Bill > HB5548

This bill, amending the Consumer Financial Services Act, primarily revises internal references and requirements related to money transmission services, which involve the business of transmitting money or the value of money for consumers. Specifically, it changes the wording from "shall" to "must" in several places, making the requirements more direct, and clarifies that an applicant for a money transmission license must have a net worth of $100,000 plus an additional $25,000 for each location or authorized delegate, or $1,000,000, whichever is less, to ensure financial stability. The bill also adds provisions requiring licensees to continuously maintain this net worth and allows the commissioner to set higher net worth requirements for new licensees to ensure safe and sound operations. Additionally, it clarifies how net worth is determined and what assets are excluded from this calculation, such as certain pledged assets, receivables from officers or stockholders, and intangible values like goodwill. This legislation is tied to another bill, House Bill 5544, and is set to take effect on January 1, 2026.