Ask Reggi Your Question Now
Can you summarize 11 CORS Article 110, Part 2?
MONEY TRANSMITTERS > MONEY TRANSMITTER AGENTS
Short Summary
This legal document governs the requirements for money transmitter agents in Colorado who are licensed under part 1 of article 110. It mandates that licensed money transmitters must annually provide certain information to the banking board, including the names, addresses, and telephone numbers of their agents’ offices engaged in money transmission, as well as the names, addresses, and telephone numbers of owners holding more than a ten percent interest in the agent’s business. Money transmitters are also required to disclose the services offered by their agents and the locations where these services are provided. The banking board has the authority to promulgate rules necessary for the implementation of this section. The document does not specify any penalties for non-compliance or violations. Additionally, the document includes a provision that exempts agents of businesses licensed for money transmission services from certain requirements if they are selling or adding additional money to stored value issued by the business. This section was added to the Colorado Revised Statutes in 2017, with relocations from a former section.
Whom does it apply to?
Money transmitters who are licensed under part 1 of article 110
What does it govern?
Requirements for money transmitter agents in Colorado
What are exemptions?
This part does not apply to an agent of a business licensed pursuant to part 1 of this article 110 to the extent that the agent is selling or adding additional money to stored value issued by the business.
What are the Penalties?
No penalties specified
Jurisdiction
Colorado