Committee advances clarifications, consumer protections and data-security rules for money transmitters

Richard Wiggins, representing the Department of Banking and Consumer Finance, described Senate Bill 2715 as follow-up clarifications to the Money Transmitter Modernization Act passed last year. Sections 1—7 would require funds collected under the act to be used for enforcement of the act and clarify reporting requirements; sections 8—15 would add data-security standards consistent with a model law adopted in at least seven states. Wiggins also said the bill would require licensees to provide consumers with the licensee's contact information, explain how to file a complaint, and post fraud warnings at places of business.