1. Net worth requirements. A licensee under this subchapter must have at all times a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates must have an additional net worth of $50,000 per location or agent located in the State, up to a maximum of $500,000.

[PL 1997, c. 155, Pt. A, §2 (NEW).]

Terms Used In Maine Revised Statutes Title 32 Sec. 6105

  • Applicant: means a person filing an application for a license under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
  • Licensee: means a person licensed under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
  • Money transmission: means the business of selling or issuing payment instruments or the business of receiving money, including virtual currencies, for transmission or transmitting money, including virtual currencies, within the United States or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Maine Revised Statutes Title 32 Sec. 6102
2. Corporate applicants. A corporate applicant, at the time of filing an application for a license under this subchapter and at all times after a license is issued, must be in good standing in the state of its incorporation. A noncorporate applicant, at the time of filing an application for a license under this subchapter and at all times after a license is issued, must be registered or qualified to do business in this State.

[PL 1997, c. 155, Pt. A, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 155, §A2 (NEW).
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