Section 533C.101 – Short title.

533C.101 Short title. This chapter may be cited as the “Uniform Money Services Act”. 2003 Acts, ch 96, §1, 42

Section 533C.102 – Definitions.

533C.102 Definitions. In this chapter: 1. “Applicant” means a person that files an application for a license under this chapter. 2. “Authorized delegate” means a person a licensee designates to provide money services on behalf of the licensee. 3. “Bank” means an institution organized under federal or state law which does any of the following: […]

Section 533C.103 – Exclusions.

533C.103 Exclusions. This chapter does not apply to: 1. The United States or a department, agency, or instrumentality thereof. 2. A money transmission by the United States postal service or by a contractor on behalf of the United States postal service. 3. A state, county, city, or any other governmental agency or governmental subdivision of […]

Section 533C.201 – License required.

533C.201 License required. 1. A person shall not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person: a. Is licensed under this article; or b. Is an authorized delegate of a person licensed under this article. 2. A license under this article is […]

Section 533C.202 – Application for license.

533C.202 Application for license. 1. 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. 2. A person applying […]

Section 533C.203 – Security.

533C.203 Security. 1. Except as otherwise provided in subsection 2, a surety bond, letter of credit, or other similar security acceptable to the superintendent in the amount of fifty thousand dollars plus ten thousand dollars per location, not exceeding a total addition of three hundred thousand dollars, must accompany an application for a license. If […]

Section 533C.204 – Issuance of license.

533C.204 Issuance of license. 1. When an application is filed under this article, the superintendent shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The superintendent may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The superintendent shall issue a […]

Section 533C.205 – Renewal of license.

533C.205 Renewal of license. 1. A licensee under this article shall pay an annual renewal fee as determined below by no later than December 1 of the year of expiration. The renewal fee shall be five hundred dollars plus an additional ten dollars for each location in this state at which business is conducted through […]

Section 533C.206 – Net worth.

533C.206 Net worth. A licensee under this article shall maintain a net worth of at least one hundred thousand dollars plus ten thousand dollars per authorized delegate not to exceed five hundred thousand dollars determined in accordance with generally accepted accounting principles. If the licensee has no locations in this state at which business is […]

Section 533C.301 – License required.

533C.301 License required. 1. A person shall not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal to or greater than five percent of total revenues unless the person: a. Is licensed under this article. b. Is licensed for money transmission under […]

Section 533C.302 – Application for license.

533C.302 Application for license. 1. A person applying for a license under this article shall do so in a form prescribed by the superintendent. The application must state or contain: a. The legal name and residential and business addresses of the applicant, if the applicant is an individual, or, if the applicant is not an […]

Section 533C.303 – Issuance of license.

533C.303 Issuance of license. 1. Upon the filing of an application under this article, the superintendent shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The superintendent may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The superintendent shall issue […]

Section 533C.304 – Renewal of license.

533C.304 Renewal of license. 1. A licensee under this article shall pay an annual renewal fee no later than December 1. The annual renewal fee shall be the sum of two hundred fifty dollars plus an additional fifty dollars for each location at which business is conducted, but shall not exceed one thousand dollars. Fees […]

Section 533C.401 – Relationship between licensee and authorized delegate.

533C.401 Relationship between licensee and authorized delegate. 1. In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. 2. A contract between a licensee and an authorized delegate must require […]

Section 533C.402 – Unauthorized activities.

533C.402 Unauthorized activities. A person shall not provide money services on behalf of another person not licensed under this chapter. A person who engages in that activity provides money services to the same extent as if the person were a licensee. 2003 Acts, ch 96, §15, 42 Referred to in §533C.707

Section 533C.501 – Authority to conduct examinations.

533C.501 Authority to conduct examinations. 1. The superintendent may conduct an annual examination of a licensee upon reasonable notice in a record to the licensee. The superintendent may conduct an annual examination of any authorized delegate of a licensee upon reasonable notice in a record to the authorized delegate and the licensee. 2. The superintendent […]

Section 533C.502 – Joint examinations.

533C.502 Joint examinations. 1. The superintendent may conduct an on-site examination of records listed in section 533C.505 in conjunction with representatives of other state agencies or agencies of another state or of the federal government. Instead of an examination, the superintendent may accept the examination report of an agency of this state or of another […]

Section 533C.503 – Reports.

533C.503 Reports. 1. A licensee shall file with the superintendent within fifteen business days any material changes in information provided in a licensee’s application as prescribed by the superintendent. 2. A licensee shall file with the superintendent within forty-five days after the end of each fiscal quarter a current list of all authorized delegates and […]

Section 533C.504 – Change of control.

533C.504 Change of control. 1. A licensee shall: a. Request approval from the superintendent of a proposed change of control. b. Submit a nonrefundable fee of one thousand dollars with the request. 2. After review of a request for approval under subsection 1, the superintendent may require the licensee to provide additional information concerning the […]

Section 533C.505 – Records.

533C.505 Records. 1. A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: a. A record of each payment instrument sold. b. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts. c. Bank statements and bank reconciliation records. d. […]