Page:United States Statutes at Large Volume 108 Part 3.djvu/496

 108 STAT. 2248 ^ PUBLIC LAW 103-325—SEPT. 23, 1994 money orders, travelers' checks, and other similar instruments; and (B) are not depository institutions (as defined in section 5313(g) of title 31, United States Code); and (2) provide sufficient resources to the appropriate State agency to enforce such laws and regulations prescribed pursuant to such laws, (b) MODEL STATUTE.—It is the sense of the Congress that the several States should develop, through the auspices of the National Conference of Commissioners on Uniform State Laws, the American Law Institute, or such other forum as the States may determine to be appropriate, a model statute to carry out the goals described in subsection (a) which would include the following: (1) LICENSING REQUIREMENTS.—^A requirement that any business described in subsection (a)(1) be licensed and regulated by an appropriate State agency in order to engage in any such activity within the State. (2) LICENSING STANDARDS. —A requirement that— (A) in order for any business described in subsection (a)(1) to be licensed in the State, the appropriate State agency shall review and approve— (i) the business record and the capital adequacy of the business seeking the license; and (ii) the competence, experience, integrity, and financial ability of any individual who— (I) is a director, officer, or supervisory employee of such business; or (II) owns or controls such business; and (B) any record, on the part of any business seeking the license or any person referred to in subparagraph (A)(ii), of— (i) any criminal activity; (ii) any fraud or other act of personal dishonesty; (iii) any act, omission, or practice which constitutes a breach of a fiduciary duty; or (iv) any suspension or removal, by any agency or department of the United States or any State, from participation in the conduct of any federally or State licensed or regulated business, may be grounds for the denial of any such license by the appropriate State agency. (3) REPORTING REQUIREMENTS. —^A requirement that any business described in subsection (a)(1)— (A) disclose to the appropriate State agency the fees charged to consumers for services described in subsection (a)(1)(A); and (B) conspicuously disclose to the public, at each location of such business, the fees charged to consumers for such services. (4) PROCEDURES TO ENSURE COMPLIANCE WITH FEDERAL CASH TRANSACTION REPORTING REQUIREMENTS. — ^A civil or criminal penalty for operating any business referred to in paragraph (1) without establishing and complying with appropriate procedures to ensure compliance with subchapter II of chapter 53 of title 31, United States Code (relating to records and reports on monetary instruments transactions).

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