§ 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 […]
§ 53-208.49 – 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, […]
§ 53-208.41 – 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 […]