Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 45.00 - The Licensing and Regulation of Money Services Businesses
Section 45.16 - Prohibited Practices
Universal Citation: 209 MA Code of Regs 209.45
Current through Register 1537, December 20, 2024
Grounds for license revocation, the issuance of cease and desist orders, or other disciplinary action shall include, but not be limited to, the prohibited acts and practices provided in 209 CMR 45.16(1) and (2).
(1) Prohibited Practices of Licensees Generally. It shall be a prohibited act or practice for a licensee to:
(a) Imply that the
licensee is a branch of, or associated with, any agency or department of the
federal government or of any state or municipal government, including, but not
limited to, use of any seal, insignia, envelope, or other format which
simulates that of any government department or agency unless licensed by, under
contract with, or authorized in writing by said department or agency;
(b) Imply that the licensee is a bank, act in
any manner so as to lead the public to believe that the licensee's business is
that of a bank, or otherwise violate the unauthorized banking provisions of
M.G.L. c. 167, § 37;
(c) Fail
to provide a receipt to customers for check selling, check cashing, or foreign
transmittal services rendered pursuant to
209 CMR 45.00;
(d) Fail to comply with the notice
requirements of
209
CMR 45.14;
(e) Fail to maintain books and records as
required by
209 CMR 45.11
and
209 CMR
48.00: Licensee Record
Keeping;
(f) Fail to
register as a money services business with the Financial Crimes Enforcement
Network if the licensee is required to be registered under applicable Financial
Crimes Enforcement Network rules and regulations;
(g) Fail to maintain adequate liquidity for
the nature and volume of its business;
(h) Fail to establish and implement policies
and procedures for the monitoring and oversight of authorized agents to ensure
that such authorized agents are complying with pertinent state and federal laws
and regulations, including, but not limited to, the provisions of
209 CMR 45.00;
(i) Fail to disclose the type and number of
its license(s) in all advertisements pursuant to
209 CMR 45.15;
(j) Accept any fees or charges
which were not disclosed as required by state or federal law, including, but
not limited to, the provisions of
209 CMR 45.00; or
(k) Knowingly participate in fraud or in an
attempt to defraud.
(2) Additional Prohibited Practices. It shall also be a prohibited act or practice for:
(a) A check
seller to fail to have sufficient funds available to satisfy issued and
outstanding obligations from the sale of checks or money orders; and
(b) A licensed foreign transmittal agency to
fail to forward all money received for transmission to a foreign country to the
person to whom the same is directed within seven days following receipt
thereof.
Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.