6-1202. License required
A. A person shall not sell or issue payment instruments, engage in the business of
receiving money for transmission or transmitting money, engage in the business of
exchanging payment instruments or money into any form of money or payment instrument or
engage in the business of receiving money for obligors for the purpose of paying that
obligor's bills, invoices or accounts without first obtaining a license as provided in
this chapter or becoming an authorized delegate of a licensee with respect to those
activities. A licensee is under the jurisdiction of the department. A person who is not
licensed under this chapter or who is not an authorized delegate of a licensee with
respect to those activities is presumed to be engaged in a business that is regulated by
this chapter and that requires a license if he advertises, solicits or holds himself out
as being in the business of selling or issuing payment instruments, of receiving money
for transmission or transmitting money or of converting one form of money to another form
of money.
B. No person other than a corporation organized and in good standing under the laws
of the state of its incorporation or, if a corporation organized under the laws of a
country other than the United States and in good standing under the laws of the country
of its incorporation and authorized to do business in this state, may apply for or be
issued a license as provided in this chapter.
C. A person engages in business activity regulated by this chapter in this state if
any of the following applies:
1. Conduct constituting any element of the regulated activity occurs in this state.
2. Conduct occurs outside this state and constitutes an attempt, offer or
conspiracy to engage in the activity within this state and an act in furtherance of the
attempt, offer or conspiracy occurs within this state.
3. As part of a business activity described by this section a person knowingly
transmits money into this state or makes payments in this state without disclosing the
identity of each person on whose behalf money was transmitted or payment was made.
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