§ 19-14.3-3.8. Prohibited acts and practices. [Effective January 1, 2020.] No person required to be licensed under this chapter shall:

(1) Fail to remit all money or monetary value received for transmission pursuant to this chapter, or give instructions committing equivalent money or monetary value to the person designated by the sender within ten (10) days after receipt by the licensee unless otherwise directed by the sender except in cases relating to the prevention and detection of fraud or money laundering, compliance with applicable sanctions, regimes and other related compliance obligations;

(2) Fail to immediately notify the director in writing if the licensee dishonors or fails to satisfy any currency transmission transaction within the ten (10) days following receipt for any reason other than direction by the sender except in cases relating to the prevention and detection of fraud or money laundering, compliance with applicable sanctions, regimes and other related compliance obligations;

(3) Engage in the business of currency transmission in the state under any name other than that which it is organized or otherwise authorized to do business in the state;

(4) Fail to comply with the Bank Secrecy Act, 31 U.S.C. 5311 et seq., and 31 C.F.R. Part 1022, including maintenance of an active registration with the United States Department of Treasury Financial Crimes Enforcement Network;

(5) Fail to comply with the Electronic Fund Transfer Act, 15 U.S.C. 1693 et seq., and Regulation E, 12 C.F.R. 1005 et seq.;

(6) Fail to safeguard identifying information obtained in the course of currency transmission and otherwise comply with the requirements set forth in chapter 52 of title 6;

(7) Fail to comply with applicable state and federal laws and regulations related to the business of currency transmission;

(8) Use or cause to be published or disseminated any advertising communication that contains any false, misleading, or deceptive statement or representation; or

(9) Engage in unfair, deceptive, or fraudulent practices.

History of Section. (P.L. 2019, ch. 226, § 4; P.L. 2019, ch. 246, § 4.)