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Can you summarize 5 DECO Chapter 23?
Other Businesses Under Jurisdiction of State Banking Department > SALE OF CHECKS AND TRANSMISSION OF MONEY
Short Summary
This legal document, known as ‘The Sale of Checks Act’, governs the sale of checks and transmission of money in Delaware. It applies to individuals, partnerships, associations, joint stock associations, and corporations, with the exception of the United States government or the government of Delaware. The document defines key terms and introduces the term ‘accelerated mortgage payment provider’. It requires anyone engaging in the business of selling checks or transmitting money to obtain a license. However, certain entities such as banks, trust companies, credit unions, building and loan associations, and savings and loan associations organized under the laws of any state in the United States of America or the United States of America are exempt from requiring a license if they are authorized to do business in the state or act through a contractor or agent authorized to do business in the state. The document establishes requirements for obtaining a license, including a minimum net worth and demonstrating financial responsibility, condition, experience, character, and fitness. It also outlines the application process, fees, and submission of financial statements. The document further governs the requirements for surety bonds and irrevocable letters of credit for licensees. It specifies the bond amount based on the number of locations and the option of providing an irrevocable letter of credit. The Commissioner has the authority to exempt certain persons or classes of persons, checks, or transmissions from the coverage of this chapter. The document also addresses the annual license fee for entities involved in the sale of checks and transmission of money. It outlines the fees for an original license, subsequent renewals, and the exemption for agents of a licensee. The document states that licensees are liable for the payment of checks they sell and for all amounts received for transmission. It requires licensees to imprint their name on every check sold and provide receipts or acknowledgments to customers. The Commissioner has the authority to examine the business, books, and records of licensees. The document also covers the suspension, revocation, or surrender of licenses, and the authority of the Commissioner to adopt rules and regulations for the administration of this chapter. No specific penalties are mentioned in the document.
Whom does it apply to?
Individuals, partnerships, associations, joint stock associations, and corporations (excluding the United States government or the government of Delaware)
What does it govern?
Sale of checks and transmission of money
What are exemptions?
Banks, trust companies, credit unions, building and loan associations, and savings and loan associations organized under the laws of any state in the United States of America or the United States of America, if authorized to do business in the state or acting through a contractor or agent authorized to do business in the state
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Delaware