Financial institutions; regulation of money transmitters, penalty.

Financial institutions; regulation of moneytransmitters; penalty. Replaces existing state law regulatingmoney transmitters with comprehensive provisions aimed at standardizingthe regulation of money transmitters across the 50 states. The billincludes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisitionof control of a licensee, mandatory disclosures, reporting and recordsrequirements, authorized delegates, mandatory disclosures, prudentialstandards, and enforcement.