Payment Stablecoin

The bill identifier was updated to reflect the engrossed version (e1), indicating it has passed both houses of the legislature.

The page count in the header was updated from 47 to 48 pages.

Changed the requirement from 'registering' to 'being licensed or exempted from licensure' for qualified payment stablecoin issuers.

Added a requirement for qualified payment stablecoin issuers to submit an annual certification to the Office of Financial Regulation.

Reorganized the bill's summary to better integrate payment stablecoins into the existing money laundering control framework.

Explicitly authorized the Office of Financial Regulation to revoke the license of qualified payment stablecoin issuers under certain circumstances.

Added detailed registration procedures, including application submission, deficiency resolution, annual renewals, and certification requirements for issuers.

Introduced new operational mandates such as monthly public disclosure of reserve assets by independent auditors and restrictions on lending or pledging reserves.

Established specific grounds for disciplinary action against money services businesses and created a framework for the Office of Financial Regulation to deny applications or renewals.

Revised the bill's title and summary to reflect a broader scope covering money services business amendments and comprehensive issuer regulations rather than just stablecoin definitions.

Replaced the short four-page draft with a full 33-page statutory text containing multiple new sections and detailed legislative language.