Money order sales and transmission services; expands existing authority of SCC to regulate. (HB1886)
Introduced By
Progress
√ |
Introduced |
√ |
Passed Committee |
√ |
Passed House |
√ |
Passed Senate |
√ |
Signed by Governor |
√ |
Became Law |
Description
Money order sales and money transmission services. Expands the existing authority of the State Corporation Commission to regulate money order sellers and money transmitters. The measure includes provisions that, among other things, mandate examinations of licensees every three years; increase the license application fee from $500 to $1,000; require annual renewal of licenses with a $750 license renewal fee and an assessment to defray examination and supervision costs; increase minimum net worth requirements from $100,000 to $200,000; establish procedures for license revocation; authorize the Commission to issue cease and desist orders; establish requirements for agreements between a licensee and its authorized delegates; provide that licensees are liable for the acts and omissions of their authorized delegates; increase the maximum penalty that the Commission may assess for violations from $1,000 to $2,500; establish record retention requirements; establish additional reporting requirements; and require licensees to maintain permissible investments that have a market value of not less than the aggregate dollar amount of all of its outstanding money orders and money transmission transactions. View Full Text »
