HB215 Alabama 2017 Session

Updated Jul 24, 2021

House Bill

Enacted

Current Status

Regular Session 2017

Session

Sponsor

Summary

Primary Sponsor: Ken Johnson
Republican
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licensing by Securities Commission, approval of authorized delegates, fees, exemptions, duties, penalties, Sec. 8-7-1 repealed; Secs. 8-7A-1 to 8-7A-27, inclusive, added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: Under existing law, the sale of checks is regulated by the Alabama Securities Commission.
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.
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.
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.
Subjects: Money Transmission Services