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. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/12/2009 | Committee |
01/12/2009 | Prefiled and ordered printed; offered 01/14/09 090044656 |
01/12/2009 | Referred to Committee on Commerce and Labor |
01/20/2009 | Impact statement from SCC (HB1886) |
01/29/2009 | Reported from Commerce and Labor with substitute (20-Y 0-N) (see vote tally) |
01/29/2009 | Committee substitute printed 090179656-H1 |
02/02/2009 | Read first time |
02/03/2009 | Passed by for the day |
02/04/2009 | Read second time |
02/04/2009 | Committee substitute agreed to 090179656-H1 |
02/04/2009 | Amendments by Delegate Nixon agreed to |
02/04/2009 | Engrossed by House - committee substitute with amendments HB1886EH1 |
02/04/2009 | Printed as engrossed 090179656-EH1 |
02/05/2009 | Read third time and passed House (99-Y 0-N) |
02/05/2009 | VOTE: --- PASSAGE (99-Y 0-N) (see vote tally) |
02/06/2009 | Impact statement from SCC (HB1886EH1) |
02/06/2009 | Constitutional reading dispensed |
02/06/2009 | Referred to Committee on Commerce and Labor |
02/16/2009 | Reported from Commerce and Labor (15-Y 0-N) (see vote tally) |
02/18/2009 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/19/2009 | Read third time |
02/19/2009 | Passed Senate (40-Y 0-N) (see vote tally) |
02/24/2009 | Enrolled |
02/24/2009 | Bill text as passed House and Senate (HB1886ER) |
02/24/2009 | Impact statement from SCC (HB1886ER) |
02/25/2009 | Signed by Speaker |
02/27/2009 | Signed by President |
03/27/2009 | G Approved by Governor-Chapter 346 (effective 7/1/09) |
03/27/2009 | G Acts of Assembly Chapter text (CHAP0346) |