Chapters

CHAPTER 489D MONEY TRANSMITTERS ACT

Contents 489D-1 Short title 489D-2 Purpose 489D-3 License required 489D-4 Definitions 489D-5 Exclusions 489D-6 License qualifications 489D-6.2 Registration with NMLS 489D-7 Bond or other security device 489D-8 Permissible investments and statutory trust 489D-9 License and registration; application 489D-9.5 Limited exemption for financial institutions; financial institutions as authorized delegates 489D-10 Application and license fees 489D-11 Issuance of license; grounds for denial 489D-12 Renewal of license and annual report 489D-12.5 Penalties and other charges 489D-13 Licensee liability 489D-14 Extraordinary reporting requirements 489D-14.5 Name change 489D-15 Changes in control of a licensee 489D-16 Money laundering reports 489D-17 Examinations 489D-18 Maintenance of records 489D-19 Confidentiality of records 489D-20 Money transmitter receipts and refunds 489D-21 Authorized delegate contracts 489D-22 Authorized delegate; conduct 489D-22.5 Voluntary surrender of license 489D-23 Prohibited practices 489D-24 Suspension or revocation of licenses 489D-25 Suspension or revocation of authorized delegates 489D-26 Orders to cease and desist 489D-27 Consent orders 489D-28 Civil penalties 489D-29 Criminal penalties 489D-30 Unlicensed persons 489D-31 Administrative procedures 489D-32 Hearings 489D-33 Division functions 489D-34 Rules

     §489D-12  Renewal of license and annual report.  (a)  On or before December 31 of each year, each licensee shall pay renewal fees based on the number of annualized money transmissions as follows:

     (1)  $3,000 for licensees with fewer than 5,000 money transmissions;

     (2)  $5,000 for licensees with 5,000 or more but fewer than 50,000 money transmissions;

     (3)  $8,000 for licensees with 50,000 or more but fewer than 100,000 money transmissions;

     (4)  $16,000 for licensees with 100,000 or more but fewer than 200,000 money transmissions; and

     (5)  $20,000 for licensees with 200,000 or more money transmissions.

     For purposes of this subsection, "annualized money transmissions" means the number of money transmissions reported for the quarter on the report required by subsection (b)(2), multiplied by four.

     (b)  The annual license fee shall be accompanied by a report, in a form prescribed by the commissioner, which shall include:

     (1)  A copy of the licensee's most recent audited annual financial statement, including balance sheets, statement of income or loss, statement of changes in shareholder's equity, and statement of cash flows or, if a licensee is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation in lieu of the licensee's audited annual financial statement;

     (2)  For the most recent quarter for which data is available prior to the date of filing the annual report, but in no event more than one hundred twenty days prior to the renewal date, the licensee shall provide the number of money transmissions sold, issued, or received for transmission by the licensee in the State, the dollar amount of those transmissions, and the dollar amounts of payment instruments currently outstanding;

     (3)  Any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;

     (4)  For the most recent quarter for which data is available prior to the date of filing the annual report, but in no event more than one hundred twenty days prior to the renewal date, a list of the licensee's permissible investments, including the total market value of each type of permissible investment, and the total dollar amount of all outstanding payment instruments issued or sold by the licensee in the United States;

     (5)  A list of the locations, if any, within this State where business regulated by this chapter is being conducted by either the licensee or the licensee's authorized delegates;

     (6)  Disclosure of any pending or final suspension, revocation, or other enforcement action by any state or governmental authority;

     (7)  The licensee's evidence of a valid bond or other security device as required pursuant to section 489D‑7; and

     (8)  Any other information the commissioner may require.

A license may be renewed by filing a renewal statement on a form prescribed by NMLS or by the commissioner and paying a renewal fee at least four weeks prior to the renewal date for licensure for the following year.

     (c)  A licensee that has not filed an annual report that has been deemed complete by the commissioner or paid its annual license fee by the renewal filing deadline, and has not been granted an extension of time to do so by the commissioner, shall have its license suspended on the renewal date.  The licensee shall have thirty days after its license is suspended to file an annual report and pay the annual license fee, plus a late filing fee of $250 for each business day after suspension that the commissioner does not receive the annual report and the annual license fee.  The commissioner, for good cause, may grant an extension of the renewal date or reduce or suspend the $250 per day late filing fee. [L 2006, c 153, pt of §1; am L 2008, c 195, §8; am L 2013, c 167, §7]