§ 11-110-108. Bond – Condition – Amount – Rules
Each approved applicant shall furnish a corporate surety bond in the principal sum of one million dollars, except as otherwise provided in this subsection (1), by a bonding company or insurance company authorized to do business in this state, in which the applicant is named as obligor, to be approved by the banking board, that […]
§ 11-110-203. Notice of Laws – Rules
The banking board shall promulgate rules to create a form containing a notice of the contents of section 18-5-309 and other state and federal laws concerning money laundering. An agent of a business licensed pursuant to part 1 of this article 110 shall require each employee who performs money transmission services to either: Understand and […]
§ 11-110-109. Issuance of License
Upon the filing of an application, the commissioner shall investigate the applicant. The applicant shall pay for the cost of the investigation. If the board finds that the applicant is of good moral character and financially responsible and can comply with this article 110, the board shall approve the application and notify the applicant in […]
§ 11-110-204. Records
The information sent to the banking board under section 11-110-201 and the records required by section 11-110-203 shall be open to any law enforcement officer acting within the scope and course of the officer’s official duties. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 588, § 2, effective August 9. […]
§ 11-110-110. Issuance of License – Renewal – Fee
Before any license is issued, and annually thereafter on or before January 1 of each succeeding year, the applicant or licensee shall pay to the banking board a license fee in an amount set by the banking board pursuant to section 11-102-104 (11). For each license originally issued between July 1 and December 31 of […]
§ 11-110-205. Agent Requirements
No money transmitter licensed pursuant to part 1 of this article 110 shall knowingly contract with an agent or owner of an agent holding more than a ten percent interest in the business who has been convicted of or pleaded guilty or nolo contendere to the offenses in article 5 of title 18; a felony […]
§ 11-110-111. Examination – Fee – Financial Statements and Reports to Commissioner – Change in Control
The commissioner may examine the books and records of a licensee using risk-based criteria and considering other available regulatory mechanisms as directed by the banking board; shall make and file in the office of the commissioner a correct report in detail disclosing the results of the examination; and shall mail a copy of the report […]
§ 11-110-206. Violations
[ Editor’s note: This version of subsection (1) is effective until March 1, 2022.] A person who violates this part 2 commits a class 2 misdemeanor and, for the second or any subsequent offense, the person commits a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501. (1) [ Editor’s note: This […]
§ 11-110-112. Change in Control – Rule
Except as specified in subsection (1)(b) or (1)(c) of this section, when a licensee proposes a change of control, the licensee shall: Give the commissioner written notice of the proposed change of control within fifteen days after learning of the proposed change of control; Request approval of the change of control; and Submit a nonrefundable […]
§ 11-110-113. Compliance With Federal Law
Each licensee shall comply with state and federal money laundering laws, including, but not limited to, the federal “Bank Secrecy Act”, 12 U.S.C. sec. 1951 et seq. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 584, § 2, effective August 9. Editor’s note: This section is similar to former § […]