AN ACT TO MAKE CLARIFYING CHANGES TO PERMISSIBLE INVESTMENTS AND STATUTORY TRUST UNDER THE MONEY TRANSMITTERS ACT. Enacted June 22, 2018. Effective June 22, 2018, except as otherwise provided.
Summary date: Jun 25 2018 - More information
Summary date: Jun 13 2018 - More information
Senate committee substitute replaces 1st edition with a new act TO MAKE CLARIFYING CHANGES TO PERMISSIBLE INVESTMENTS AND STATUTORY TRUST UNDER THE MONEY TRANSMITTERS ACT. Changes short title to "Virtual Currency Changes."
Amends GS 53-208.42, which sets out the definitions for Article 16B, the Money Transmitters Act. Changes definition of authorized delegate to no longer require that the designee be from a branch office. Changes definition of permissible investments to include value of receivables due to the licensee that are no more than 30 days past due. Previously included value of receivables no more than 90 days past due. Changes the requirements of virtual currency as a permissible investment to remove requirement that the virtual currency be owned by the licensee. Amends GS 53-208.48, concerning permissible investments and statutory trust, adding new subsection (c), to require that if a licensee possesses virtual currency as permissible investments under this Article, the Commissioner of Banks of the State of North Carolina may at any time request the licensee to verify aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline. Makes other conforming change.
Summary date: Jun 12 2018 - More information
Senate committee substitute is to be summarized.
Summary date: Feb 9 2017 - More information
Amends GS 53C-1-4(58) to define a public member as the term is used in GS Chapter 53C (Regulation of Banks) to mean a member of the State Banking Commission (Commission) who is not a practical banker, a consumer finance licensee, or a person licensed under Article 19B of GS Chapter 53 (was, who is not a practical banker or a consumer finance licensee), and who is not at the time of appointment to the Commission, nor within five years preceding, an employee of a North Carolina financial institution. Amends the 15-member Commission as set out in GS 53C-2-1(a) to reduce the number of public members the Governor is to appoint to the Commission from eight to seven, and direct the Governor to appoint one person licensed under Article 19B of GS Chapter 53 (The Secure and Fair Enforcement Mortgage Licensing Act).
Provides that when this act becomes effective, Donald E. Fader's position on the Commission is to convert to a position assigned for a licensee under Article 19B of GS Chapter 53. Directs Donald E. Fader to continue on the Commission as that designated licensee for his remaining term, scheduled to expire April 1, 2017, or until he resigns or ceases to meet the definition of a licensee under Article 19B of GS Chapter 53, whichever first occurs. Establishes that the terms of the remaining members appointed by the Governor are to expire under the current schedule, and directs the Governor to make appointments to fill vacancies on the Commission as they occur.