Section 399-G:15 – Oversight of Authorized Delegates.
399-G:15 Oversight of Authorized Delegates. – Licensees shall implement a system of education, training, monitoring, and periodic inspection designed to inform their authorized delegates of their responsibilities, consistent with the Bank Secrecy Act and the requirements to file reports required by federal law. Licensees whose authorized delegates are not required to register independently with […]
Section 399-G:16 – Net Worth Requirements.
399-G:16 Net Worth Requirements. – An applicant or licensee shall at all times maintain a net worth of the lesser of its average daily outstanding money transmissions for the prior calendar year or $1,000,000. Each licensee shall file a statement of net worth pursuant to RSA 399-G:10, II(e). Source. 2015, 258:1, eff. Jan. 1, […]
Section 399-G:17 – Money Laundering Reports and Federal Law Compliance.
399-G:17 Money Laundering Reports and Federal Law Compliance. – I. Licensees shall create, implement, and file with the commissioner written plans for compliance with federal laws, including but not limited to the Bank Secrecy Act of 1970 as amended, and regulations, 31 U.S.C. section 5313, 31 C.F.R. part 1010, and other federal and state […]
Section 399-G:18 – Advertising.
399-G:18 Advertising. – No person shall advertise, print, display, publish, distribute, or broadcast, or permit to be advertised, printed, displayed, published, distributed, or broadcast in any manner, any statement or representation with regard to the rates, terms, or conditions for money transmission under the provisions of this chapter which is false, misleading, or deceptive. […]
Section 399-G:3 – Exemptions.
399-G:3 Exemptions. – The provisions of this chapter shall not apply to: I. Any bank, trust company, savings and loan association, profit sharing and pension trust, credit union, thrift company, insurance company, or receivership, which may be chartered by this state or any other state or by any agency of the United States. II. […]
Section 399-G:4 – Application and Fees.
399-G:4 Application and Fees. – I. (a) To be considered for licensing, each person shall complete and file with the department one verified application through the Nationwide Multistate Licensing System and Registry, using the Nationwide Multistate Licensing System and Registry form which shall include but not be limited to the following information: (1) The […]
Section 399-G:5 – License and Registration Grant and Renewal.
399-G:5 License and Registration Grant and Renewal. – I. Upon the applicant’s filing of the complete application, and payment of the required fee, the commissioner shall have, in accordance with RSA 541-A:29, up to 120 days to investigate and determine whether the applicant’s financial resources, experience, personnel, and record of past or proposed conduct […]
Section 399-G:6 – License Denial or Abandonment; Appeal.
399-G:6 License Denial or Abandonment; Appeal. – I. If the commissioner determines that the applicant fails to meet the requirements of this chapter, the commissioner shall immediately, in writing, notify the applicant of that determination. II. The commissioner may deny a license application if it is in the public interest and the applicant or […]
Section 399-G:7 – License Posting.
399-G:7 License Posting. – It shall be unlawful to engage in the business of money transmission without a conspicuously posted license in the licensee’s principal office within this state or a conspicuously posted registration in each of the licensee’s authorized delegate offices within this state. Source. 2015, 258:1, eff. Jan. 1, 2016.
Section 399-G:8 – License Surrender.
399-G:8 License Surrender. – I. A licensee who ceases to engage in the business of money transmission at any time during a license year for any cause shall surrender such principal license and authorized delegate registrations, if any, and within 15 calendar days of such cessation shall cause to be published in a newspaper […]