(a) After the effective date of this chapter, no person shall engage in the business of money transmission without obtaining a license issued by the Superintendent under § 26-1009, except as provided in subsection (d) of this section and in § 26-1003.

(b) A licensee may conduct its business in the District of Columbia at one or more locations, directly or indirectly owned by the licensee, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee.

(c) Except as provided in § 26-1012, a license issued pursuant to this chapter shall not be transferable or assignable.

(d) Any person engaged in selling payment instruments pursuant to a license issued under Chapter 31 of Title 47 of the District of Columbia Official Code on the effective date of this chapter may continue to engage in selling payment instruments without a license issued under this chapter until the Superintendent has acted upon such person's application for a license; provided, that the application is filed within 90 day of the effective date of this chapter.

CREDIT(S)

(July 18, 2000, D.C. Law 13-140, § 3, 47 DCR 3431.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For Law 13-140, see notes following § 26-1001.

(a) After the effective date of this chapter, no person shall engage in the business of money transmission without obtaining a license issued by the Superintendent under § 26-1009, except as provided in subsection (d) of this section and in § 26-1003.

(b) A licensee may conduct its business in the District of Columbia at one or more locations, directly or indirectly owned by the licensee, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee.

(c) Except as provided in § 26-1012, a license issued pursuant to this chapter shall not be transferable or assignable.

(d) Any person engaged in selling payment instruments pursuant to a license issued under Chapter 31 of Title 47 of the District of Columbia Official Code on the effective date of this chapter may continue to engage in selling payment instruments without a license issued under this chapter until the Superintendent has acted upon such person's application for a license; provided, that the application is filed within 90 day of the effective date of this chapter.

CREDIT(S)

(July 18, 2000, D.C. Law 13-140, § 3, 47 DCR 3431.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For Law 13-140, see notes following § 26-1001.