HB 289 Summary - North Carolina Money Transmitters Act

• Enacts the North Carolina Money Transmitters Act, requiring persons engaged in money transmission (including virtual currency) to obtain a license from the Commissioner of Banks unless exempt.

• Establishes minimum net worth requirement of $250,000 and surety bond requirements ranging from $150,000 to $250,000 based on transmission volume, with bonds scalable from $1 million to $50+ million in annual volume.

• Requires applicants to file through the Nationwide Mortgage Licensing System (NMLS), submit detailed business plans, financial statements, compliance policies, and background information on controlling persons and key management personnel.

• Authorizes the Commissioner to examine licensees, deny or revoke licenses based on violations, unsafe practices, criminal convictions, or insolvency, with civil penalties up to $5,000 per violation and Class 1 misdemeanor criminal penalties for unlicensed operation.

• Allows licensees to designate authorized delegates to conduct money transmission on their behalf under written agreements and establishes permissible investments for outstanding transmission obligations, with surety bond proceeds held in trust for customers.