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Panel OKs bill easing surety and net-worth requirements for small money-service and fintech startups

INSURANCE & COMMERCE - SENATE · January 31, 2019

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Summary

The committee advanced SB187, which scales surety bond and net-worth requirements and updates filing rules to allow smaller money-service and fintech startup businesses to operate in Arkansas; sponsors said changes mirror approaches used by other states and are intended to support incubators and small firms while preserving consumer protections.

The Senate Insurance & Commerce Committee passed SB187, a bill amending the Money Services Act to add international financial reporting standards, scale surety-bond and net-worth requirements by business size, and modernize licensing and electronic-filing…

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