HB1942: Financial institutions; regulation of money transmitters, penalty, effective date.
Legislative Summary
Financial institutions; regulation of money transmitters; penalty. Replaces existing state law regulating money transmitters with comprehensive provisions aimed at standardizing the regulation of money transmitters across the 50 states. The bill includes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisition of control of a licensee, mandatory disclosures, reporting and records requirements, authorized delegates, mandatory disclosures, prudential standards, and enforcement. The bill has a delayed effective date of July 1, 2026.
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Bill History
Roll Call Votes
Status Information
Sponsors
Primary Sponsor
