§ 23-55-807. Unlicensed persons
(a) (1) [Repealed.] (2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue: (A) A cease and […]
§ 23-55-602. Cooperation
The Securities Commissioner may consult and cooperate with other state money services regulators and agencies of the United States Government in enforcing and administering this chapter. They may jointly pursue examinations and take other official action that they are otherwise empowered to take.
§ 23-55-808. Receivership
(a) (1) Whenever a licensee has refused or is unable to pay its obligations generally as they become due or whenever it appears to the commissioner that a licensee is in an unsafe or unsound condition, the commissioner, or the Attorney General representing the commissioner, may apply to the Pulaski County Circuit Court or to […]
§ 23-55-603. Reports
(a) A licensee shall file with the commissioner within 15 business days any material changes in information provided in a licensee’s application as prescribed by the commissioner. (b) A licensee shall file with the commissioner within 45 days after the end of each calendar quarter a current list of all authorized delegates, and locations in […]
§ 23-55-604. Change of control
(a) A licensee shall: (1) give the commissioner 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 $1,000 with the notice. (b) After review of a request for approval under […]
§ 23-55-605. Records
(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each payment instrument or stored-value or prepaid access obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and […]
§ 23-55-606. Anti-money laundering program and reports
(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering. (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to […]
§ 23-55-204. Surety bonds
(a) (1) Except as otherwise provided in subsection (b), a money transmission licensee shall maintain a surety bond in an amount based on the previous year’s: (A) Money transmission dollar volume; (B) Payment instrument dollar volume; and (C) Stored value dollar volume. (2) The minimum surety bond amount shall be at least $10,000, and the […]
§ 23-55-205. Issuance of license
(a) When an application is filed under this article, the commissioner shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant […]
§ 23-55-206. Renewal of license
(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. The renewal report must […]