SUBCHAPTER 3F ‑ LICENSEES UNDER MONEY TRANSMITTERS
ACT
04 NCAC 03F .0101 APPLICATION FOR LICENSE
04 NCAC 03F .0102 ISSUANCE OF LICENSE
04 NCAC 03F .0103 REQUIRED REPORTS
History Note: Authority G.S. 53‑92; 53‑194;
53‑196; 53‑197; 53‑198; 53‑200; 53‑204;
Eff. February 1, 1976;
Repealed Eff. February 1, 1993.
04 NCAC 03F .0104 REVOCATION OF
LICENSE
04 NCAC 03F .0105 DENIAL OR REVOCATION OF LICENSE:
HEARING: APPEAL
History Note: Authority G.S. 53‑92; 53‑206;
53‑207; 150A‑11(1);
Eff. February 1, 1976;
Repealed Eff. January 1, 1985.
SECTION .0200 ‑ ADMINISTRATIVE
04 NCAC 03F .0201 DEFINITIONS
(a) As used in this Subchapter, unless the context clearly
requires otherwise:
(1) "Agent" shall mean a person, partnership,
corporation, or other entity authorized by a licensee to sell or issue checks
of the licensee in this State as a service or for a fee or other consideration
on the behalf of the licensee;
(2) "Applicant" shall mean a person
who applies for a license under the Money Transmitters Act;
(3) "Controlling person" shall mean
any person as defined in G.S. 53-208.2(16) who owns or holds with the power to
vote 10% or more of the equity securities of the applicant or licensee, or who
has the power to direct the management and policy of the applicant or licensee;
(4) "Executive officer" shall have
the same meaning as set forth in Regulation "O," promulgated by the
Board of Governors of the Federal Reserve System and codified in the Code of
Federal Regulations at Title 12, Chapter II, Subchapter A, Part 215.2;
(5) "Location" shall mean any place
of business within this State operated by the licensee or the licensee's agent
at which checks of the licensee are issued or sold;
(6) "Money Transmitters Act" shall mean
the Money Transmitters Act codified at Chapter 53, Article 16A of the North
Carolina General Statutes (G.S. 53-208.1,et seq.);
(7) "State" shall mean the State of
North Carolina;
(8) Terms defined in G.S. 53-208.2 shall have
the same meaning in this Subchapter.
(b) An application for a license, amendment to the
application, annual statement, notice, or any other document which is required
by law or rule to be filed with the Commissioner shall be addressed as follows:
Mailing Address:
Office of the Commissioner
of Banks
4309 Mail Service
Center
Raleigh, North
Carolina 27699-4309.
Street Address:
Office of the
Commissioner of Banks
316 West Edenton
Street
Raleigh, North
Carolina 27603
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993;
Amended Eff. November 1, 2013; September 1, 2006; June 1,
1995.
04 NCAC 03F .0202 PERMISSIBLE INVESTMENTS
History Note: Authority G.S. 53-193; 53-206.1;
Eff. March 1, 1994;
Repealed Eff. October 1, 2011.
SECTION .0300 ‑ LICENSING
04 NCAC 03F .0301 APPLICATION FOR A LICENSE
(a) Any person
who wishes to sell or issue checks in this State pursuant to the Money
Transmitters Act must first obtain a license issued by the Commissioner. An
application for a license can be obtained from and shall be filed pursuant to
Rule .0201(b) of this Subchapter.
(b) An
application for a Money Transmitters' license shall include information
required by G.S. 53-208.5 through G.S. 53-208.10 of Chapter 53, Article 16A.
The application must be submitted on a form provided by the Commissioner.
(c) In
addition to the documents and information listed in Paragraph (b) of this Rule,
the Commissioner may require additional information necessary to complete an
investigation pursuant to G.S. 53-208.10.
(d) Incomplete
application files shall be closed and deemed denied without prejudice when the
applicant has not submitted information requested by the Commissioner within 30
days of such request.
History Note: Authority G.S. 53-208.3; 53-208.27;
Eff. February 1, 1993;
Amended Eff. November 1, 2013.
04 NCAC 03F .0302 issuance of a license
04 NCAC 03F .0303 LICENSE FEES
04 NCAC 03F .0304 AGENT LOCATION FEE
History Note: Authority G.S. 53-197; 53-200; 53-202; 53-206.1;
150B-21.2;
Eff. February 1, 1993;
Amended June 1, 1995;
Repealed Eff. October 1, 2011.
SECTION .0400 - OPERATIONS
04 NCAC 03F .0401 CERTIFICATE OF AUTHORITY
History Note: Authority G.S. 53-203; 53-206.1;
150B-21.2;
Eff. February 1, 1993;
Repealed Eff. October 1, 2011.
04 NCAC 03F .0402 SURRENDER OF LICENSE
A licensee shall surrender its license to the Commissioner
no later than 30 days after it has ceased operations in this State.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993.
SECTION .0500 - REPORTING AND NOTIFICATIONS
04 NCAC 03F .0501 GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES
For the purposes of the Money Transmitters Act and this
Subchapter, all required financial statements shall be prepared according to
generally accepted accounting principles.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993.
04 NCAC 03F .0502 STATEMENT OF NET WORTH
04 NCAC 03F .0503 ANNUAL STATEMENT
History Note: Authority G.S. 53-198; 53-199(b); 53-204(a);
53-206.1; 150B-21.2;
Eff. February 1, 1993;
Amended Eff. June 1, 1995;
Repealed Eff. October 1, 2011.
04 NCAC 03F .0504 AGENT ACTIVITY REPORTS
A licensee shall file each quarter of the calendar year, a
quarterly report of agent activity no later than 60 days after the quarter has
ended. The quarterly report shall contain the following information:
(1) The total number of agents or subagents in this
State;
(2) The total number and dollar amount of the checks
sold or issued by each agent or subagent in this State.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993;
Amended Eff. June 1, 1995.
04 NCAC 03F .0505 AMENDMENTS TO APPLICATION
A licensee must maintain a current application with the
Commissioner. If the information contained in the application is or becomes inaccurate
in any material respect, the licensee shall file a correcting amendment as soon
as practicable, but in no event later than 30 days after the effective date of
such change. An amendment to the application can be obtained from and shall be
filed pursuant to Rule .0201(b) of this Subchapter.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993.
04 NCAC 03F .0506 REVOCATION OR CANCELLATION OF SURETY
BOND
(a) No later than 30 days after the renewal of its surety
bond, a licensee shall file pursuant to Rule .0201(b) of this Subchapter:
(1) a certificate of continuation of the surety
bond required by G.S. 53-208.8; or
(2) evidence of continued compliance with G.S.
53-208.8(b) which shall consist of a safekeeping receipt received directly from
the trustee of securities with a par value equal to the amount of the surety
bond in G.S. 53-208.8.
(b) A licensee shall notify the Commissioner in writing of
revocation or cancellation of its surety bond furnished pursuant to G.S.
53-208.8.
History Note: Authority 53-208.8; 53-208.27;
Eff. February 1, 1993;
Amended Eff. November 1, 2013; June 1, 1995.
04 NCAC 03F .0507 CEASING OPERATIONS
A licensee shall immediately notify the Commissioner in
writing of its decision to cease operations in this State under the Money
Transmitters Act.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993.
04 NCAC 03F .0508 IMPAIRMENT OF MINIMUM NET WORTH
A licensee shall notify the Commissioner in writing if, at
any time, it fails to meet the minimum net worth requirement of G.S. 53-208.5(a).
The notification shall be accompanied by a plan to restore the minimum net
worth.
History Note: Authority 53-208.5; 53-208.27;
Eff. February 1, 1993;
Amended Eff. November 1, 2013.
04 NCAC 03F .0509 DISHONOR OR DEFAULT IN PAYMENT
INSTRUMENT
A licensee shall immediately notify the Commissioner in
writing if it dishonors or defaults in the payment of any check sold or issued
because it lacks the funds to honor the check.
History Note: Authority G.S. 53-208.27;
Eff. February 1, 1993.
SECTION .0600 - EXAMINATION; BOOKS AND RECORDS
04 NCAC 03F .0601 RECORD AND BOOKKEEPING REQUIREMENTS
(a) Licensee. Each licensee shall maintain at an office information
required by G.S. 53-208.16(a) of Chapter 53, Article 16A.
(b) Authorized delegate. Each authorized delegate shall
maintain at its office a record of the disposition of all transactions or
monetary instruments received from the licensee. The record shall contain an accounting
of all proceeds from those transactions or monetary instruments paid to the
licensee and all proceeds due to the licensee.
History Note: Authority 53-208.16; 53-208.20; 53-208.27;
Eff. February 1, 1993;
Amended Eff. November 1, 2013.
04 NCAC 03F .0602 EXAMINATION FEE
Each licensee shall pay the cost of an examination conducted
by the Commissioner or his designee pursuant to G.S. 53-208.15. The cost of
such examination shall be the hourly rate established pursuant to 04 NCAC 03C
.1601 plus travel expenses and the per diem subsistence allowance provided for
State employees pursuant to G.S. 138-5 through G.S. 138-7, and any rules
promulgated thereunder.
History Note: Authority 53-208.15; 53-208.27;
53-282(c);
Eff. February 1, 1993;
Amended Eff. November 1, 2013.
SECTION .0700 - LICENSE REVOCATION
04 NCAC 03F .0701 HEARINGS
History Note: Authority G.S. 53-206; 53-206.1; 53-207;
150B-21.2;
Eff. February 1, 1993;
Repealed Eff. October 1, 2011.
