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Sunset Continue Money Transmitter Regulation

Concerning the continuation of the regulation of money transmitters, and, in connection therewith, implementing the recommendations in the 2023 sunset report by the department of regulatory agencies.
2024 Regular Session
Professions & Occupations
Bill Summary

The act implements 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 act continue the regulation of money transmitters until 2030;
  • Section 3 authorizes the banking 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 the state bank commissioner to make 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 state bank commissioner 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.

APPROVED by Governor June 3, 2024

EFFECTIVE August 7, 2024
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/03/2024 Signed Act PDF
    05/29/2024 Final Act PDF
    04/24/2024 Rerevised PDF
    04/23/2024 Revised PDF
    04/08/2024 Reengrossed PDF
    04/05/2024 Engrossed PDF
    02/21/2024 Introduced PDF


Sponsor Type Legislators
Prime Sponsor

Rep. C. Clifford, Rep. R. English
Sen. J. Rich


Rep. J. Amabile, Rep. W. Lindstedt, Rep. N. Ricks


The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details