(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person: (1) is licensed under this article; (2) is an authorized delegate of a person licensed under this article; or (3) is excluded under § 23-55-103. (b) A license under […]
(a) In this section, “material litigation” means litigation that according to generally accepted accounting principles or international financial reporting standards is significant to an applicant’s or a licensee’s financial health and would be required to be disclosed in the applicant’s or licensee’s annual audited financial statements, report to shareholders, or similar records. (b) A person […]
(a) (1) Except as otherwise provided in subsection (b), a money transmission licensee shall maintain a surety bond in an amount based on the previous year’s: (A) Money transmission dollar volume; (B) Payment instrument dollar volume; and (C) Stored value dollar volume. (2) The minimum surety bond amount shall be at least $10,000, and the […]
(a) When an application is filed under this article, the commissioner shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant […]
(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. The renewal report must […]
(a) A licensee under this article shall maintain a net worth that is calculated at $10,000 for every $1,000,000 of the total previous year’s: (1) Money transmission dollar volume; (2) Payment instrument dollar volume; and (3) Stored value dollar volume. (b) (1) A licensee shall maintain a minimum net worth of at least $50,000. (2) […]
