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Can you summarize NCGS Chapter 53, Article 16B?
Regulation of Financial Services > Money Transmitters Act
Short Summary
The Money Transmitters Act, also known as the North Carolina Money Transmitters Act, is a legal document that governs the regulation of financial services related to money transmission in North Carolina. It defines various terms and provides clarity on their meanings. The document applies to applicants, licensees, authorized delegates, controlling persons, and depository institutions involved in the business of money transmission in North Carolina. It outlines the powers and responsibilities of the Commissioner of Banks and establishes criteria for determining control and controlling persons. The document also defines the scope of money transmission, including the sale or issuance of payment instruments or stored value, receiving money for transmission, and maintaining control of virtual currency. Additionally, it specifies permissible investments for licensees and provides definitions for payment instruments, stored value, and virtual currency. The document does not mention specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Applicants, licensees, authorized delegates, controlling persons, depository institutions
What does it govern?
Money Transmitters Act
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Specific penalties for non-compliance or violation of the provisions are not mentioned.
Jurisdiction
North Carolina