Uniform Money Services Act
Arkansas · Public Utilities and Regulated Industries · §§ 23-55-1001 to 23-55-902 · 44 sections
Overview
This act regulates money services businesses, principally the receiving and forwarding of money for transmission, by requiring anyone engaged in those activities to hold a license from the state regulator and by setting the terms of that license: application and supporting materials, a security requirement, minimum net worth, issuance and renewal, and review of any change in control. Licensees may operate through authorized delegates, and are subject to ongoing obligations — maintaining permissible investments of specified types, keeping records, filing periodic and money laundering reports under confidentiality protections, and giving customers disclosures, receipts, and refund rights on transmission transactions. Compliance is backed by examination and investigation authority, suspension or revocation of a license or a delegate's authorization, cease and desist and consent orders, appointment of a receiver, and criminal penalties for unlicensed or otherwise unauthorized activity.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Ark. Code Ann. § 23-55-1001Uniformity of application and construction
- Ark. Code Ann. § 23-55-1002Severability clause
- Ark. Code Ann. § 23-55-1003Effective date
- Ark. Code Ann. § 23-55-1004[Reserved.]
- Ark. Code Ann. § 23-55-1005[Repealed.]
- Ark. Code Ann. § 23-55-1006License terms
- Ark. Code Ann. § 23-55-1007Multistate automated licensing system
- Ark. Code Ann. § 23-55-101Short title
- Ark. Code Ann. § 23-55-102Definitions
- Ark. Code Ann. § 23-55-103Exclusions
- Ark. Code Ann. § 23-55-104Administration and rules
- Ark. Code Ann. § 23-55-201License required
- Ark. Code Ann. § 23-55-202Application for license
- Ark. Code Ann. § 23-55-203[Repealed.]
- Ark. Code Ann. § 23-55-204Surety bonds
- Ark. Code Ann. § 23-55-205Issuance of license
- Ark. Code Ann. § 23-55-206Renewal of license
- Ark. Code Ann. § 23-55-207Net worth
- Ark. Code Ann. § 23-55-401License required
- Ark. Code Ann. § 23-55-402Application for license
- Ark. Code Ann. § 23-55-403Issuance of license
- Ark. Code Ann. § 23-55-404Renewal of license
- Ark. Code Ann. § 23-55-501Relationship between licensee and authorized delegate
- Ark. Code Ann. § 23-55-502Unauthorized activities
- Ark. Code Ann. § 23-55-601Authority to conduct examinations and investigations
- Ark. Code Ann. § 23-55-602Cooperation
- Ark. Code Ann. § 23-55-603Reports
- Ark. Code Ann. § 23-55-604Change of control
- Ark. Code Ann. § 23-55-605Records
- Ark. Code Ann. § 23-55-606Anti-money laundering program and reports
- Ark. Code Ann. § 23-55-607Confidentiality
- Ark. Code Ann. § 23-55-608Disclosure requirements
- Ark. Code Ann. § 23-55-701Maintenance of permissible investments
- Ark. Code Ann. § 23-55-702Types of permissible investments
- Ark. Code Ann. § 23-55-801Suspension and revocation
- Ark. Code Ann. § 23-55-802Suspension and revocation of authorized delegates
- Ark. Code Ann. § 23-55-803Orders to cease and desist
- Ark. Code Ann. § 23-55-804Consent orders
- Ark. Code Ann. § 23-55-805Civil penalties
- Ark. Code Ann. § 23-55-806Criminal penalties
- Ark. Code Ann. § 23-55-807Unlicensed persons
- Ark. Code Ann. § 23-55-808Receivership
- Ark. Code Ann. § 23-55-901Administrative proceedings
- Ark. Code Ann. § 23-55-902Hearings
Enacted in other states
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