Code of Alabama - Title 8: Commercial Law and Consumer Protection - Chapter 7A - Alabama Monetary Transmission Act

• Section 8-7A-1 Short title
  This chapter may be cited as the Alabama Monetary Transmission Act.
• Section 8-7A-2 Definitions
  For purposes of this chapter, the following terms shall have the following meanings: (1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by a...
• Section 8-7A-3 Exclusions
  This chapter does not apply to any of the following: (1) The United States or a department, agency, or instrumentality thereof. (2) The transmission of...
• Section 8-7A-4 Exemptions from licensing
  Sections 8-7A-5 to 8-7A-15, inclusive, shall not apply to any of the following persons: (1) A person that provides clearance or settlement services pursuant to...
• Section 8-7A-5 License required
  (a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the...
• Section 8-7A-6 Application for license
  (a) A person applying for a license under this chapter shall do so in a form and in a medium prescribed by the commission. The...
• Section 8-7A-7 Security
  (a) A licensee shall maintain a surety bond, letter of credit, or other similar security in an amount, determined by rule or order of the...
• Section 8-7A-8 Issuance of license
  (a) When an application is filed under this chapter, the commission shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and...
• Section 8-7A-9 Renewal of license
  (a) All licenses under this chapter shall expire on March 31 of the calendar year. (b) A licensee under this chapter shall pay an annual...
• Section 8-7A-10 Net worth
  A licensee under this chapter shall maintain a net worth of at least twenty-five thousand dollars ($25,000) determined in accordance with generally accepted accounting principles.
• Section 8-7A-11 Relationship between licensee and authorized delegate
  (a) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter. (b) The...
• Section 8-7A-12 Examinations
  (a) The commission may conduct an annual examination of a licensee or of any of its authorized delegates. (b) The commission may examine a licensee...
• Section 8-7A-13 Reports
  (a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee's application....
• Section 8-7A-14 Records
  (a) A licensee shall maintain all of the following records for determining its compliance with this chapter: (1) A record of each payment instrument or...
• Section 8-7A-15 Suspension and revocation
  (a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or...
• Section 8-7A-16 Unauthorized activities
  A person may not provide monetary transmission services on behalf of a person required to be licensed who is not licensed under this chapter. The...
• Section 8-7A-17 Orders to cease and desist and other injunctive or civil relief
  (a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of...
• Section 8-7A-18 Consent orders
  The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule...
• Section 8-7A-19 Civil penalties
  (a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this...
• Section 8-7A-20 Criminal penalties
  (a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter...
• Section 8-7A-21 Confidentiality
  (a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all...
• Section 8-7A-22 Cooperation
  The commission may consult and cooperate with other federal and state agencies in enforcing and administering this chapter. The commission may jointly pursue examinations and...
• Section 8-7A-23 Investigation and subpoenas by commission
  (a) The commission may do any of the following: (1) Make such public or private investigations within or outside of this state as it deems...
• Section 8-7A-24 Party aggrieved by order entitled to hearing before commission; appeals from action of commission
  (a) Any person aggrieved by an order issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the...
• Section 8-7A-25 Burden of proving an exemption or an exception from a definition
  In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• Section 8-7A-26 Making, amending, and rescinding rules and prescribing forms
  The commission from time to time, may make, amend, and rescind rules and prescribe forms as are necessary and desirable to carry out this chapter....
• Section 8-7A-27 Interpretive opinions by the commission
  (a) The commission may issue interpretative opinions and no-action letters upon request from interested persons. Such opinions or no-action letters shall be limited in scope...

Last modified: May 3, 2021