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Can I collect bank account information from participants in Kansas? What are the requirements?
Based on the provided documents, it appears that you can collect bank account information from participants in Kansas if you are engaged in the business of money transmission with a resident of the state. According to the Kansas Money Transmitter Act, no person shall engage in the business of money transmission with a resident of Kansas unless such person files a complete application and obtains a license from the commissioner [1.2].
To obtain a license, you must file a complete application and meet certain requirements, including a net worth requirement, deposit of security or bond, and submission of audited financial statements [1.2]. Additionally, the commissioner may require fingerprinting of any individual related to the application deemed necessary by the commissioner [1.2].
It is recommended that you consult with a legal professional to determine the specific requirements and regulations related to collecting bank account information from participants in Kansas.
Therefore, to answer your question, you can collect bank account information from participants in Kansas if you are engaged in the business of money transmission with a resident of the state and have obtained a license from the commissioner.
Source(s):
Jurisdiction
Kansas