Amend the bill, as and if amended, Section 35-11-105, SECTION 1, by striking item (11) beginning on line 40, page 2, and inserting:
/ (11) 'Money services' means money transmission or currency exchange. /;
by striking items (3) and (4) of Section 35-11-305(A), SECTION 1, beginning on line 22, page 11, and inserting:
/ (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations;
(4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and /; and
by striking item (2) of Section 35-11-315(B), SECTION 1, beginning on line 41, page 12, and inserting:
/ (2) list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations. /
Amend further by striking subsection (B) of Section 35-11-400, SECTION 1, beginning on line 19, page 13, and inserting:
/ (B) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. For such contracts initiated on or after the effective date of this act, the licensee shall provide to each authorized delegate information sufficient for compliance with this chapter. /
Amend further by striking subsection (E) of Section 35-11-400, SECTION 1, beginning on line 34, page 13, and inserting:
/ (E) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage in pursuant to Article 2 of this chapter. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. /
Amend further by adding the following new sections to Article 8, Chapter 11, Title 35 as contained in SECTION 1, immediately after Section 35-11-805 on page 29, to read:
/ Section 35-11-810. This chapter is administered by the Commissioner who may employ such additional assistants as he deems necessary. The Commissioner may delegate any or all of his duties pursuant to this chapter to members of his staff, as he deems necessary or appropriate.
Section 35-11-815. The Commissioner may promulgate and amend regulations or issue orders necessary to carry out the purposes of this chapter in order to provide for the protection of the public and to assist licensees in interpreting and complying with this chapter. /
Amend further by striking SECTION 5, line 21, page 32 and inserting:
/ SECTION 5. This act takes effect one year after approval of this act by the Governor or upon the publication in the State Register of final regulations implementing the act, whichever occurs later. The Commissioner is authorized to begin promulgating these regulations upon approval of this act by the Governor which shall take effect when this act takes effect as provided in this section. /
Renumber sections to conform.
Amend title to conform.