Bill > HB5799

This bill amends the Consumer Financial Services Act to revise internal references related to money transmission services. The key provisions include: - Changing the name of the "Office of Financial and Insurance Services" to the "Department of Insurance and Financial Services" throughout the Act. - Expanding the definition of "Financial Licensing Acts" to include additional laws such as the Regulatory Loan Act, Secondary Mortgage Loan Act, and Money Transmission Modernization Act. - Modifying the net worth requirements for certain license applicants, including those providing money transmission services. - Updating the surety bond or letter of credit requirements, including for money transmission service providers. - Allowing the Commissioner to prohibit individuals engaged in fraud or money laundering from being employed by or associated with licensees under the Act or other financial licensing acts. - Specifying that this amendatory act takes effect on January 1, 2025, and is tied to the enactment of another bill.