NCCOB
NCCOB

Promoting strength and fairness in
the financial services marketplace


 

    Money Transmitter Rules Subchapter F


    NOTICE:

    Due to the passage of H.B. 289, Money Transmitters Act the Office of the Commissioner of Banks is terminating the agency rule-making for Subchapter 03F Licensure Under the Money Transmitters Act Rules.
    Final Agency Decision

    Explanation for Proposed Rule:

    The Office of the Commissioner of Banks is responsible for drafting regulations related to the operation of virtual currency providers in North Carolina. The North Carolina Money Transmitters Act, N.C. Gen. Stat. § 53-208.1, et seq. is broadly written to encompass entities engaged in the business of transferring virtual currencies in and out of real currency, as well as entities engaged in the business of processing payments between virtual currency wallets. Rules in Subchapter F – Licensees Under the Money Transmitters Act need to be amended in order to clarify requirements for entities involved in virtual currency under the Act.

    Analysis of Money Transmitter Rules


    Notice of Text


    Proposed Rules:

    04 NCAC 03F .0201 DEFINITIONS
    04 NCAC 03F .0203 PERMISSIBLE INVESTMENTS
    04 NCAC 03F .0301 APPLICATION FOR A LICENSE
    04 NCAC 03F .0402 SURRENDER OF LICENSE
    04 NCAC 03F .0504 ACTIVITY REPORTS
    04 NCAC 03F .0506 REVOCATION OR CANCELLATION OF SURETY BOND
    04 NCAC 03F .0507 CEASING OPERATIONS


    Legislative Review

    Procedure for subjecting proposed rules to legislative review


    Public Hearing:

    There will be a public hearing on the proposed rules beginning at 9:00 AM, on Thursday, June 30, 2016, in the 2nd Floor Hearing Room at 316 W. Edenton Street, Raleigh, NC 27603.


    Public Comments:

    The public comment period ended August 1, 2016.

    Rules Coordinator
    NC Office of the Commissioner of Banks
    4309 Mail Service Center
    Raleigh, NC 27699-4309
    Fax: (919) 733-6918

    All public comments will be posted below.

    Letter from Bradley Lui
    Letter Robert Duke
    Letter Dsu-Wei Yuen