Chapter 4.1 - MONEY TRANSMISSION MODERNIZATION ACT
- Section 28-8-4.1-101 - Citation as Money Transmission Modernization Act
- Section 28-8-4.1-102 - Purposes and policies
- Section 28-8-4.1-201 - Definitions; applicability
- Section 28-8-4.1-301 - Exempt persons
- Section 28-8-4.1-302 - Person claiming exemption; director's authority to require information and documentation
- Section 28-8-4.1-401 - Authority of director of department of financial institutions; authority of department
- Section 28-8-4.1-402 - Confidential information; reporting violations and complaints to the NMLS; director's authority to use the NMLS; information or material subject to privilege or confidentiality; release of information
- Section 28-8-4.1-403 - Director's authority to conduct examinations and investigations; access to records; costs of examination; persons operating without a license
- Section 28-8-4.1-404 - Director's authority to participate in multistate supervisory processes; authority to take independent action not waived
- Section 28-8-4.1-405 - Federal law governing money transmission; state law preempted to extent of inconsistency; director's authority to provide interpretive guidance
- Section 28-8-4.1-406 - Outside vendor providing services to licensee; department's authority to examine; expense of examination; refusal to permit examination
- Section 28-8-4.1-501 - Engaging in the business of money transmission; license required; exceptions; license not transferrable or assignable
- Section 28-8-4.1-502 - Multistate licensing processes and nationwide protocols for licensing; director's authority to use the NMLS
- Section 28-8-4.1-503 - Application for license; contents; applications by business entities; required fees; director's authority to waive or substitute requirements
- Section 28-8-4.1-504 - Required information for individuals; investigative background reports; director's authority to waive or substitute requirements
- Section 28-8-4.1-505 - Department's approval or denial of application; time frame; conditions for approval; applicant subject to multistate licensing process; written notice of denial; term of license
- Section 28-8-4.1-506 - Annual license renewal; fee; term of renewal; renewal report; director's use of the NMLS
- Section 28-8-4.1-507 - Department's authority to suspend or revoke license; obligation to meet tangible net worth, surety bond, and permissible investment requirements
- Section 28-8-4.1-601 - Acquiring control of licensee; application to department; time frame for approval or denial; conditions for approval; applicant subject to multistate licensing process; written notice of denial; exempt persons and transactions; advance determination of control status
- Section 28-8-4.1-602 - Adding or replacing key individual; notice to department; department's authority to disapprove; time frames; licensee subject to multistate licensing process
- Section 28-8-4.1-701 - Quarterly report of conditions; contents
- Section 28-8-4.1-702 - Annual audited financial statement; accountant's certificate of opinion
- Section 28-8-4.1-703 - Quarterly report of authorized delegates; contents
- Section 28-8-4.1-704 - Civil and criminal proceedings; licensee's notice to director
- Section 28-8-4.1-705 - Duty to comply with federal and state reporting requirements pertaining to money laundering
- Section 28-8-4.1-706 - Record keeping; required information; retention
- Section 28-8-4.1-801 - Authorized delegate; required contract; contents; notice of action taken against license; money held in trust for benefit of licensee; subdelegates prohibited
- Section 28-8-4.1-802 - Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability
- Section 28-8-4.1-803 - Action by licensee against authorized delegate; jurisdiction; equitable or legal relief; reporting of court order; authorized delegate's knowing failure to remit money held in trust; criminal offense
- Section 28-8-4.1-901 - Licensee's duty to forward money received for transmission; exception
- Section 28-8-4.1-902 - Duty to refund money received for transmission; exceptions
- Section 28-8-4.1-903 - Receipts for money received for transmission; form; required information
- Section 28-8-4.1-1001 - Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee
- Section 28-8-4.1-1002 - Surety bond; amount of required security
- Section 28-8-4.1-1003 - Permissible investments; statutory trust
- Section 28-8-4.1-1004 - Enumeration of permissible investments; letter of credit naming department as beneficiary; enumeration of permissible investments subject to limitations
- Section 28-8-4.1-1005 - Policy of insurance against loss by criminal act or act of dishonesty; required sum
- Section 28-8-4.1-1101 - Revocation or suspension of license; order to show cause; findings by the department; entry of order; relinquishment of license; existing contractual obligations; emergency or temporary order
- Section 28-8-4.1-1102 - Prohibition against designating current authorized delegate; order to show cause; findings by the department; entry of order; relinquishment of designation as authorized agent; existing contractual obligations; emergency or temporary order
- Section 28-8-4.1-1103 - Failure to renew license; revocation or suspension of license; reinstatement; right to appeal
- Section 28-8-4.1-1104 - Applicability of law governing administrative orders and procedures; venue
- Section 28-8-4.1-1105 - Violations; department's authority to impose civil penalty; amount
- Section 28-8-4.1-1106 - Violations; director's authority to compromise, settle, and collect civil penalties
- Section 28-8-4.1-1107 - Violations; director's authority to apply for injunctive relief
- Section 28-8-4.1-1108 - Consent order; not an admission or finding of violation
- Section 28-8-4.1-1109 - Material, false statements, or omissions in documents; failure to file required documents; criminal offense
- Section 28-8-4.1-1110 - Applicability of rulemaking statute; notice to licensees and license applicants
- Section 28-8-4.1-1201 - Applying and construing law; consideration of uniformity of law among enacting states
- Section 28-8-4.1-1202 - Severability of provisions
- Section 28-8-4.1-1203 - Persons licensed to engage in money transmission before January 1, 2024; amendment of authorized delegate contracts; authorized delegate's duty to comply
- Section 28-8-4.1-1204 - Corporations and limited liability companies as licensees; good standing in state of incorporation
- Section 28-8-4.1-1205 - Person on tax warrant list; issuance or renewal of license prohibited; notice of release of warrant
- Section 28-8-4.1-1206 - Administration by division of consumer credit