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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, falling under the North Carolina General Statutes, regulates financial services related to money transmission in North Carolina. It applies to applicants, licensees, authorized delegates, controlling persons, depository institutions, and any person engaged in the business of money transmission in the state. The Act provides definitions for various terms used in the Act and outlines the requirements for license application, net worth, surety bonds, permissible investments, reporting, record-keeping, change of control, and disciplinary actions. However, the document does not specify any exemptions or penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The Act applies to applicants, licensees, authorized delegates, controlling persons, depository institutions, and any person engaged in the business of money transmission in 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 document does not specify any exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violation of the Money Transmitters Act.
Jurisdiction
North Carolina