Bill > SB633

This bill would: - Establish new regulations for money transmission businesses in Missouri, including requirements for obtaining a license, maintaining certain capital and security levels, and reporting and recordkeeping obligations. - Provide exemptions from the licensing requirements for certain entities, such as federally insured depository institutions and government agencies. - Grant the Director of the Division of Finance the authority to administer and enforce the new regulations, including the ability to conduct examinations, share information with other state and federal regulators, and impose civil penalties for violations. - Require money transmission businesses to have written agreements with authorized delegates, maintain permissible investments, and provide certain disclosures and refunds to consumers. - Establish criminal penalties for intentional violations of the law, such as making false statements or operating without a required license. The bill aims to modernize and standardize the regulation of money transmission activities in Missouri in order to protect consumers and ensure the safety and soundness of the industry.

Business and Industry

https://www.senate.mo.gov/23info/BTS_Web/Bill.aspx?SessionType=R&BillID=3749853