AN ACT TO MAKE CLARIFYING CHANGES TO PERMISSIBLE INVESTMENTS AND STATUTORY TRUST UNDER THE MONEY TRANSMITTERS ACT.
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.
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