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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

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 of the bill 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.

Sections 1 and 2 continue the regulation of money transmitters until 2030.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)




Bill Text

  • All Versions (5 )
    Date Bill Type Documents
    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


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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