§ 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 […]
§ 53-208.47 – 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 […]
§ 53-208.41 – 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 […]