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2014 SESSION
SB 335 Money order sellers and money transmitters; definitions, criminal background checks, regulations.
Introduced by: Phillip P. Puckett | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Money order sellers and money transmitters. Requires criminal background checks on members, senior officers, directors, and principals of applicants for licensure as a money order seller or money transmitter. Obligations imposed on a member apply only to a person who owns or controls a five percent or greater interest in an applicant or licensee that is a limited liability company. The measure allows the Bureau of Financial Institutions to file a claim to recover any required annual fees or actual examination expenses incurred that are not paid by a licensed money order seller and money transmitter. The measure also conforms requirements applicable to licensure by the State Corporation Commission of money order sellers and money transmitters to provisions used for regulation of other nondepository financial institutions, including provisions requiring a licensee to notify the Commissioner of Financial Institutions when it relocates its principal place of business or changes its legal name or fictitious name and prohibiting a licensee from using any name other than a name on its license.
SUMMARY AS INTRODUCED:
Money order sellers and money transmitters. Requires criminal background checks on members, senior officers, directors, and principals of applicants for licensure as a money order seller or money transmitter. The measure (i) allows the Bureau of Financial Institutions to file a claim to recover any required annual fees or actual examination expenses incurred that are not paid by a licensed money order seller and money transmitter and (ii) extends the bond coverage requirements to money transmissions or money orders purchased by Virginia residents from any authorized delegate of a licensee. The measure also conforms requirements applicable to licensure by the State Corporation Commission of money order sellers and money transmitters to provisions used for regulation of other nondepository financial institutions, including provisions requiring a licensee to notify the Commissioner of Financial Institutions when it relocates its principal place of business or changes its legal name or fictitious name and prohibiting a licensee from using any name other than a name on its license.