HB1428: Money Transmission Modernization Act; create and repeal MS Money Transmitters Act.

Legislative Summary

An Act To Enact The Mississippi Money Transmission Modernization Act; To State The Purpose And Intent Of The Act; To Define Terms; To Provide Certain Exemptions To The Act; To Provide Provisions On The Implementation Of The Act, Confidentiality Under The Act, The Commissioner's Supervision Of The Act, And The Relationship Of The Act To Federal Law; To Provide For Money Transmission Licenses; To Provide For Acquisition Of Control And Notice And Information Requirements For A Change Of Key Individuals; To Provide Reporting And Record Requirements Under The Act; To Permit Authorized Delegates; To Require Certain Disclosures By Licensees; To Set Forth Certain Prudential Standards; To Provide Enforcement Provisions; To Authorize The Commissioner To Investigate Possible Violations Of The Act; To Provide That This Act Should Be Construed And Applied To Promote Uniformity Of Law; To Provide That The Provisions Or Applications Of This Act Shall Be Severable; To Provide For A Transition Period; To Repeal Section 75-15-1, Mississippi Code Of 1972, Which Is The Chapter Of Law That Creates The Mississippi Money Transmitters Act; And For Related Purposes.