Bill > SB84

This bill: Replaces the existing state money transmission laws to modernize licensure requirements, add model language for the virtual currency industry, allow the Department of Commerce, Community, and Economic Development to coordinate with other states on regulation, licensing, and supervision of money transmission, standardize the activities subject to licensing, and update safety and soundness requirements for money transmission. The bill requires licenses for engaging in money transmission or virtual currency business activities, establishes application and renewal processes, allows the department to participate in multistate supervisory processes, sets forth permissible investments and security requirements, and provides for supervision, examination, and enforcement of the law. The bill also includes exemptions for certain entities and activities, and repeals currency exchange licenses.