” History: 2023 a. 267.
Wis. Stat. § 217.02 Definitions
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217.02 Definitions. In this chapter: (1) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a licensee, whether or not pursuant to an express agreement. (2) “Authorized delegate” means a person a licensee designates to e…
Wis. Stat. § 217.03 Exemptions
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217.03 Exemptions. (1) This chapter does not apply to any of the following: (a) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire tra…
Wis. Stat. § 217.04 Participation in the nationwide multistate licensing system and registry; networked supervision; confidentiality
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217.04 Participation in the nationwide multistate licensing system and registry; networked supervision; confidentiality. (1) PARTICIPATION IN THE NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY. The division shall utilize the nationwide multistate licensing system and registr…
Wis. Stat. § 217.05 License requirements
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217.05 License requirements. (1) LICENSE REQUIRED. A person may 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. This subsection does not apply to an author…
Wis. Stat. § 217.06 Acquisition of control; change of key individual
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217.06 Acquisition of control; change of key individual. (1) ACQUISITION OF CONTROL. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the division prior to acquiring control. An individual is not …
Wis. Stat. § 217.07 Reporting and records
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217.07 Reporting and records. (1) REPORT OF CONDITION. Each licensee shall submit a report of condition no later than 45 days after the end of each calendar quarter, unless a longer period is authorized by the division. The report of condition shall include all of the following: …
Wis. Stat. § 217.08 Authorized delegates
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217.08 Authorized delegates. (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 do all of the following: (a) Adopt, and update as necessary, written policies an…
Wis. Stat. § 217.09 Timely transmission; refunds; receipts and other disclosures
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217.09 Timely transmission; refunds; receipts and other disclosures. (1) TIMELY TRANSMISSION. 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 belie…
Wis. Stat. § 217.10 Prudential standards
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217.10 Prudential standards. (1) NET WORTH. A licensee shall maintain at all times a tangible net worth in excess of the greater of $100,000 or the sum of the following: 3 percent of the licensee’s first $100,000,000 in total assets, plus 2 percent of any additional assets up to …
Wis. Stat. § 217.11 Powers of the division
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217.11 Powers of the division. In addition to the powers granted in other sections of this chapter or other applicable law, the division may do any of the following: (1) Investigate, at any time, the business and examine the books, accounts, records, and files used in the busines…
Wis. Stat. § 217.12 Virtual currency kiosks
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217.12 Virtual currency kiosks. (1) DEFINITIONS. In this section: (a) “Automated teller machine” has the meaning given in s. 134.85 (1) (a) and includes customer bank communications terminals under s. 221.0303, remote service units under ss. 214.04 (21) and 215.13 (46), and remot…