Sunset Continue Money Transmitter Regulation

The act implements recommendations of the department of regulatory agencies, as specified in the department's sunset review of the regulation of money transmitters, as follows: Sections 1 and 2 of the act continue the regulation of money transmitters until 2030; Section 3 authorizes the banking 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 the state bank commissioner to make 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 state bank commissioner 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. APPROVED by Governor June 3, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)