§ 53-208.41 – Title.

53-208.41. Title. This act may be cited as the "North Carolina Money Transmitters Act." (2016-81, s. 1; 2017-102, s. 46.)

§ 53-208.42 – Definitions.

53-208.42. Definitions. For purposes of this Article, the following definitions apply: (1) Applicant. – A person filing an application for a license under this Article. (2) Authorized delegate. – An entity designated by the licensee under the provisions of this Article to engage in the business of money transmission on behalf of a licensee in […]

§ 53-208.43 – License requirement.

53-208.43. License requirement. (a) No person except those exempt pursuant to G.S. 53-208.44 shall engage in the business of money transmission in this State without a license as provided in this Article. (b) A licensee may conduct its business in this State at one or more locations, directly or indirectly owned, or through one or […]

§ 53-208.44 – Exemptions.

53-208.44. Exemptions. (a) This Article shall not apply to any of the following: (1) The United States or any department, agency, or instrumentality or by a contractor thereof. (2) The United States Postal Service. (3) The State or any political subdivisions or by a contractor thereof. (4) Banks, credit unions, savings and loan associations, savings […]

§ 53-208.45 – License application.

53-208.45. License application. (a) Applications under this Article shall be filed through the NMLS in a form acceptable to the Commissioner. To be considered complete, all applications shall be verified by oath or affirmation of the applicant or a designee thereof and shall contain all of the following: (1) The legal name, along with any […]

§ 53-208.46 – Minimum net worth.

53-208.46. Minimum net worth. (a) An applicant shall possess and a licensee shall maintain at all times a net worth of not less than two hundred fifty thousand dollars ($250,000) calculated in accordance with generally accepted accounting principles. (b) The Commissioner may by order increase the amount of net worth required of an applicant or […]

§ 53-208.47 – Surety bond.

53-208.47. Surety bond. (a) Applicants shall be required to post a surety bond with the Commissioner at application and licensees shall maintain a surety bond in the amount of one hundred fifty thousand dollars ($150,000) to be subsequently adjusted as set forth in subsection (b) of this section. (b) The surety bond amount required subsequent […]

§ 53-208.48 – Permissible investments and statutory trust.

53-208.48. Permissible investments and statutory trust. (a) Except as otherwise provided in this section, each licensee under this Article shall possess at all times unencumbered permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding transmission obligations. This requirement […]

§ 53-208.49 – Application fees and annual assessment.

53-208.49. Application fees and annual assessment. (a) Application Fees. Each application for initial licensure shall be accompanied by a nonrefundable filing fee of one thousand five hundred dollars ($1,500). (b) Annual Assessment. For the purpose of meeting the cost of regulation under this Article, each licensee shall pay to the Commissioner an annual assessment as […]

§ 53-208.50 – Issuance of license.

53-208.50. Issuance of license. (a) Upon receipt of a complete license application, as set forth under G.S. 53-208.45, the Commissioner shall investigate the financial condition and responsibility, financial and business experience, the character and general fitness of the applicant, and any other matters deemed relevant by the Commissioner. The Commissioner may require additional information and […]

§ 53-208.51 – Prohibited practices.

53-208.51. Prohibited practices. No person required to be licensed under this Article shall do any of the following: (1) Fail to remit all money or monetary value received for transmission pursuant to G.S. 53-208.42(13)b., or give instructions committing equivalent money or monetary value to the person designated by the sender within 10 days after receipt […]

§ 53-208.52 – Maintenance of records.

53-208.52. Maintenance of records. (a) Each licensee shall maintain such books, accounts, and other records as the Commissioner may require for a period of no less than three years unless the Commissioner, by rule, prescribes otherwise for particular types of records. Such records shall be segregated from any other business in which the licensee is […]

§ 53-208.53 – Reporting.

53-208.53. Reporting. (a) Annual Report. No later than 90 days after the end of the calendar year, licensees shall file an annual report in a form prescribed by the Commissioner through NMLS, which shall include: (1) A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, […]

§ 53-208.54 – Notice of Material Event.

53-208.54. Notice of Material Event. (a) Within 15 days of a change or acquisition of control of a licensee, the licensee shall provide notice of the event to the Commissioner through NMLS in writing and in a form prescribed by the Commissioner. The notice shall be accompanied by any information, data, and records required by […]

§ 53-208.55 – Examination and investigation authority.

53-208.55. Examination and investigation authority. (a) For purposes of initial licensure, suspension, conditioning, revocation, or termination, or general or specific inquiry, investigation, or examination to determine compliance with this Article, the Commissioner may access, receive, and use any books, accounts, records, files, documents, information, or evidence including: (1) Criminal, civil, and administrative history information; (2) […]

§ 53-208.56 – Licensure authority.

53-208.56. Licensure authority. The Commissioner may by order, deny, suspend, revoke, or refuse to issue a license under this Article, or may restrict or limit the manner in which a licensee or applicant engages in the business of money transmission, if the Commissioner finds both of the following: (1) That the order is in the […]

§ 53-208.57 – Disciplinary authority.

53-208.57. Disciplinary authority. (a) Unless otherwise provided, all administrative actions and hearings conducted pursuant to this Article shall proceed in accordance with Article 3A of Chapter 150B of the General Statutes. (b) Upon issuance of any summary order permitted under this Article the Commissioner shall promptly notify the person subject to the order that the […]

§ 53-208.58 – Criminal penalties.

53-208.58. Criminal penalties. (a) Any person who knowingly and willfully violates any provision of this Article for which a penalty is not specifically provided is guilty of a Class 1 misdemeanor. (b) Any person who knowingly and willfully makes a material, false statement in any document filed or required to be filed under this Article […]

§ 53-208.59 – Confidentiality.

53-208.59. Confidentiality. (a) Notwithstanding any other provision of law, all information or reports obtained by the Commissioner from an applicant, licensee, or authorized delegate, whether obtained through reports, applications, examination, audits, investigation, or otherwise, including (i) all information contained in or related to examination, investigation, operating, or condition reports prepared by, on behalf of, or […]

§ 53-208.60 – Rules.

53-208.60. Rules. (a) The State Banking Commission may adopt rules necessary to implement this Article. (b) Pursuant to G.S. 53C-2-6(b), any person aggrieved by any rule or order of the Commissioner under this Act may appeal to the State Banking Commission for review upon providing notice in writing within 20 days after the act complained […]