Section 40-22-124 – Civil Penalties.
40-22-124. Civil penalties. The commissioner may impose a civil penalty upon a person who violates this act or a rule adopted or an order issued under this act in an amount not to exceed five hundred dollars ($500.00) per day for each day the violation is outstanding, plus the state’s costs and expenses for the […]
Section 40-22-115 – Examinations.
40-22-115. Examinations. (a) The commissioner may conduct examinations of persons licensed under this act at intervals he deems necessary to determine whether violations of this act and other applicable laws, rules and regulations pertaining to money transmissions are occurring and the frequency and seriousness of the violations. (b) Each licensee or person subject to examination […]
Section 40-22-116 – Maintenance of Records.
40-22-116. Maintenance of records. (a) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of five (5) years and these records shall be open to inspection by the commissioner: (i) A record of each payment instrument; (ii) A general ledger, posted at least monthly, containing all assets, […]
Section 40-22-117 – Confidentiality of Records; Exception.
40-22-117. Confidentiality of records; exception. (a) Except as provided in subsection (b) of this section, all information or reports obtained by the commissioner from an applicant, licensee or authorized delegate or subdelegate are confidential. (b) The commissioner may disclose confidential information to officials and examiners in other states or to federal regulatory authorities or to […]
Section 40-22-118 – Authorized Delegate Contracts.
40-22-118. Authorized delegate contracts. (a) A licensee shall designate an authorized delegate by express written contract including the following: (i) That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee; (ii) That an authorized delegate may not authorize subdelegates without the written consent of […]
Section 40-22-110 – Issuance of License.
40-22-110. Issuance of license. (a) After the applicant files an application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The commissioner may conduct an on site investigation of the applicant, the reasonable cost of which shall be borne by the applicant. If the […]
Section 40-22-111 – Renewal of License and Annual Report.
40-22-111. Renewal of license and annual report. (a) Each license issued under this act shall expire on December 31. The license shall be renewed annually not later than December 1. Each licensee shall pay an annual renewal fee as set by rule of the commissioner. (b) The renewal fee shall be accompanied by a report, […]
Section 40-22-112 – Licensee Liability.
40-22-112. Licensee liability. A licensee’s liability to any person for a money transmission conducted on that person’s behalf by the licensee or an authorized delegate or a subdelegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.
Section 40-22-113 – Extraordinary Reporting Requirements.
40-22-113. Extraordinary reporting requirements. (a) Within fifteen (15) business days of the occurrence of any one (1) of the events listed in this subsection, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee’s activities in the state: (i) Any material changes in information provided […]
Section 40-22-114 – Changes in Control of a Licensee.
40-22-114. Changes in control of a licensee. (a) A licensee shall give the commissioner written notice of a proposed change of control within fifteen (15) business days after learning of the proposed change of control. (b) The commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. […]