Money Transmission Modernization Act; create and repeal MS Money Transmitters Act.
What changed between versions
The bill title and header were updated from 'As Passed the House' to 'As Sent to Governor' to reflect the current legislative status.
The Act's purpose statement was rewritten to be more concise and modern, removing the detailed list of specific section numbers and replacing it with a high-level description of the Act's goals.
Several definitions were renumbered and slightly edited for consistency, including changes to the 'Control' definition where 'managers' was changed to 'managers, directors, trustees or other persons' and the removal of redundant language.
The definition of 'Money' was updated to include 'two (2) or more governments' instead of 'two or more governments' for consistency in formatting.
The definition of 'Payment instrument' was updated to use a numbered list format (i and ii) instead of a paragraph format for clarity.
The definition of 'Stored value' was updated to use a numbered list format (i and ii) instead of a paragraph format for clarity.
The license fee calculation method was updated to specify rounding to the nearest 'One-Hundred-Dollar increment' instead of the previous 'One Hundred Dollar ($100.00) increment' for consistency in the text.
The renewal fee language was slightly clarified to specify that the fee 'shall be paid' rather than 'for which the feed is paid' (typo correction).
References to specific section numbers in the Act were updated throughout the document to reflect the new section numbering scheme (e.g., references to Section 5.03 were changed to Section 13).
The requirements for acquiring control of a licensee were updated to reference the new section numbers (e.g., Section 18 instead of Section 6.01).
The requirements for key individual background checks were updated to reference the new section numbers (e.g., Section 14 instead of Section 5.04).
The requirements for audited financial statements were updated to reference the new section numbers (e.g., Section 21 instead of Section 7.02).
The requirements for permissible investments were updated to reference the new section numbers (e.g., Section 34 instead of Section 10.04).
The requirements for suspension and revocation were updated to reference the new section numbers (e.g., Section 35 instead of Section 10.05).
The repeal section was narrowed from repealing Sections 75-15-1 through 75-15-35 to only repealing Section 75-15-1, which is the chapter creating the Mississippi Money Transmitters Act.
How they voted
Actions timeline
Sponsors
