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Can you summarize 45 TNCO Chapter 7?
Banks And Financial Institutions > Money Transmitters
Short Summary
The Tennessee Money Transmitter Act of 1994 governs the regulation and licensing of money transmitters in Tennessee. It applies to persons engaging in the business of money transmission in the state, with certain exemptions for federal agencies, state entities, and specific financial institutions. The act establishes the requirements and responsibilities for license applicants and licensees, including the sale or issuance of payment instruments, transmission of money, and ownership control. It outlines the net worth requirements for obtaining and maintaining a license, as well as the qualifications and character requirements for applicants. The act also addresses the reporting obligations, renewal of licenses, and annual reports for license holders. It specifies the confidentiality of information obtained by the Department of Financial Institutions and the use of authorized agents by licensees. The act provides provisions for the termination or suspension of authorized agent activity and the change of control of a licensee. It also allows for the conduct of examinations and the sharing of supervisory information through a multi-state automated licensing system. The act does not specify any penalties for non-compliance or violations. Overall, the Tennessee Money Transmitter Act establishes the legal framework for money transmitters in Tennessee, ensuring compliance and consumer protection in the money transmission industry.
Whom does it apply to?
Persons engaging in the business of money transmission in Tennessee
What does it govern?
Regulation and licensing of money transmitters
What are exemptions?
The United States or any department or agency of the United States, the state of Tennessee or any political subdivision of the state, banks, trust companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States, and transactions governed by title 56 or the rules and regulations promulgated solely under title 56
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Tennessee