§ 19-14.3-3.2. Forwarding of documents to foreign correspondent — Receipt for money or documents.
Every person, whether engaged in the foreign exchange brokerage business or not, to whom any money, draft, or credit is delivered to be forwarded to a foreign correspondent, shall forward the credit, accompanied by draft credits, or any documents necessary and essential to carrying out the transaction, immediately after the receipt, sale, deposit, or other transaction by which the money, draft, or credit is delivered to the person for forwarding. That person shall also, upon delivery of any money, draft, or credit to be forwarded to a foreign correspondent, give a receipt, showing what the current rate of exchange of the foreign currency to which the money, draft, or credit is to be transferred is on the day of the transaction, and the amount expressed in the denomination of the foreign currency, according to the rate of exchange, that is to be forwarded as set forth above.
History of Section.P.L. 2001, ch. 129, § 3.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.3 - Currency Transmissions
Section 19-14.3-1. - Exemption from licensing.
Section 19-14.3-1.1. - Definitions.
Section 19-14.3-1.2. - License by reciprocity.
Section 19-14.3-1.3. - Cooperation and data-sharing authority.
Section 19-14.3-2. - Securities in lieu of bonds.
Section 19-14.3-3. - Liability of licensees.
Section 19-14.3-3.1. - Record of foreign exchange transactions.
Section 19-14.3-3.3. - Action on bond.
Section 19-14.3-3.4. - Companies exempt from provisions.
Section 19-14.3-3.5. - Required disclosures for virtual currency.
Section 19-14.3-3.6. - Property interests and entitlements to virtual currency.
Section 19-14.3-3.7. - Mandated compliance programs and monitoring.
Section 19-14.3-3.8. - Prohibited acts and practices.