DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF BANKING
MONEY ORDERS
3 CCR 701-7

EMERGENCY RULE JUSTIFICATION

MO8 – EMPLOYEE MONEY LAUNDERING AFFIRMATION

Section §24-4-104(6), C.R.S. authorizes the Division of Banking (Division) to issue an emergency regulation if the Division finds that the immediate adoption of the regulation is imperatively necessary to comply with a state law or for the preservation of public health, safety, or welfare and compliance with the requirements of §24-4-104, C.R.S. would be contrary to the public interest.

Section 1.  Authority
Section 2.  Scope and Purpose
Section 3.  Applicability
Section 4.  Effective Date

Section 1.	Authority

The Division of Banking adopts the following emergency rule entitled, MO8 – Employee Money Laundering Affirmation, according to the authority found in Sections 11-102-104, 12-52-103.5, 12-52-113, 12-52-202 through 204, and 12-52-206, C.R.S.

Section 2.	Scope and Purpose

The Colorado State Banking Board finds that immediate adoption of this rule is imperatively necessary to comply with state law and that compliance with the rulemaking requirements of section 24-4-103, C.R.S., applicable to non-emergency rules, including prior notice, would be contrary to the public interest. Without the immediate adoption of this emergency rule, the public’s interest is not served. Wherefore, the Colorado State Banking Board, pursuant to section 24-4-103(6), C.R.S. has an obvious and stated need to adopt this rule.

Pursuant to section 12-52-113 C.R.S., the Colorado State Banking Board shall have the authority to promulgate rules for the Money Transmitters Act.  The specific purpose of Emergency Rule MO8 – Employee Money Laundering Affirmation is to supersede Emergency Rule MO8 – Employee Notice that took effect July 1, 2010, to meet the statutory requirements as outlined in House Bill 10-1114, which took effect the same date.  Emergency Rule MO8 – Employee Money Laundering Affirmation complies with the state law requirements of HB10-1114, as modified by HB10-1081, which was signed into law on May 25, 2010, by Governor Ritter, took effect August 11, 2010, and shall apply to acts committed on or after said date.

Section 3.	Applicability

This rule applies to all Colorado state licensed money transmitter agents or employees, pursuant to 12-52-203, C.R.S.  Documentation completed under MO8 – Employee Notice, will be considered valid up to the effective date of Emergency Rule MO8 – Money Laundering Affirmation.

Section 4.	Effective Date

This emergency rule is effective September 1, 2010.