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State Codes and Statutes

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9-513

Chapter 9.--BANKS AND BANKING; TRUST COMPANIES
Article 5.--MISCELLANEOUS PROVISIONS

      9-513.   Money transmitter; invalidity of part; interpretation of act. (a)   If any sentence, clause, provision or section of this act or the applicability thereof to any person or circumstance shall be held invalid, such invalidity shall not affect the validity of the remainder of this act or its applicability to other persons or circumstances. It shall be presumed conclusively that the legislature would have enacted the remainder of this act without the sentence, clause, provision or section held invalidly enacted or applied.

      (b)   This act shall be interpreted by the commissioner for the purpose of protecting the citizens of this state, against financial loss, who purchase payment instruments or who give money or control of their funds or credit into the custody of another person for transmission, regardless of whether the transmitter has any office, facility, agent or other physical presence in the state.

      History:   L. 1967, ch. 73, § 6; L. 2006, ch. 113, § 10; July 1.