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Can you summarize 6 AZRS Chapter 12?
Banks and Financial Institutions > TRANSMITTERS OF MONEYSec: 6-1201-6-1243
Short Summary
The provided legal document content governs the activities and requirements for licensees engaged in money transmission in the state of Arizona. It covers various aspects such as reporting requirements, licensing, authorized delegates, permissible investments, net worth requirements, refunds, and record-keeping. The documents apply to licensees engaged in money transmission, authorized delegates, key individuals, and individuals or entities involved in transactions with licensees. Licensees are required to submit reports of authorized delegates, audited financial statements, and reports of condition. They must also provide information on key individuals and obtain written approval for acquisitions of control. License renewal and application processes are outlined, along with the responsibilities of the director in approving or denying applications. Net worth requirements and permissible investments are specified, and licensees must maintain surety bonds. The documents also address the relationship between licensees and authorized delegates, including the adoption of written policies and procedures, background investigations, and notice requirements. Record-keeping and reporting obligations are detailed, along with exemptions for certain entities and circumstances. The director is granted authority to conduct examinations, investigations, and take action to enforce compliance. The documents emphasize the need for uniformity in money transmission laws among states and provide provisions for multistate supervision and cooperation. No specific penalties for non-compliance or violation of the document’s provisions are mentioned.
Whom does it apply to?
Licensees engaged in money transmission, authorized delegates, key individuals, and individuals or entities involved in transactions with licensees
What does it govern?
Activities and requirements for licensees engaged in money transmission in the state of Arizona
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties for non-compliance or violation of the document's provisions are mentioned
Jurisdiction
Arizona