Section 399-G:6 License and Registration Grant. - New Hampshire Statutes

   I. If the commissioner determines that the applicant meets the requirements of this chapter, then the commissioner shall issue a license and or registrations permitting the applicant to engage in the business of money transmission in accordance with the laws of this state.
   II. Each license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee. Each registration issued under the provisions of this chapter shall state the name and address of the authorized delegate location for which that registration is issued.
   III. If a licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, and employees of the licensee to engage in the business of money transmission; provided that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license as the individual to be contacted for purposes of this chapter.
   IV. If the licensee is a natural person, the license shall entitle all employees and authorized delegates of the licensee to engage in the business of money transmission.
   V. A license or registration issued under this chapter shall not be transferable or assignable between persons without obtaining the approval of the commissioner before the assignment or transfer.
   VI. Money transmitters, who sell or issue payment instruments or stored value, or receive money or monetary value for transmission to another location shall be liable to customers for the amount of money as well as any fees paid by the customer and received by the money transmitter, authorized delegate or person acting on his or her behalf, if the money fails to reach its intended recipient unless transmission to the recipient is prohibited by law. If an intended recipient of a money transmission fails to accept or retrieve the money transmitted, a licensee's responsibility to any person for a money transmission conducted on that person's behalf by the licensee's authorized delegate shall be limited to the amount of money transmitted.
   VII. Licensees shall create written plans and implement the written plans for compliance with federal laws, including but not limited to the Bank Secrecy Act of 1970 as amended and regulations at 31 C.F.R. 103 et seq. Such plans shall include required recordkeeping and reporting procedures.

Source. 2006, 303:35, eff. Aug. 18, 2006. 2008, 205:66, eff. Aug. 15, 2008; 372:4, eff. Jan. 1, 2009.