§ 19-14.3-1. Exemption from licensing. No license to engage in the business of currency transmission shall be required of any: (1) Regulated institution, bank, or credit union organized under the laws of the United States, or subject to written notice with a designated Rhode Island agent for service of process in the form prescribed by […]
§ 19-14.3-1.1. Definitions. In addition to the definitions provided in § 19-14-1 the following definitions are applicable to this chapter: (1) “Control” means: (i) When used in reference to a transaction or relationship involving virtual currency, the power to execute unilaterally or prevent indefinitely a virtual currency transaction; and (ii) When used in reference to […]
§ 19-14.3-1.2. License by reciprocity. A person licensed by another state to engage in currency transmission business activity in that state may engage in currency transmission business activity with or on behalf of a resident to the same extent as a licensee if: (1) The department determines that the state in which the person is […]
§ 19-14.3-1.3. Cooperation and data-sharing authority. (a) The department may cooperate, coordinate, jointly examine, consult, and share records and other information with the appropriate regulatory agency of another state, a self-regulatory organization, federal or state regulator of banking or non-depository providers, or a regulator of a jurisdiction outside the United States, concerning the affairs and […]
§ 19-14.3-2. Securities in lieu of bonds. In lieu of the required surety bond or bonds, or of any portion as required by chapter 14, the applicant may deposit with the director, or the director’s designee, with the financial institutions, credit unions, or national banks in this state that the applicant may designate and the […]
§ 19-14.3-3. Liability of licensees. Each licensee shall be liable for the payment of all checks or electronic money transfer sold by the licensee in this state, in whatever form and whether directly or through an agent, as the maker or drawer of these according to the negotiable instrument laws of this state; and a […]
§ 19-14.3-3.1. Record of foreign exchange transactions. Every person carrying on a foreign exchange business or the business of forwarding foreign drafts or of forwarding money or other credits to any country outside of the United States shall make and preserve a record of each transaction. The record shall contain all of the following information: […]
§ 19-14.3-3.2. Forwarding of documents to foreign correspondent — Receipt for money or documents. Every person, whether engaged in the foreign exchange brokerage business or not, to whom any money, draft, or credit is delivered to be forwarded to a foreign correspondent, shall forward the credit, accompanied by draft credits, or any documents necessary and […]
§ 19-14.3-3.3. Action on bond. Every person who has delivered or deposited money or credit to be forwarded to a foreign correspondent, who has acquired any judgment, debt, claim, or demand relating to the transaction against any person named as principal in any bond filed in accordance with the provisions of this chapter or the […]
§ 19-14.3-3.4. Companies exempt from provisions. The provisions of §§ 19-4.3-3.1 — 19-4.3-3.3 shall not apply to duly incorporated financial institutions or credit unions. History of Section.P.L. 2001, ch. 129, § 3.
§ 19-14.3-3.5. Required disclosures for virtual currency. (a) A licensee engaging in virtual currency business activities shall provide to a resident who uses the licensee’s virtual currency products or service the disclosures required by subsection (b) of this section and any additional disclosure the department by rule determines reasonably necessary for the protection of residents. […]
§ 19-14.3-3.6. Property interests and entitlements to virtual currency. (a) A licensee that has control of virtual currency for one or more persons shall maintain in its control an amount of each type of virtual currency sufficient to satisfy the aggregate entitlements of the persons to the type of virtual currency. (b) If a licensee […]
§ 19-14.3-3.7. Mandated compliance programs and monitoring. (a) An applicant, before submitting an application, shall create and, during licensure, maintain in a record, policies and procedures for: (1) An information-security and operational-security program; (2) A business-continuity program; (3) A disaster-recovery program; (4) An anti-fraud program; (5) An anti-money-laundering program; and (6) A program to ensure […]
§ 19-14.3-3.8. Prohibited acts and practices. No person required to be licensed under this chapter shall: (1) Fail to remit all money or monetary value received for transmission pursuant to this chapter, or give instructions committing equivalent money or monetary value to the person designated by the sender within ten (10) days after receipt by […]
§ 19-14.3-4. Rules and regulations. The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1995, ch. 82, § 55.
§ 19-14.3-5. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
