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Committee advances clarifications, consumer protections and data-security rules for money transmitters
Summary
Senate Bill 2715 clarifies that funds collected under the Money Transmitter Modernization Act are to be used for enforcement, requires licensees to provide contact and complaint information and fraud warnings, and adds data-security requirements; committee asked for fund balance and budget figures, which staff said they would provide.
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.
Senators pressed for information about the special fund's current balance and annual operating budget; Wiggins said he did not have those figures on hand but would provide them. Committee passed the measure by voice vote.
