reglab/housing_qa huggingface dataset:
AR Code § 23-55-205 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 2 - Money Transmission Licenses|§ 23-55-205. Issuance of license

 (a) When an application is filed under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this subchapter if the commissioner finds that all of the following conditions have been fulfilled:  (1) the applicant has complied with §§ 23-55-202, 23-55-204, and 23-55-207; and  (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.    (b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:  (1) the commissioner shall approve or deny the application within 120 days after that date; or  (2) if the application is not approved or denied within 120 days after that date:  (A) the application is deemed approved; and  (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period.      (c) The commissioner may for good cause extend the application period.  (d) An applicant whose application is denied by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing before the commissioner.  (e) A license issued under this article expires annually at the close of business on December 31 unless the license is:  (1) renewed according to this article;  (2) surrendered by the license holder;  (3) suspended; or  (4) revoked by the commissioner.
AR Code § 23-55-206 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 2 - Money Transmission Licenses|§ 23-55-206. Renewal of license

 (a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year.  (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. The renewal report must state or contain:  (1) a description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner on any required report;  (2) a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments according to the requirements set forth in §§ 23-55-701 and 23-55-702; and  (3) proof that the licensee continues to maintain an adequate surety bond as required by § 23-55-204.    (c) A licensee that does not comply with subsections (a) and (b) by December 1 shall pay a late fee of $250 if the complete renewal application is received before the expiration of the license.  (d) The commissioner for good cause may grant an extension of the renewal date.
AR Code § 23-55-207 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 2 - Money Transmission Licenses|§ 23-55-207. Net worth

 (a) A licensee under this article shall maintain a net worth that is calculated at $10,000 for every $1,000,000 of the total previous year's:  (1) Money transmission dollar volume;  (2) Payment instrument dollar volume; and  (3) Stored value dollar volume.    (b)  (1) A licensee shall maintain a minimum net worth of at least $50,000.  (2) The commissioner may set specific required net worth amounts by rule.
AR Code § 23-55-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 4 - Currency Exchange Licenses|§ 23-55-401. License required

 (a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:  (1) is licensed under this article;  (2) is licensed for money transmission under § 23-55-201 et seq.; or  (3) is an authorized delegate of a person licensed under § 23-55-201 et seq.    (b) A license under this article is not transferable or assignable.
AR Code § 23-55-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 4 - Currency Exchange Licenses|§ 23-55-402. Application for license

 (a) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:  (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;  (2) the location of the principal office of the applicant;  (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations;  (4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and  (5) other information the commissioner reasonably requires with respect to the applicant, but not more than the commissioner may require under § 23-55-201 et seq.    (b) A nonrefundable application fee of $1,500 and a license fee of $375 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.
AR Code § 23-55-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 4 - Currency Exchange Licenses|§ 23-55-403. Issuance of license

 (a) When an application for a license is made under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this article if the commissioner finds that all of the following conditions have been fulfilled:  (1) the applicant has complied with § 23-55-402; and  (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.    (b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:  (1) the commissioner shall approve or deny the application within 120 days after that date; or  (2) if the application is not approved or denied within 120 days after that date:  (A) the application is deemed approved; and  (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the period.      (c) The commissioner may for good cause extend the application period.  (d) An applicant whose application is denied a license by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.  (e) A license issued under this chapter expires at the close of business on December 31 of the calendar year unless the license is:  (1) renewed according to this chapter;  (2) surrendered by the license holder;  (3) suspended; or  (4) revoked by the commissioner.
AR Code § 23-55-404 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 4 - Currency Exchange Licenses|§ 23-55-404. Renewal of license

 (a) A licensee under this article shall pay an annual renewal fee of $375 no later than December 31 in order to be licensed for the next calendar year.  (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must contain:  (1) a description of each material change in information submitted by the licensee in its original license application that has not been reported to the commissioner on any required report; and  (2) a list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations.    (c) A licensee may renew a license after the time specified in subsection (a) if the licensee renews within thirty (30) days of the renewal date by:  (1) paying $375 as required under subsection (a);  (2) complying with the requirements in subsection (b); and  (3) paying a late fee of $250 so long as the complete renewal application is received.    (d)  (1) The commissioner for good cause may grant an extension of the renewal date.  (2) If a licensee has not renewed a license within thirty (30) days of the renewal date and has not shown good cause to receive an extension of the renewal date as described under subdivision (d)(1), then it shall be necessary for the licensee to submit a new application to engage in the business of currency exchange.
AR Code § 23-55-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 5 - Authorized Delegates|§ 23-55-501. Relationship between licensee and authorized delegate

 (a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.  (b) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.  (c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.  (d) If a license is suspended or revoked or a licensee does not renew its license, the commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the commissioner of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.  (e) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage under § 23-55-201 et seq. or § 23-55-401 et seq. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.  (f) An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee.
AR Code § 23-55-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 5 - Authorized Delegates|§ 23-55-502. Unauthorized activities

 A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.
AR Code § 23-55-602 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-602. Cooperation

 The Securities Commissioner may consult and cooperate with other state money services regulators and agencies of the United States Government in enforcing and administering this chapter. They may jointly pursue examinations and take other official action that they are otherwise empowered to take.
AR Code § 23-55-603 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-603. Reports

 (a) A licensee shall file with the commissioner within 15 business days any material changes in information provided in a licensee's application as prescribed by the commissioner.  (b) A licensee shall file with the commissioner within 45 days after the end of each calendar quarter a current list of all authorized delegates, and locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate.  (c) A money transmission licensee shall file with the commissioner within 90 days after the end of the money transmission licensee's fiscal year a copy of the money transmission licensee's audited financial statement from the most recently completed fiscal year or, if the money transmission licensee is a wholly owned subsidiary of another corporation, the consolidated audited financial statement of the parent corporation from the most recently completed fiscal year or the money transmission licensee's consolidated audited annual financial statement from the most recently completed fiscal year.  (d) A licensee shall file a report with the commissioner within 3 business days after the licensee has reason to know of the occurrence of the following events:  (1) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. §§ 101-110 (1994 & Supp. V 1999), for bankruptcy or reorganization;  (2) the filing of a petition by or against the licensee for receivership, the commencement of judicial or administrative proceedings for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;  (3) the commencement of a proceeding to revoke or suspend its license in a state or country that the licensee engages in business or is licensed;  (4) the cancellation or impairment of the licensee's bond or other security;  (5) a charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee, for a felony; or  (6) a charge or conviction of an authorized delegate for a felony.    (e) A licensee shall file with the commissioner within 45 days after the end of each calendar quarter a report of the number and monetary amount of payment instruments, stored-value, and prepaid access sold by the licensee in this State for that quarter, and the monetary amount of payment instruments, stored-value, and prepaid access currently outstanding.  (f) The commissioner may for good cause grant an extension of the reporting date.
AR Code § 23-55-604 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-604. Change of control

 (a) A licensee shall:  (1) give the commissioner notice in a record of a proposed change of control within 15 days after learning of the proposed change of control;  (2) request approval of the acquisition; and  (3) submit a nonrefundable fee of $1,000 with the notice.    (b) After review of a request for approval under subsection (a), the commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.  (c) The commissioner shall approve a request for change of control under subsection (a) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.  (d) When an application for a change of control under this article is complete, the commissioner shall notify the licensee 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 120 days after that date; or  (2) if the request is not approved or denied within 120 days after that date:  (A) the request is deemed approved; and  (B) the commissioner shall permit the change of control under this section, to take effect as of the first business day after expiration of the period.      (e) The commissioner, by rule or order, may exempt a person from any of the requirements of subsection (a)(2) and (3) if it is in the public interest to do so.  (f) Subsection (a) does not apply to a public offering of securities.  (g) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (a) through (c).
AR Code § 23-55-605 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-605. Records

 (a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:  (1) a record of each payment instrument or stored-value or prepaid access obligation sold;  (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;  (3) bank statements and bank reconciliation records;  (4) records of outstanding payment instruments and stored-value and prepaid access obligations;  (5) records of each payment instrument and stored-value and prepaid access obligation paid within the three-year period;  (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and  (7) any other records the commissioner reasonably requires by rule.    (b) The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.  (c) Records may be maintained outside this State if they are made accessible to the commissioner on seven business-days' notice that is sent in a record.  (d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the commissioner pursuant to § 23-55-601.
AR Code § 23-55-606 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-606. Anti-money laundering program and reports

 (a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.  (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.  (c) At a minimum, the program shall include:  (1) A system of internal controls to ensure ongoing compliance;  (2) Independent testing for compliance to be conducted by bank personnel or by an outside party;  (3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;  (4) Training for appropriate personnel; and  (5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation:  (A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and  (B)  (i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.  (ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.        (d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs.  (e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000), and other federal and state laws pertaining to money laundering.  (f) The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.
AR Code § 23-55-608 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 55 - Uniform Money Services Act|Article 6 - Examinations — Reports — Records|§ 23-55-608. Disclosure requirements

 (a) A licensee shall provide its name and mailing address or telephone number to the purchaser in connection with each money transmission or currency exchange transaction conducted by the licensee directly or through an authorized delegate.  (b) An authorized delegate shall display prominently in a form and in a medium prescribed by the Securities Commissioner a notice that states or contains the following information:  (1) The name, mailing address, and telephone number of the authorized delegate;  (2) For each licensee of the authorized delegate:  (A) A statement that the authorized delegate is an agent conducting business on behalf of the licensee under this chapter; and  (B) The name, mailing address, and telephone number of the licensee; and    (3) A statement:  (A) Directing consumers with complaints to contact the State Securities Department; and  (B) Containing the current mailing address and telephone number of the department.