Section 8-7A-1 – Short Title.
Section 8-7A-1 Short title. This chapter may be cited as the Alabama Monetary Transmission Act. (Act 2017-389, §2.)
Section 8-7A-10 – Net Worth.
Section 8-7A-10 Net worth. A licensee under this chapter shall maintain a net worth of at least twenty-five thousand dollars ($25,000) determined in accordance with generally accepted accounting principles. (Act 2017-389, §2.)
Section 8-7A-11 – Relationship Between Licensee and Authorized Delegate.
Section 8-7A-11 Relationship between licensee and authorized delegate. (a) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter. (b) The licensee shall establish, furnish, and enforce policies and procedures sufficient to ensure that its authorized delegates comply with this chapter. (c) An […]
Section 8-7A-12 – Examinations.
Section 8-7A-12 Examinations. (a) The commission may conduct an annual examination of a licensee or of any of its authorized delegates. (b) The commission may examine a licensee or its authorized delegate, at any time, if the commission has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound […]
Section 8-7A-13 – Reports.
Section 8-7A-13 Reports. (a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee’s application. (b) A licensee shall file a report with the commission within five business days after the licensee has reason to know of the occurrence of any of […]
Section 8-7A-14 – Records.
Section 8-7A-14 Records. (a) A licensee shall maintain all of the following records for determining its compliance with this chapter: (1) A record of each payment instrument or stored-value obligation sold. (2) A general ledger posted at least monthly containing all assets, liabilities, capital, income, and expense accounts. (3) Bank statements and reconciliation records. (4) […]
Section 8-7A-15 – Suspension and Revocation.
Section 8-7A-15 Suspension and revocation. (a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or without prior notice, if the commission finds that such an order is in the best interest of the public, and any of the following circumstances […]
Section 8-7A-16 – Unauthorized Activities.
Section 8-7A-16 Unauthorized activities. A person may not provide monetary transmission services on behalf of a person required to be licensed who is not licensed under this chapter. The commission, by rule or order, may further define unauthorized activities. (Act 2017-389, §2.)
Section 8-7A-17 – Orders to Cease and Desist and Other Injunctive or Civil Relief.
Section 8-7A-17 Orders to cease and desist and other injunctive or civil relief. (a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of this chapter or a rule adopted or an order issued under this chapter, the commission, in its […]
Section 8-7A-18 – Consent Orders.
Section 8-7A-18 Consent orders. The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s authorized […]
Section 8-7A-19 – Civil Penalties.
Section 8-7A-19 Civil penalties. (a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding. (b) In addition to the assessment […]
Section 8-7A-2 – Definitions.
Section 8-7A-2 Definitions. For purposes of this chapter, the following terms shall have the following meanings: (1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by a licensee under this chapter to provide monetary transmission services on behalf of the licensee. (2) APPLICANT. Any person that files an application for a license under this […]
Section 8-7A-20 – Criminal Penalties.
Section 8-7A-20 Criminal penalties. (a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record, upon conviction, shall be guilty of a Class D felony. […]
Section 8-7A-21 – Confidentiality.
Section 8-7A-21 Confidentiality. (a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operation, or condition reports prepared by, or on behalf of, or for the use of the commission, are confidential […]
Section 8-7A-22 – Cooperation.
Section 8-7A-22 Cooperation. The commission may consult and cooperate with other federal and state agencies in enforcing and administering this chapter. The commission may jointly pursue examinations and take other official action that it is otherwise empowered to take. (Act 2017-389, §2.)
Section 8-7A-23 – Investigation and Subpoenas by Commission.
Section 8-7A-23 Investigation and subpoenas by commission. (a) The commission may do any of the following: (1) Make such public or private investigations within or outside of this state as it deems necessary to determine whether: Any license under this chapter should be granted, denied, suspended, or revoked; any person has violated or is about […]
Section 8-7A-24 – Party Aggrieved by Order Entitled to Hearing Before Commission; Appeals From Action of Commission.
Section 8-7A-24 Party aggrieved by order entitled to hearing before commission; appeals from action of commission. (a) Any person aggrieved by an order issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the Administrative Procedure Act, Chapter 22 of Title 41, if the aggrieved person, within 28 […]
Section 8-7A-25 – Burden of Proving an Exemption or an Exception From a Definition.
Section 8-7A-25 Burden of proving an exemption or an exception from a definition. In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it. (Act 2017-389, §2.)
Section 8-7A-26 – Making, Amending, and Rescinding Rules and Prescribing Forms.
Section 8-7A-26 Making, amending, and rescinding rules and prescribing forms. The commission from time to time, may make, amend, and rescind rules and prescribe forms as are necessary and desirable to carry out this chapter. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate […]
Section 8-7A-27 – Interpretive Opinions by the Commission.
Section 8-7A-27 Interpretive opinions by the commission. (a) The commission may issue interpretative opinions and no-action letters upon request from interested persons. Such opinions or no-action letters shall be limited in scope and may not be requested to provide legal advice to any person. No opinion or no-action letter shall be issued on a hypothetical […]