(a) A person may not engaged in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person: (1) is licensed under this subchapter or approved to engage in money transmission under section 517; (2) is an authorized delegate of a person licensed under this subchapter; or […]
(a) In this section, “material litigation” means litigation that according to generally accepted accounting principles is significant to an applicant’s or a licensee’s financial health and would be required to be disclosed in the applicant’s or licensee’s annual audited financial statements, report to shareholders, or similar records. (b) A person applying for a license under […]
(a) Except as otherwise provided in subsection (b), a surety bond, letter of credit, or other similar security acceptable to the Director in the amount of $50,000 plus $10,000 per location, not exceeding a total addition of $250,000, must accompany an application for a license. (b) Security must be in a form satisfactory to the […]
(a) When an application is filed under this subchapter, the Director shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Director shall issue a license to an applicant […]
(a) A licensee under this subchapter shall pay an annual renewal fee of $2,000 no later than 30 days before the anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) A licensee under this subchapter shall submit a renewal report with […]
A licensee under this subchapter shall maintain a net worth of at least $100,000 determined in accordance with generally accepted accounting principles.
(a) A person that is licensed to engage in money transmission in at least one other state, with the approval of the Director and in accordance with this section, may engage in money transmission and check [cashing] or currency exchange or both in this state without being licensed pursuant to section 511 if: (1) the […]
