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Legislative Year: 2024 Change
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Bill Detail: HB24-1328

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Title Sunset Continue Money Transmitter Regulation
Status Introduced In Senate - Assigned to Finance (04/10/2024)
Bill Subjects
  • Professions & Occupations
House Sponsors R. English (D)
C. Clifford (D)
Senate Sponsors J. Rich (R)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 02/21/2024
Summary

Sunset Process - House Business Affairs and Labor
Committee. The bill implements the 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 bill continue the regulation of
money transmitters until 2033;
  • Section 3 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.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (04/11/2024) (most recent)  
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