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Can you summarize 3 COCR 701-7?
Division of Banking > MONEY TRANSMITTERS
Short Summary
This legal document, part of the Code of Colorado Regulations, pertains to the regulation of Money Transmitters by the Department of Regulatory Agencies, Division of Banking. It provides definitions for 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?
Persons in financial services industries
What does it govern?
Money Transmitters
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not specified.
Jurisdiction
Colorado