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INTERPRETIVE LETTERS - MONEY TRANSMITTER ACT

The Department of Banking and Securities uses interpretive letters to provide guidance and clarification of its position on an issue at the time. You should contact your attorney for legal advice regard the Money Transmitter Act.

Section 6101 Definitions

09/02/05
Payroll Debit Cards
Letter states that license is not required under the CCLA or MTA to conduct payroll debit card program

05/13/05
Gift Cards Issued by Retail Stores
Letter states that retailer offering gift cards in a “closed system” is not required to be licensed under the Check Casher Licensing Act or Money Transmitter Act, and is not engaging in the business of accepting money for deposit or transmission within the meaning of Section 105 of the Banking Code

11/22/02
Brand Company and Distributor of Prepaid Debit Card Program
Brand Company and Distributor of prepaid debit card program are subject to Section 105 of the Banking Code of 1965, and the Money Transmitter Act ("MTA") unless formal agency relationship established between Bank, Company, and Distributor, or Company and Distributor if Company becomes licensed under MTA

08/12/02
Money Transmission via Prepaid Debit Card
Letter discusses the Department's position regarding whether the activities of a company or any affiliated third-party promotional partners in regard to a prepaid debit card program are subject to Section 105 of the Banking Code of 1965, or the Money Transmitter Act


Section 6102 License Required

09/02/05
Payroll Debit Cards
Letter states that license is not required under the CCLA or MTA to conduct payroll debit card program

05/13/05
Gift Cards Issued by Retail Stores
Letter states that retailer offering gift cards in a “closed system” is not required to be licensed under the Check Casher Licensing Act or Money Transmitter Act, and is not engaging in the business of accepting money for deposit or transmission within the meaning of Section 105 of the Banking Code

12/19/03
Agents-Subagents-Money Transmitter Act
A licensee under the MTA may conduct money transmission business through agents and subagents, provided that the agents and subagents are formally appointed as agents of the licensee by written agency agreement

11/22/02
Brand Company and Distributor of Prepaid Debit Card Program
Brand Company and Distributor of prepaid debit card program are subject to Section 105 of the Banking Code of 1965, and the Money Transmitter Act ("MTA") unless formal agency relationship established between Bank, Company, and Distributor, or Company and Distributor if Company becomes licensed under MTA

08/12/02
Money Transmission via Prepaid Debit Card
Letter discusses the Department's position regarding whether the activities of a company or any affiliated third-party promotional partners in regard to a prepaid debit card program are subject to Section 105 of the Banking Code of 1965, or the Money Transmitter Act


Section 6103 Exemptions

12/19/03
Agents-Subagents-Money Transmitter Act
A licensee under the MTA may conduct money transmission business through agents and subagents, provided that the agents and subagents are formally appointed as agents of the licensee by written agency agreement

11/22/02
Brand Company and Distributor of Prepaid Debit Card Program
Brand Company and Distributor of prepaid debit card program are subject to Section 105 of the Banking Code of 1965, and the Money Transmitter Act ("MTA") unless formal agency relationship established between Bank, Company, and Distributor, or Company and Distributor if Company becomes licensed under MTA

08/12/02
Money Transmission via Prepaid Debit Card
Letter discusses the Department's position regarding whether the activities of a company or any affiliated third-party promotional partners in regard to a prepaid debit card program are subject to Section 105 of the Banking Code of 1965, or the Money Transmitter Act


Section 6111 Liability of Licensees

12/19/03
Agents-Subagents-Money Transmitter Act
A licensee under the MTA may conduct money transmission business through agents and subagents, provided that the agents and subagents are formally appointed as agents of the licensee by written agency agreement

 


Section 6112 Agents and Subagents

12/19/03
Agents-Subagents-Money Transmitter Act
A licensee under the MTA may conduct money transmission business through agents and subagents, provided that the agents and subagents are formally appointed as agents of the licensee by written agency agreement