§ 11-109-906. Funds Awaiting Investment or Distribution
Funds held by a trust company in a fiduciary capacity that are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. Funds held in trust by a trust company awaiting investment or distribution may, unless prohibited by the instrument creating the […]
§ 11-109-907. Extensions of Credit
A trust company shall not make any loans or extensions of credit except as provided in subsection (2) of this section. A trust company may: Make a loan or extend credit to its officers, directors, and employees if such loan or credit is adequately secured and does not involve more than the normal risk of […]
§ 11-110-101. Short Title
The short title of this article 110 is the “Money Transmitters Act”. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 2, effective August 9. Editor’s note: This section is similar to former § 12-52-101 as it existed prior to 2017.
§ 11-110-102. Legislative Declaration
It is declared to be the policy of this state that checks, drafts, money orders, or other instruments for the transmission or payment of credit or money are widely used by the people of this state as a process of settling accounts or debts and that sellers and issuers of the instruments receive, in the […]
§ 11-110-103. Definitions
As used in this article 110, unless the context otherwise requires: “Banking board” or “board” means the banking board created in section 11-102-103. “Commissioner” means the state bank commissioner appointed and serving pursuant to section 11-102-101 (2). “Control” means: Ownership of, or the power to vote, directly or indirectly, twenty-five percent or more of a […]
§ 11-110-104. Applicability of Powers of Banking Board and Bank Commissioner to Money Orders
The powers, duties, and functions of the banking board and the commissioner contained in article 102 of this title 11 and the declaration of policy contained in section 11-101-102 shall apply to the provisions of this article 110. For the purposes of this section and section 11-102-104, the banking board shall have the same powers, […]
§ 11-109-702. Involuntary Liquidation
Except as otherwise provided in this article, only the banking board may take possession of a trust company if, after a hearing before the banking board, it finds: The trust company’s capital is inadequate; the trust company’s business is being conducted in an unlawful or unsound manner; the trust company is unable to continue normal […]
§ 11-110-105. License Required – Investigations
A person shall not engage in the business of money transmission without first procuring a license from the board; except that an agent, subagent, or representative of a licensee or an employee of an agent, subagent, or representative who acts on behalf of a licensee in the transmission of money by the licensee is not […]
§ 11-109-703. Emergency Grant of New Charter
In addition to powers regarding liquidation, the banking board may, in the interest of protecting the public and the depositors of a closed trust company with its principal office in this state, issue a new trust company charter to qualified individuals for the same location as the closed trust company, contingent upon the new trust […]
§ 11-110-106. Exemptions
Nothing in this article 110 shall apply to: Departments or agencies of the United States of America, or to any state or municipal government, or to corporations organized under the general banking, savings and loan, or credit union laws of this state or of the United States, or to the receipt of money by an […]