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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 license application for money transmitters in the state of North Carolina. The application must be filed through the NMLS (Nationwide Multistate Licensing System) in a form acceptable to the Commissioner. The application should include various information such as the applicant’s legal name, contact information, form and place of organization, certificates of good standing and authority, money service business registration, organizational structure, business plan, policies and procedures, internal business controls, litigation and criminal history, information about controlling persons and key management personnel, sample payment instrument, authorized delegate information, clearing bank details, and audited financial statements. The Commissioner may request additional information if necessary. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Applicants seeking to engage in money transmission in the state of North Carolina
What does it govern?
License application for money transmitters
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified in the provided document.
Jurisdiction
North Carolina