§ 561. Maintenance of permissible investments
(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the […]
§ 562. Types of permissible investments
(a) Except to the extent otherwise limited by the Director pursuant to section 561, the following investments are permissible under section 561: (1) cash, a certificate of deposit, or senior debt obligation of an insured depositary institution, as defined in Section 3 of the Federal Deposit Insurance Act, (12 U.S.C. Section 1813); (2) banker’s acceptance […]
§ 571. Suspension and revocation; receivership
(a) The Director may suspend or revoke a license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee violates this chapter or a rule adopted or an order issued under this chapter; (2) the licensee does not cooperate with an examination or investigation […]
§ 572. Suspension and revocation of authorized delegates
(a) The Director may issue an order suspending or revoking the license and designation of an authorized delegate, if the Director finds that: (1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter; (2) the authorized delegate did not cooperate with an examination or investigation by the […]
§ 573. Orders to cease and desist
(a) If the Director determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or cause insolvency or […]
§ 553. Reports
(a) A licensee shall file with the Director within 15 business days any material changes in information provided in a licensee’s application as prescribed by the Director. (b) A licensee shall file with the Director within 45 days after the end of each fiscal quarter a current list of all authorized delegates, and locations in […]
§ 554. Change of control
(a) A licensee shall: (1) give the Director notice in a record of a proposed change of control within 15 days after learning of the proposed change of control; (2) request approval of the acquisition; and (3) submit a nonrefundable fee of $2,000 with the notice. (b) After review of a request for approval under […]
§ 555. Records
(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank reconciliation records; (4) […]
§ 556. Money laundering reports
(a) A licensee and an authorized delegate shall file with the Attorney General all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311, 31 C.F.R Section 103, and other federal and state laws pertaining to money laundering. (b) The timely filing of a […]
§ 557. Confidentiality
(a) Except as otherwise provided in subsection (b), all information or reports obtained by the Director from an applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operating, or condition reports prepared by, on behalf of, or for the use of the Director, or financial statements, balance sheets, or […]