It shall be prohibited for any person engaged in the sale of checks or money transmission
in this state, including any person required to be licensed under this article, to:
(1) Sell payment instruments as an agent of a principal seller who is not exempt from
the licensure requirements under Code Section 7-1-682 and has not obtained a license hereunder, and any person who does so shall be deemed
to be the principal seller thereof and not merely an agent and shall be liable to
the payment instrument holder or remitter as the principal seller;
(2) Receive, transmit, or handle monetary value on behalf of another or issue a payment
instrument and not be exempt from licensure under Code Section 7-1-682, and any person who does so shall be liable to the payment instrument holder for
the payment thereof to the same extent as a drawer of a negotiable instrument, whether
or not the payment instrument is a negotiable instrument under Article 3 of Title
(3) Fail to transmit moneys received within five business days of receiving such moneys;
(4) Engage in any activity that would subject a licensee to suspension or revocation
of its license under this article or any activity that the department may prohibit
pursuant to rule or regulation, whether or not the person has a license.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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