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Can you summarize OKAC 85:15?
State Banking Department > Money Service Businesses
Short Summary
The provided legal document content pertains to the enforcement of regulations for Money Service Businesses (MSBs) under the Oklahoma Administrative Code. It covers various aspects such as license suspension or revocation, civil penalties, consent orders, cease and desist orders, authorized delegate designation, and grounds for license suspension or revocation. The document also outlines the types of permissible investments for MSBs regulated by the State Banking Department, including cash, certificates of deposit, investment securities, and obligations of the United States. Additionally, it governs the requirements for examinations, reports, and records for MSBs, including federal currency reporting, record keeping, and suspicious transaction reporting requirements. The document further addresses licensing, renewal, security requirements, and the application process for engaging in money transmission activities within the state. It also covers the relationship between licensees and authorized delegates, requiring contracts and compliance with the Act. Lastly, the document provides exclusions or exemptions from the Act, including entities such as the United States, governmental agencies, banks, and registered securities broker-dealers. These documents apply to Money Service Businesses, license applicants, licensees, authorized delegates, and the Commissioner of the State Banking Department.
Whom does it apply to?
Money Service Businesses (MSBs), license applicants, licensees, authorized delegates, and the Commissioner of the State Banking Department
What does it govern?
Enforcement of regulations for Money Service Businesses under the Oklahoma Administrative Code
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Civil penalties not exceeding $100 per day for each violation, plus investigation and prosecution costs
Jurisdiction
Oklahoma