N.J. Admin. Code § 3:27-3.3 - Annual report

(a) Each money transmitter, including foreign money transmitters, shall file an annual report on or before April 1, on a form supplied by the Commissioner. The form shall include information indicating the adequacy of net worth, confirmation of compliance with the bonding requirements, summary of activity, the names of all banks with which the money transmitter does business and a list of all money transmissions as outlined below.

(b) Each money transmitter shall list all money transmissions for the calendar year immediately preceding the report as follows:

1. The total number and amounts of all transmissions (100 percent of all activity including all outstanding transmissions), whether initiated through the money transmitter directly or through any of its authorized delegates, listed by country including the United States;

2. The number and amounts of all transmissions initiated through the money transmitter directly, listed by country including the United States; and

3. A separate list for each authorized delegate, listing the number and amounts of all transmissions for that delegate, listed by country including the United States.

(c) Unless waived by the Commissioner in accordance with N.J.S.A. 17:15C-6, the permissible investments of a money transmitter shall not be considered adequate if the permissible investments do not have an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States or the licensee is not in compliance with N.J.S.A. 17:15C-5.

(d) Any licensee who fails to file a complete annual report in a timely manner, as set forth in (a) above, shall pursuant to N.J.S.A. 17:15C-12 be assessed a penalty of not more than $ 100.00 per day for each day after the due date that the complete report remains unfiled.

Notes

N.J. Admin. Code § 3:27-3.3

New Rule, R.2004 d.152, effective 4/19/2004.
See: 35 N.J.R. 4938(a), 36 N.J.R. 1958(a).
Recodified from N.J.A.C. 3:27-3.6 by R.2006 d.235, effective 6/19/2006.
See: 38 N.J.R.10(a), 38 N.J.R. 2674(a).
Former N.J.A.C. 3:27-3.3, License fees, repealed. Section was "Annual report and fee". In (d), deleted the first sentence and inserted "pursuant to N.J.S.A. 17:15C-12".
Amended by R.2007 d.306, effective 10/1/2007.
See: 39 N.J.R. 2299(a), 39 N.J.R. 4111(a).
In (d), inserted "not more than".