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Can you summarize NCGS Chapter 53, Article 16?
Regulation of Financial Services > Money Transmitters Act.
Short Summary
The Money Transmitters Act is a set of regulations under the North Carolina General Statutes that governs the regulation of financial services related to money transmission in North Carolina. It applies to individuals or entities engaged in the business of transmitting money or payment instruments in or from North Carolina. The Act does not apply to banks, credit unions, or other financial institutions authorized to do business in North Carolina. Non-compliance with the Money Transmitters Act may result in penalties such as fines, license revocation, or other administrative actions as determined by the North Carolina Commissioner of Banks.
Whom does it apply to?
The Money Transmitters Act applies to individuals or entities engaged in the business of transmitting money or payment instruments in or from North Carolina.
What does it govern?
The Money Transmitters Act governs the regulation of financial services related to money transmission in North Carolina.
What are exemptions?
The Money Transmitters Act does not apply to banks, credit unions, or other financial institutions authorized to do business in North Carolina.
What are the Penalties?
Penalties for non-compliance with the Money Transmitters Act may include fines, license revocation, or other administrative actions as determined by the North Carolina Commissioner of Banks.
Jurisdiction
North Carolina