Foreign Exchange License

No person shall engage in the business of selling foreign currency notes or engage in the business of receiving money for the purpose of transmitting the same or its equivalent to foreign countries without first obtaining a license from the Commissioner. For the purposes of this COL 03072011 CH. 109 FOREIGN EXCHANGE Article licensee means any person licensed pursuant to this Article. The provisions of this Article shall also apply to persons engaged in the business of receiving money for the purpose of transmitting the same within the United States by an instrument or order drawn upon and directed to the person receiving the money for transmission. The provisions of this Article shall not apply to

(a)a bank or trust company or a foreign banking corporation licensed to do business in this territory, or

(b)the receipt of money by an agent of an incorporated telegraph company at any regular office of such company for immediate transmission by telegraph.