Section 51A-17-3 – Entities exempt from chapter.
51A-17-3. Entities exempt from chapter. This chapter does not apply to: (1)The United States or any department, agency, or instrumentality thereof; (2)The United States Post Office; (3)The state or any political subdivisions thereof; (4)Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the […]
Section 51A-17-19 – Annual report and renewal fee.
51A-17-19. Annual report and renewal fee. A licensee shall pay an annual renewal fee not to exceed one thousand dollars. The director shall establish the renewal fee by rules promulgated pursuant to chapter 1-26. The renewal fee shall be accompanied by a report, in a form prescribed by the director, which shall include: (1)A copy […]
Section 51A-17-4 – License to engage in business of money transmission required.
51A-17-4. License to engage in business of money transmission required. No person, other than a person who is exempt under §51A-17-3, may engage in the business of money transmission in this state without obtaining a license in accordance with this chapter and undergoing a criminal background investigation. A person is engaged in providing money transmission […]
Section 51A-17-20 – Time for filing renewal application, report, and fee.
51A-17-20. Time for filing renewal application, report, and fee. Any application for renewal of a license in accordance with this chapter shall be filed with the director by December first and shall be accompanied by a fee and report as required under §51A-17-19. Any application for renewal filed with the director after December first and […]
Section 51A-17-5 – Single license to conduct business at multiple locations–Authorized delegates.
51A-17-5. Single license to conduct business at multiple locations–Authorized delegates. If a licensee has a physical presence in this state, the licensee may conduct its business at one or more locations, directly or indirectly owned, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee. Any authorized […]
Section 51A-17-6 – Minimum net worth required.
51A-17-6. Minimum net worth required. Each licensee under this chapter shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets from one hundred million dollars to one billion dollars, and […]
Section 51A-17-7 – Qualification to do business of corporate and noncorporate applicants and licensees.
51A-17-7. Qualification to do business of corporate and noncorporate applicants and licensees. Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the […]
Section 51A-17-8 – Security device or deposit required.
51A-17-8. Security device or deposit required. Each application shall be accompanied by a security device acceptable to the director in the amount of one hundred thousand dollars. The director may increase the amount of the security device to a maximum of five hundred thousand dollars upon the basis of the impaired financial condition of a […]
Section 51A-17-9 – Security after licensee ceases operations.
51A-17-9. Security after licensee ceases operations. The security device shall remain in place for five years after the licensee ceases money transmission operations in the state. However, the director may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee’s payment instruments outstanding […]
Section 51A-17-10 – Investments required–Waiver by director.
51A-17-10. Investments required–Waiver by director. Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with United States generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by the licensee in […]