Ask Reggi Your Question Now
Can you summarize COCR 701?
Department of Regulatory Agencies > Division of Banking
Short Summary
This legal document is part of the Code of Colorado Regulations and is related to the regulation of Money Transmitters by the Department of Regulatory Agencies, Division of Banking. It provides definitions for various terms such as ‘Control,’ ‘Financial institution,’ ‘National Multistate Licensing System and Registry’ (NMLS), ‘Parent,’ ‘Permissible Investment,’ ‘Person,’ ‘Record,’ and ‘Stored Value.’ The document also describes the NMLS as an information portal for licensing and registration in financial services industries. It further explains the concept of ‘Parent’ as a person that controls another person indirectly or through intermediaries. Additionally, it defines ‘Record’ as any electronic or visible data stored or transmitted by a licensee or agent. The document also includes the definition of ‘Stored Value.’ However, specific penalties for non-compliance or violation of the document’s provisions are not mentioned.
Whom does it apply to?
Money Transmitters
What does it govern?
Regulation of Money Transmitters
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Specific penalties for non-compliance or violation of the document's provisions are not mentioned.
Jurisdiction
Colorado