Relating to the regulation of money services businesses.
What changed between versions
Added stablecoin as a permissible investment for money transmission licensees, allowing them to hold stablecoins up to the extent of outstanding transmission obligations in the same stablecoin type.
Updated financial reporting requirements to distinguish between money transmission licensees (requiring audited unconsolidated statements) and currency exchange licensees (allowing audited or unaudited statements).
Added new subsection requiring stablecoins to be held directly by the licensee or by a third-party custodian meeting commissioner-prescribed qualifications.
Expanded permissible investments to include foreign depository institution accounts up to 10% of total investments, provided the institution meets specific rating and compliance requirements.
Updated security requirements for currency exchanges to clarify that security must be payable to claimants or the commissioner for liabilities arising from money transmission business.
Added new grounds for license suspension or revocation related to violations of anti-money-laundering laws by authorized delegates and failure to terminate delegate authority after violations.
Set the effective date of the Act to September 1, 2025.
