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2021 Code of Alabama
Title 8 - Commercial Law and Consumer Protection.
Chapter 7A - Alabama Monetary Transmission Act.
Section 8-7A-5 - License Required.
Universal Citation: AL Code § 8-7A-5 (2021)
Section 8-7A-5
License required.
(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person meets one of the following requirements:
(1) Is licensed under this chapter.
(2) Is an authorized delegate of a person licensed under this chapter.
(b) A license under this chapter is not transferable or assignable.
(c) Persons licensed and in good standing pursuant to Chapter 7 of this title, on August 1, 2017, shall retain the license issued pursuant to that chapter without interruption until their next licensing renewal date.
(Act 2017-389, §§2, 3.)
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