SECTION 85:15-1-1. Scope and purpose

  This Chapter sets forth the supervisory and regulatory requirements, procedures, and standards for licensing of money transmitters under the Oklahoma Financial Transaction Reporting Act (Title 6 O.S. §§ 1511 - 1515). That Act generally requires the registration and licensing of money service businesses and gives the State Banking Board authority to clarify and define by rule the application of the Act. These rules are intended to apply the licensing requirements to money transmitter companies but not their authorized delegates, except as otherwise provided. Furthermore, these rules create standards for approval of such licenses, such as requiring a security bond for the protection of the public. Applicants for a license that have filed an application within 90 days of the effective date of the rules under this Chapter will be deemed to be in compliance with this Chapter until such time as the Commissioner grants or denies the license application.

[Source: Added at 24 Ok Reg 843, eff 5-11-07]