Mississippi Money Transmission Modernization Act; enact.
What changed between versions
Updated definition of 'Control' to include a rebuttable presumption at 10% ownership (down from 25%) and clarified 'Passive investor' criteria with specific attestation requirements.
Added new exemptions for payment system operators, electronic funds transfer of governmental benefits, futures commission merchants, securities broker-dealers, and third-party service providers for exempt entities.
Revised licensing fees to $1,500 for initial applications with annual renewal fees of $800 plus $100 per location (capped at $5,800), and updated bond requirements to $100,000 or 100% of average daily money transmission liability (capped at $500,000).
Added new requirements for background investigations on key individuals including fingerprint submission to FBI, credit reports, and criminal history checks, with extended provisions for individuals residing outside the United States.
Added new reporting requirements including quarterly reports of condition, authorized delegate reporting, and event reporting for bankruptcy, receivership, or criminal charges within 1-3 business days.
Added new permissible investment categories including foreign depository institutions (up to 10%), commercial paper, tri-party repurchase agreements, and mutual funds with specific rating requirements.
Added new provisions for letters of credit as permissible investments with specific requirements for irrevocable standby letters of credit from federally insured institutions.
Established 120-day processing timeline for new license applications and 60-day timeline for acquisition of control applications, with provisions for extension for good cause.
Enhanced enforcement provisions with clearer grounds for suspension or revocation including unsafe practices, fraud, non-cooperation with examinations, and willful misconduct by authorized delegates.
Removed the repealed Section 75-15-1 of the Mississippi Code of 1972 that created the old Money Transmitters Act, effectively repealing the previous legislation.
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