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Can you summarize NDCC Chapter 13-09?
Debtor and Creditor Relationship > Money Transmitters
Short Summary
This legal document governs the regulation of money transmitters in North Dakota. It applies to persons engaged in the business of transmitting money, including the sale or issuance of payment instruments, stored value, or receiving money for transmission. The document defines various terms and provides exemptions for payment processing activities conducted for a merchant under an agency relationship. It outlines the licensing requirements for money transmitters, including net worth and financial responsibility criteria. The document also requires money transmitters to provide a bond or other security device to secure their obligations related to the receipt, handling, transmission, and payment of money. It specifies the amount and form of the security device and the liability of the surety. The document further outlines the requirements for applying for a license as a money transmitter, including providing information about the applicant’s business activities, financial statements, and fingerprints. It also mentions the possibility of establishing relationships or contracts with a nationwide multistate licensing system and registry. The document outlines the renewal requirements for money transmitter licenses, including the submission of an annual report. It also requires licensees to notify the commissioner of any changes in name or address. The document governs the maintenance of records by licensees, including the types of records to be maintained and their accessibility to the commissioner. It also outlines the requirements for authorized delegates of licensees, including the need for written contracts and compliance with the licensee’s procedures. The document grants the commissioner the authority to suspend or revoke the designation of authorized delegates under certain circumstances. It also outlines the process for changing control of a licensee and the issuance of cease and desist orders for violations. The document provides for the imposition of civil money penalties for willful violations and criminal penalties for false statements or violations of the chapter. Overall, this document provides a comprehensive framework for the regulation of money transmitters in North Dakota.
Whom does it apply to?
Persons engaged in the business of transmitting money, including the sale or issuance of payment instruments, stored value, or receiving money for transmission
What does it govern?
Regulation of money transmitters
What are exemptions?
Payment processing activities conducted for a merchant under an agency relationship
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
North Dakota