(A) A person who is licensed to engage in money transmission in at least one other state, with the approval of the commissioner and in accordance with this section, may engage in money transmission and currency exchange in this State without being licensed pursuant to Section 35-11-205 if the:
(1) state in which the person is licensed has enacted the Uniform Money Services Act or the commissioner determines that the money transmission laws of that state are substantially similar to those imposed by the law of this State;
(2) person submits to, and in the form required by, the commissioner:
(a) in a record, an application for approval to engage in money transmission and currency exchange in this State without being licensed pursuant to Section 35-11-205;
(b) a nonrefundable fee of one thousand dollars; and
(c) a certification of license history in the other state.
(B) When an application for approval pursuant this section is complete, the commissioner shall promptly notify the applicant in a record, of the date on which the request was determined to be complete and:
(1) the commissioner shall approve or deny the request within one hundred twenty days after that date; or
(2) if the request is not approved or denied within one hundred twenty days after that date the:
(a) request is approved; and
(b) approval takes effect as of the first business day after expiration of the one hundred twenty-day period.
(C) A person who engages in money transmission and currency exchange in this State pursuant to this section shall comply with the requirements of, and is subject to the sanctions provided in this chapter, as if the person were licensed pursuant to Section 35-11-220.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
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