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Can you summarize NCGS 53-208.45?
Money Transmitters Act > License application
Short Summary
This legal document outlines the requirements for submitting a license application under the Money Transmitters Act in North Carolina. The application must be filed through the NMLS in a form acceptable to the Commissioner. It should include the applicant’s legal name, contact information, form and place of organization, certificates of good standing and authority, active money service business registration, organizational structure, business plan, policies and procedures, internal business controls, history of civil litigation and criminal convictions, information about controlling persons and key management personnel, sample payment instrument, proposed authorized delegates (if applicable), clearing bank information, audited financial statements, and filings with regulatory authorities. The Commissioner may request additional information if necessary. The document also grants the Commissioner the authority to waive requirements or accept equivalent information. Specific penalties for non-compliance or violation of the document’s provisions are not mentioned.
Whom does it apply to?
Applicants under the Money Transmitters Act in North Carolina
What does it govern?
License application
What are exemptions?
The Commissioner has the authority to waive any requirements or permit equivalent information to be submitted in lieu of the required information.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not specified.
Jurisdiction
North Carolina