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 currency exchange or advertise, solicit, or hold himself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person is:

   1. (1) licensed pursuant to this chapter;
   2. (2) licensed for money transmission pursuant to Article 2, or approved to engage in money transmission pursuant to Section 35-11-210;
   3. (3) an authorized delegate of a person licensed pursuant to Article 2; or
   4. (4) 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.