HB215 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Money transmission services, regulation and licensing by Securities Commission, approval of authorized delegates, fees, exemptions, duties, penalties, Sec. 8-7-1 repealed; Secs. 8-7A-1 to 8-7A-27, inclusive, added

Description

<p class="bill_description"> Under existing law, the sale of checks is regulated by the Alabama Securities Commission</p><p class="bill_description"> This bill would repeal the existing Sale of Checks Act and replace it with the Alabama Monetary Transmission Act. This bill would provide that money transmissions are regulated by the Alabama Securities Commission, and would require any person engaging in the business of monetary transmissions to obtain a license from the commission. This bill would specify the process and requirements to obtain a license, exclude certain money transmissions from the requirements of the act, and provide exceptions from licensing to certain persons. This bill would require a licensee to maintain records with regard to each money transmission transaction and would specify the commission would periodically examine each licensee</p><p class="bill_description"> This bill would specify the powers of the commission with regard to enforcement of the act, including the power to issue orders to cease and desist and to suspend or revoke a license. This bill would provide that a person aggrieved by an action of the commission would be entitled to an administrative hearing. This bill would allow the commission to promulgate rules. This bill would provide criminal penalties for violations</p><p class="bill_description"> Amendment 621 of the Constitution of Alabama of 1901, now appearing as Section 111.05 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, prohibits a general law whose purpose or effect would be to require a new or increased expenditure of local funds from becoming effective with regard to a local governmental entity without enactment by a 2/3 vote unless: it comes within one of a number of specified exceptions; it is approved by the affected entity; or the Legislature appropriates funds, or provides a local source of revenue, to the entity for the purpose</p><p class="bill_entitled_an_act"> To repeal Chapter 7 (commencing with Section 8-7-1) of Title 8, and to add Chapter 7A (commencing with Section 8-7A-1), the Code of Alabama 1975; to provide for regulation of money transmissions by the Alabama Securities Commission; to require any person engaging in the business of monetary transmissions to obtain a license from the commission and specify requirements for licensing and exceptions; to require a licensee to maintain records and specify the commission would periodically examine each licensee; to specify the powers of the commission with regard to enforcement; to provide an aggrieved person with an opportunity for a hearing; to allow the commission to promulgate rules; to provide criminal penalties for violations; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Amendment 621 of the Constitution of Alabama of 1901, now appearing as Section 111.05 of the Official Recompilation of the Constitution of Alabama of 1901, as amended. </p>

Subjects

Money Transmission Services