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Senate Bill 899 |
Senate Author: Eltife |
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Effective: 9-1-15 |
House Sponsor: Stephenson |
Senate Bill 899 amends the Finance Code to clarify and update the Money Services Act, which regulates money transmission and currency exchange businesses. The bill refines an exemption provided to a person engaged in the business of currency transportation, eliminates an exemption from change of control requirements provided to a person that acquires control acting in certain official capacities, clarifies provisions relating to the prosecution of a criminal offense under the act, and clarifies the conduct that constitutes engaging in the business of money transmission for purposes of licensing requirements. With respect to the security that an applicant for or holder of a currency exchange license is required to provide or maintain, the bill provides for an increase in the amount of security required of certain applicants or license holders by basing the amount on the volume of currency exchange business.