Bill > HB5550

This bill revises internal references within the Consumer Financial Services Act concerning money transmission services, which involves the business of transmitting money or monetary value for others. Specifically, it clarifies that the commissioner, who is the state's financial regulator, can issue notices and orders to prohibit individuals from being employed by, acting as an agent for, or being a control person (someone who has significant influence or power) of a licensee (a company licensed under the act) or registrant under a financial licensing act if they engage in fraud or money laundering. The bill also updates language regarding the timing and effectiveness of hearings and orders, and it expands the definition of "money transmission services" to include the purchase of services related to it, rather than just the services themselves. Additionally, it clarifies that a person convicted of a crime involving fraud, dishonesty, money laundering, or breach of trust can be prohibited from such roles. The bill is contingent on the enactment of another bill, HB 5544, and is set to take effect on January 1, 2026.