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Arizona Revised Statutes - Title 6 Banks and Financial Institutions - Chapter 12 Transmitters of Money

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  • 6-1201 - Definitions
    In this chapter, unless the context otherwise requires: 1. "Authorized delegate" means a person designated by the licensee under section 6-1208. 2. "Check cashing" means...
  • 6-1202 - License required
    A. A person shall not sell or issue payment instruments, engage in the business of receiving money for transmission or transmitting money, engage in the...
  • 6-1203 - Exemptions
    A. This chapter does not apply to: 1. The United States or any department or agency of the United States. 2. This state, including any...
  • 6-1204 - Application for license; fees
    A. Each application for a license shall be made in writing, under oath and in the form prescribed by the superintendent. The application shall contain...
  • 6-1205 - Bond required; conditions; notice; cancellation; substitution
    A. Each application for a license shall be accompanied by and each licensee shall maintain at all times a bond executed by the licensee as...
  • 6-1205.01 - Net worth requirements
    A. Each applicant for a license shall have and each licensee shall maintain at all times a net worth of at least one hundred thousand...
  • 6-1206 - Issuance of license; renewal
    A. On the filing of a complete application, the superintendent shall investigate the financial condition and responsibility, financial and business experience, character and general fitness...
  • 6-1207 - Principal and branch offices; notices
    A. A licensee shall designate and maintain a principal place of business for the transaction of business regulated by this chapter. If a licensee maintains...
  • 6-1208 - Authorized delegates of licensee; reports
    A. A licensee may conduct the business regulated under this chapter at one or more locations in this state through authorized delegates designated by the...
  • 6-1209 - Cease and desist orders; examinations
    A. In addition to his authority under section 6-137, the superintendent may issue an order to cease and desist against a licensee, requiring the licensee...
  • 6-1210 - Suspension or revocation of licenses
    The superintendent may suspend or revoke a license if the superintendent finds any of the following: 1. The licensee has made a material misstatement or...
  • 6-1211 - Reports
    Each licensee shall file with the superintendent within forty-five days after the end of each fiscal quarter a consolidated financial statement including a balance sheet,...
  • 6-1212 - Permissible investments
    A. Every licensee shall maintain at all times permissible investments that comply with either of the following: 1. A market value computed in accordance with...
  • 6-1213 - Records
    A. Each licensee shall keep and use in its business books, accounts and records in accordance with generally accepted accounting principles that will enable the...
  • 6-1214 - Liability of licensees
    Each licensee is liable for the payment of all moneys covered by payment instruments that it sells or issues in any form in this state...
  • 6-1215 - Notice of source of instrument; transaction records
    A. Every payment instrument sold by a licensee directly or through an authorized delegate shall bear the name of the licensee and a unique consecutive...
  • 6-1216 - Acquisition of control
    A. A person shall not directly or indirectly acquire control of a licensee or controlling person without the prior written approval of the superintendent, except...
  • 6-1217 - Appointment of superintendent as agent for service of process; forwarding of process; consent to jurisdiction
    A. A licensee, an authorized delegate or a person who knowingly engages in business activities that are regulated under this chapter with or without filing...
  • 6-1218 - Prohibited transactions
    A person shall not engage in conduct requiring a license under this chapter as an authorized delegate of a principal if that principal is not...
  • 6-1241 - Reports to the attorney general; investigation; violation; classification
    A. Within thirty days after any transaction or series or pattern of transactions that is conducted or attempted by, at or through the business and...
  • 6-1242 - Investigations
    A. The attorney general may conduct investigations within or outside this state to determine if a licensee, authorized delegate, money transmitter, financial institution or person...
  • Last modified: February 19, 2012