§ 2540. Maintenance of permissible investments
§ 2540. Maintenance of permissible investments (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and prepaid access obligations issued or sold and money transmitted by the […]
§ 2541. Types of permissible investments
§ 2541. Types of permissible investments (a) Except to the extent otherwise limited by the Commissioner pursuant to section 2540 of this title, the following investments are permissible under section 2540 of this title: (1) cash, a certificate of deposit, or a senior debt obligation of a depositary institution within the meaning of subdivision 11101(24) […]
§ 2507. Security
§ 2507. Security (a) Except as otherwise provided in subsection (b) of this section, the following rules apply: (1) A surety bond, letter of credit, or other similar security acceptable to the Commissioner of not less than $100,000.00 shall accompany an application for a license. (2) If an applicant proposes to provide money services at […]
§ 2510. Net worth
§ 2510. Net worth A licensee under this subchapter shall maintain a net worth of at least $100,000.00, determined in accordance with generally accepted accounting principles. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
§ 2511. Activities of money transmitters; receipts and refunds
§ 2511. Activities of money transmitters; receipts and refunds (a) Every money transmitter licensee and its authorized delegates shall provide a receipt to the customer that clearly states the name, address, and telephone number of the licensee; the amount of money presented for transmission; and the total of any fees charged by the licensee. (1) […]
§ 2500. Definitions
§ 2500. Definitions As used in this chapter: (1) “Authorized delegate” means a person located in this State that a licensee designates to provide money services on behalf of the licensee. (2) “Check cashing” means receiving at least $500.00 compensation within a 30-day period for taking payment instruments or prepaid access, other than traveler’s checks, […]
§ 2501. Exclusions
§ 2501. Exclusions (a) This chapter does not apply to: (1) the United States or a department, agency, or instrumentality thereof; (2) the sale or issuance of payment instruments or prepaid access, or money transmission, by the U.S. Postal Service or by a contractor on behalf of the U.S. Postal Service; (3) a state, county, […]
§ 2502. License required
§ 2502. License required (a) A person shall not engage in money transmission without: (1) obtaining a license under subchapter 2 of this chapter; or (2) being an authorized delegate of a person licensed under subchapter 2 of this chapter. (b) A person shall not engage in check cashing or currency exchange without: (1) obtaining […]
§ 2505. License required
§ 2505. License required A person licensed under this subchapter or that is an authorized delegate of a person licensed under this subchapter may engage in money transmission and may also engage in check cashing or currency exchange without obtaining a separate license under subchapter 3 of this chapter. (Added 2001, No. 55, § 1, […]
§ 2506. Application for license; additional information
§ 2506. Application for license; additional information (a) In addition to the information required by section 2102 of this title, an application for a license under this subchapter shall state or contain: (1) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in […]