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Can you summarize NHRS Chapter 399-G?
PAWNBROKERS AND MONEYLENDERS (Chapters 398 - 399-G) > LICENSING OF MONEY TRANSMITTERS
Short Summary
This legal document, part of the New Hampshire Revised Statutes, governs the licensing of money transmitters. It defines various terms related to money transmission and establishes the requirements and procedures for obtaining a license as a money transmitter in the state of New Hampshire. The document applies to individuals or entities seeking to engage in the business of money transmission within the state. It requires licensure for any person who acts as a money transmitter while physically located in New Hampshire or with, to, or from persons located in New Hampshire. Authorized delegates located within the state must also be registered. The document provides exemptions for certain entities such as financial institutions, retailers issuing stored value credits or gift cards, debt adjusters providing debt adjustment services, persons engaged in selling or issuing convertible virtual currency, operators of payment systems providing processing services, agents of payees collecting and processing payments, intermediaries processing payments between entities, United States Postal Service, board of trades, registered futures commission merchants, registered securities broker-dealers, employees of licensees or exempted persons, and third party service providers or agents of exempt entities. The document outlines the requirements for obtaining a license, including the submission of a verified application, financial statements, background checks of principals, and a surety bond. It also emphasizes the importance of maintaining accurate and up-to-date information, record keeping, and compliance with federal laws. The document grants the commissioner the authority to investigate and determine license eligibility, issue licenses and registrations, and impose penalties for non-compliance or violation of its provisions. Overall, this document establishes the regulatory framework for money transmitters in New Hampshire.
Whom does it apply to?
Individuals or entities seeking to engage in the business of money transmission within the state
What does it govern?
Licensing of money transmitters
What are exemptions?
Exemptions for certain entities such as financial institutions, retailers issuing stored value credits or gift cards, debt adjusters providing debt adjustment services, persons engaged in selling or issuing convertible virtual currency, operators of payment systems providing processing services, agents of payees collecting and processing payments, intermediaries processing payments between entities, United States Postal Service, board of trades, registered futures commission merchants, registered securities broker-dealers, employees of licensees or exempted persons, and third party service providers or agents of exempt entities
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New Hampshire