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Can you summarize 11 CORS Article 110?
Colorado Banking Code > MONEY TRANSMITTERS
Short Summary
The legal document reviewed is part of the Colorado Revised Statutes and falls under the Colorado Banking Code. It governs the regulation of money transmitters in Colorado. The document applies to individuals and entities engaged in the business of money transmission within the United States or to locations abroad. It provides definitions for various terms related to money transmitters and outlines the requirements for applying for a license to engage in the business of money transmission. The document also addresses compliance with state and federal money laundering laws, conduct of business at multiple locations, revocation or surrender of licenses, and the power of the banking board to make rules. Specific penalties for non-compliance or violation of the document’s provisions are not mentioned. Additionally, the document includes an exemption for agents of businesses licensed for money transmission services if they are selling or adding additional money to stored value issued by the business. Overall, the document aims to regulate and oversee the activities of money transmitters in Colorado.
Whom does it apply to?
Individuals and entities engaged in the business of money transmission within the United States or to locations abroad
What does it govern?
Regulation of money transmitters in Colorado
What are exemptions?
Agents of businesses licensed for money transmission services are exempt from certain requirements if they are selling or adding additional money to stored value issued by the business
What are the Penalties?
Specific penalties for non-compliance or violation of the document's provisions are not mentioned.
Jurisdiction
Colorado