S680 Summary: NC Money Transmitters Act

• Enacts the North Carolina Money Transmitters Act to regulate entities engaged in money transmission, including payment instruments, stored value, wire transfers, and virtual currency transmission for personal, family, or household purposes.

• Requires money transmitters to obtain a license from the Commissioner of Banks, maintain minimum net worth of $250,000, post a surety bond ranging from $150,000-$250,000 based on transmission volume, and maintain permissible investments equal to outstanding transmission obligations.

• Establishes application requirements including financial statements, business plans, background checks, anti-money laundering compliance programs, and authorization to use the Nationwide Mortgage Licensing System (NMLS) for processing applications and reports.

• Mandates licensees remit funds or give transmission instructions within 10 days of receipt, maintain detailed records for at least three years, file annual and quarterly reports, and immediately notify the Commissioner of dishonored transactions and material events.

• Authorizes the Commissioner to deny, suspend, or revoke licenses for violations, unsafe operations, false statements, or failure to meet financial requirements, with civil penalties up to $5,000 per violation and criminal penalties as Class 1 misdemeanors.