MS HB1428 | 2025 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 20 2025 - 25% progression
Action: 2025-01-28 - Title Suff Do Pass Comm Sub
Text: Latest bill text (Comm Sub) [HTML]
Status: Introduced on January 20 2025 - 25% progression
Action: 2025-01-28 - Title Suff Do Pass Comm Sub
Text: Latest bill text (Comm Sub) [HTML]
Summary
An Act To Create New Section 75-15-101, Mississippi Code Of 1972, To Create The Money Transmission Modernization Act And To State The Purposes Of The Act; To Create New Section 75-15-103, Mississippi Code Of 1972, To Define Certain Terms; To Create New Section 75-15-105, Mississippi Code Of 1972, To Exempt Certain Parties From The Provisions Of The Act; To Create New Section 75-15-107, Mississippi Code Of 1972, To Authorize The Commissioner Of Banking And Consumer Finance To Take Certain Actions To Implement The Act; To Require Certain Information Relating To Licensees To Be Kept Confidential By The Commissioner; To Authorize The Commissioner To Examine Licensees; To Create New Section 75-15-109, Mississippi Code Of 1972, To Require Persons Engaging In The Business Of Money Transmission To Procure A License To Engage In Such Business; To Prescribe Requirements For An Application For A License; To Establish Timeframes For Making A Determination On An Application For A License; To Require The Annual Renewal Of Licenses; To Create New Section 75-15-111, Mississippi Code Of 1972, To Require Persons Seeking To Acquire Control Of A Licensee To Obtain Approval From The Commissioner; To Require Notice To Be Given To The Commissioner Of Changes In The Key Personnel Of A Licensee; To Create New Section 75-15-113, Mississippi Code Of 1972, To Require Certain Reports And Audited Financial Statements Prepared By An Independent Certified Public Accountant To Be Submitted To The Commissioner; To Create New Section 75-15-115, Mississippi Code Of 1972, To Prescribe Certain Requirements Relating To Authorized Delegates; To Create New Section 75-15-117, Mississippi Code Of 1972, To Require Timely Transmissions And To Establish Requirements For Refunds For Senders; To Create New Section 75-15-119, Mississippi Code Of 1972, To Require Licensees To Maintain A Minimum Net Worth And Security Bond In Prescribed Amounts; To Establish Requirements For Permissible Investments Maintained By A Licensee; To Create New Section 75-15-121, Mississippi Code Of 1972, To Authorize The Commissioner To Suspend Or Revoke A License For Certain Prohibited Actions; To Require Notice And A Hearing In Cases Other Than When A License Is Automatically Revoked; To Authorize The Issuance Of A Cease And Desist Order For Violations Of Certain Rules And Regulations; To Authorize The Imposition Of Civil Penalties; To Create New Section 75-15-123, Mississippi Code Of 1972, To Authorize The Commissioner To Examine Licensees And Persons Suspected Of Conducting Business Without A License; To Create New Section 75-15-125, Mississippi Code Of 1972, To Encourage Consideration Among States Enacting The Money Transmission Modernization Act; To Establish A Transition Period To New Requirements Established Under This Act For Current Licensees; To Repeal Sections 75-15-1 Through 75-15-35, Mississippi Code Of 1972, Which Are The Mississippi Money Transmitters Act; And For Related Purposes.
Title
Money Transmission Modernization Act; create and repeal MS Money Transmitters Act.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-28 | House | Title Suff Do Pass Comm Sub |
| 2025-01-20 | House | Referred To Banking and Financial Services |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 75 | 15 | 1 | Repealed Code | See Bill Text |
| 75 | 15 | 11 | Repealed Code | See Bill Text |
| 75 | 15 | 12 | Repealed Code | See Bill Text |
| 75 | 15 | 13 | Repealed Code | See Bill Text |
| 75 | 15 | 15 | Repealed Code | See Bill Text |
| 75 | 15 | 17 | Repealed Code | See Bill Text |
| 75 | 15 | 19 | Repealed Code | See Bill Text |
| 75 | 15 | 21 | Repealed Code | See Bill Text |
| 75 | 15 | 23 | Repealed Code | See Bill Text |
| 75 | 15 | 25 | Repealed Code | See Bill Text |
| 75 | 15 | 27 | Repealed Code | See Bill Text |
| 75 | 15 | 29 | Repealed Code | See Bill Text |
| 75 | 15 | 3 | Repealed Code | See Bill Text |
| 75 | 15 | 31 | Repealed Code | See Bill Text |
| 75 | 15 | 32 | Repealed Code | See Bill Text |
| 75 | 15 | 33 | Repealed Code | See Bill Text |
| 75 | 15 | 35 | Repealed Code | See Bill Text |
| 75 | 15 | 5 | Repealed Code | See Bill Text |
| 75 | 15 | 7 | Repealed Code | See Bill Text |
| 75 | 15 | 9 | Repealed Code | See Bill Text |
