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Can you summarize ALCA 8-7A-13?
ALABAMA MONETARY TRANSMISSION ACT. > Reports.
Short Summary
The provided legal document content pertains to the Alabama Monetary Transmission Act. It outlines the reporting requirements for licensees under various circumstances. Licensees are required to file a report to the commission within 15 business days of any material change in information provided in their application. Additionally, licensees must file a report within five business days after becoming aware of certain events, such as bankruptcy filings, receivership, license revocation or suspension, cancellation of bond or security, felony charges or convictions of the licensee or authorized delegate, and involvement in material civil litigation or class action. The document also addresses the process for notifying the commission of a proposed change of control and the commission’s approval criteria. Furthermore, licensees and authorized delegates are required to maintain records related to federal currency reporting, record keeping, and suspicious transaction reporting requirements. In case of an investigation or inquiry by a regulatory authority, licensees must notify the commission and provide all associated records. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Licensees
What does it govern?
Alabama Monetary Transmission Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Alabama