7-1-681. Licensing requirements.

Pursuant to this article, the department may license a person to engage in money transmission.#

No person, regardless of the location of such person, its facilities, or its agents, shall engage in money transmission in this state without having first obtained a license authorizing such activity under this article. This prohibition applies whether or not a person utilizes a branch, subsidiary, affiliate, or agent in this state. A person is deemed to be engaged in money transmission if the person advertises that service, provides that service with or without compensation, solicits to provide that service, or holds itself out as providing that service to or from this state, even if the person has no physical presence in this state.#

Every person that directly or indirectly controls another that violates subsection (b) of this Code section, including, but not limited to, each general partner, executive officer, joint venture, ultimate equitable owner, or director of such person, and every person occupying a similar status or performing similar functions as such person violates with and to the same extent as such person. Any person that directly or indirectly controls a person that violates subsection (b) of this Code section may avoid liability if such person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.#