§ 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 […]
§ 53-208.43 – 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 […]