51A-17-10.1. Notification by director to states in which license held--Funds held in statutory trust--Termination of statutory trust.

Upon the establishment of a statutory trust in accordance with § 51A-17-10, or when any funds are drawn on a letter of credit pursuant to this section, the director shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice is satisfied if performed pursuant to a multistate agreement or through the Nationwide Multistate Licensing System. Funds drawn on a letter of credit and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations, are deemed held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in this state and other states. Any statutory trust established under this section shall be terminated upon extinguishment of all of the licensee's outstanding money transmission obligations.

Source: SL 2023, ch 159, § 10.