Alabama § 8-7A-5 License Required

Alabama Statutes

§ 8-7A-5 — License Required

Alabama·Title 8 Commercial Law and Consumer Protection·Ch. 7A Alabama Monetary Transmission Act

(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.

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(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.

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