United States — Kansas
Kansas Statutes § 9-555 Citation of act; definitions.
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This section names the Kansas money transmission act and defines key terms used in it.
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United States — Kansas Statutes
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United States — Kansas
Kansas Statutes § 9-556 Inapplicability of act to certain entities and persons.
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This section says the act does not apply to listed persons and entities, and the commissioner may ask claimed exempt persons for documents showing they qualify.
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Kansas Statutes § 9-557 Powers of the commissioner; rules and regulations.
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The commissioner may work with other agencies, use analytical tools, accept reports, and issue rules. The commissioner also has broad authority to administer and enforce the act and to set proportionate fees and costs.
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Kansas Statutes § 9-558 Confidentiality of information, exceptions.
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Most information the commissioner gets from applicants, licensees, and authorized delegates is confidential and generally cannot be disclosed, with specific exceptions.
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Kansas Statutes § 9-559 Examinations; access to records; costs incurred.
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The commissioner may examine or investigate licensees and authorized delegates, and those entities must give access to records and pay examination costs unless the commissioner says otherwise.
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Kansas Statutes § 9-560 Commissioner authorized to participate in multistate supervisory processes.
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The commissioner may join multistate supervisory processes and share or coordinate information under stated conditions.
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Kansas Statutes § 9-561 Federal law controls when inconsistent with this act; interpretive guidance provided by commissioner.
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If this act conflicts with federal money-transmission law, the federal law controls; the commissioner may issue interpretive guidance.
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Kansas Statutes § 9-562 License required to provide money transmission, exceptions.
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A person generally must be licensed to provide money transmission or hold itself out as doing so.
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Kansas Statutes § 9-563 Commissioner authorized to establish consistent licensing practices with other states and utilize the nationwide multistate licensing system and registry.
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The commissioner may use and coordinate with the nationwide multistate licensing system and registry to support licensing practices, records, fees, communication, and related processes.
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Kansas Statutes § 9-564 License application; requirements; fee.
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License applicants must file a completed application in the commissioner’s required form and include specified information; the commissioner also sets a nonrefundable annual new-application fee and may waive some requirements.
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Kansas Statutes § 9-565 Items to be provided with license application; criminal history record check and fingerprinting; investigative background report.
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People controlling a licensee, applicants controlling a licensee, and key individuals must provide background and history information for a license application, and may be required to be fingerprinted and undergo criminal history checks.
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Kansas Statutes § 9-566 Controlling influence, presumption.
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A person is presumed to control a licensee if they can vote at least 10% of the voting shares or interests, directly or indirectly.
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Kansas Statutes § 9-567 Application; completeness; approval or denial by the commissioner.
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The commissioner must process an original license application, notify the applicant when it is complete, decide within 120 days, and give written reasons if denying it.
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Kansas Statutes § 9-568 License; renewal; fee.
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Licenses under this section must be renewed annually, with the renewal fee paid no later than 60 days before expiration.
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Kansas Statutes § 9-569 License; suspension or revocation by the commissioner.
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The commissioner may suspend or revoke a money transmission license if the licensee stops meeting required qualifications or requirements. Applicants and licensees must meet the referenced statutory requirements.
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Kansas Statutes § 9-570 Application for licensure; complete or abandoned, when.
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The commissioner may decide whether an application is complete. If an applicant does not finish a new-license or change-of-control application within 60 days after written notice, the application is treated as abandoned and the fee is nonrefundable.
Act or statute Open & ChatUnited States — Kansas
Kansas Statutes § 9-571 Change of control of license; application; approval or denial by the commissioner.
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A licensee needs the commissioner’s written approval before a change of control, and the acquirer usually must file an application and fee.
Act or statute Open & ChatUnited States — Kansas
Kansas Statutes § 9-572 Adding or replacing a key individual by licensee; requirements.
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A licensee must notify the commissioner when adding or replacing a key individual and submit required information within the stated deadlines. The commissioner may disapprove the key individual within 90 days after a complete notice, and the licensee may appeal a disapproval within 14 days.
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Kansas Statutes § 9-573 Report of condition; information included.
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Every licensee must file a report of condition within 45 days after each calendar quarter, unless the commissioner allows more time.
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Kansas Statutes § 9-574 Audited financial statement; requirements.
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Licensees must file an audited financial statement and any other required information with the commissioner within 90 days after each fiscal year ends, unless the commissioner grants more time.
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