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Can you summarize 3 NJAC Chapter 27?
BANKING > MONEY TRANSMITTERS
Short Summary
The provided legal document content pertains to the New Jersey Money Transmitters Act, which governs the business of transmitting money in New Jersey. It combines under one license two activities that previously required separate licenses, as well as two additional activities not previously subject to licensure and regulation. The chapter applies to all licensed money transmitters and to all persons whose activities require that they be licensed under the Act. The document provides definitions for various terms used in the Act and mentions amendments made to the Act in 2004 and 2009. It governs the application process for obtaining an initial license for money transmitters in New Jersey, specifying the requirements that applicants must fulfill. It also outlines the fees, application process, annual reporting requirements, and permissible investments for money transmitters in the state. The document addresses the net worth requirements for obtaining an initial license as a money transmitter in New Jersey. Additionally, it outlines the requirements for the maintenance of books, records, and accounts for money transmitters in the state. The document also governs the process of change of control or key personnel for money transmitters. Lastly, the document mentions that violations of the Act or rules related to money transmitters shall be subject to penalties, but does not specify the exact penalties. Overall, the documents provide comprehensive information on the regulation and requirements for money transmitters in New Jersey.
Whom does it apply to?
All licensed money transmitters and persons whose activities require licensure under the Act
What does it govern?
The New Jersey Money Transmitters Act
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties for non-compliance or violations are mentioned in these documents.
Jurisdiction
New Jersey