Section effective upon the later of June 9, 2017 or publication in the State Register of final regulations implementing 2016 Act No. 266.

1. (A) A person may not engage in the business of money transmission or advertise, solicit, or hold himself out as providing money transmission unless the person is:

   1. (1) licensed under this chapter or approved to engage in money transmission pursuant to Section 35-11-210;
   2. (2) an authorized delegate of a person licensed pursuant to this article; or
   3. (3) an authorized delegate of a person approved to engage in money transmission pursuant to Section 35-11-210.
2. (B) A license issued pursuant to this chapter is not transferable or assignable.

HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff upon contingency.