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Can you summarize 6 OKST 1513?
Oklahoma Financial Transaction Reporting Act > Registration of a Money Services Business - Fee - Violations - Penalties
Short Summary
This legal document pertains to the registration and regulation of money services businesses in the state of Oklahoma. It requires any person engaging in the money services business to obtain a license from the Commissioner. Agents or authorized delegates of licensees must prominently display a copy of the principal’s license certificate at each place of business where money transmitter services are offered. The document also outlines the reporting requirements for suppliers and licensees, including providing lists of persons to whom money transmitter equipment has been provided. Additionally, it specifies the fees for license issuance and renewal, as well as the penalties for violating the provisions of this section. Money transmission services provided through electronic means must maintain a prescribed amount of security. All fees collected under this section are deposited in the Department revolving fund. Overall, this document aims to regulate and ensure compliance within the money services business industry in Oklahoma.
Whom does it apply to?
Any person engaging in the money services business in Oklahoma
What does it govern?
Money services business
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A person who violates the provisions of this section may be guilty of a misdemeanor punishable by a fine of not less than $1,000, or by imprisonment in the county jail for not more than one year, or both.
Jurisdiction
Oklahoma