Sunset Continue Money Transmitter Regulation
Sections 1 and 2of the bill continue the regulation of money transmitters until 2033;- Section 3 of the bill authorizes the banking board (board) to suspend a money transmitter's license;
- Section 4 expands the requirement to furnish surety bond coverage to include all money transmission, rather than merely exchange;
- Section 5 increases the maximum penalty for failure to report from $250 to $750 per day and for failure to allow an examination from $100 to $1,000 per day;
- Section 6 authorizes the state bank commissioner to submit fingerprints directly to the federal bureau of investigation for a criminal history record check;
- Section 7 repeals the requirement that license holders annually report the name, address, and telephone number of each owner of at least 10% of the agent of the money transmitter;
- Section 8 authorizes the board to issue cease-and-desist orders and sets procedural requirements;
- Section 9 expands the licensing exemption for in-state banks to also cover out-of-state banks and repeals the licensing exemption for telegraph or cable companies; and
- Sections 10 through 12 replace gendered pronouns with gender-neutral terms.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)