NJ A2265

Extends record retention requirements for money transmitters from three years to five years and mandates quarterly reports to the Commissioner of Banking and Insurance in addition to existing annual reports

Requires licensees to prominently display their license at their principal place of business and authorized delegates to display notices at each location identifying their licensed status

Increases penalties for operating as a money transmitter without a license from a third-degree crime to a second-degree crime, and raises daily fines for late report filings from $100 to $200

Expands inspection consent provisions to allow state and federal law enforcement agencies access to licensee and delegate records, in addition to the Commissioner

Mandates the Department of Banking and Insurance to maintain a public website listing all licensees and their authorized delegates, and requires licensees to file their FinCEN registration documentation annually