Legislative Session number- 82

Bill Name: SF1485

E "Minnesota Money Transmitters Act"; requiring and providing for the licensing
of money transmitters by the commissioner of commerce, exemptions; specifying
certain net worth and good standing requirements for license qualification
purposes; requiring licensees to possess permissible investments in accordance
with generally accepted accounting principals, authorizing waiver by the
commissioner under certain conditions; specifying license application, content
and fee requirements, requiring certain additional information from corporations
and noncorporate applicants, authorizing waiver by the commissioner under
certain conditions; requiring a surety bond or other acceptable security device,
specifying required amounts and duration, providing for cancellation; providing
for issuance of the licenses by the commissioner, specifying certain
investigation requirements and providing for a denial hearing; requiring annual
renewal, specifying fee, display and certain report requirements; requiring
extraordinary reporting with the occurrence of certain events; specifying
certain control change notice requirements, authorizing commissioner waiver
under certain conditions; granting the commissioner certain licensee examination
authority; specifying certain licensee records maintenance requirements;
providing for the confidentiality of data submitted to the commissioner;
providing for insolvency; specifying certain prohibited practices; authorizing
commissioner suspension or revocation of licenses under certain conditions;
providing for delegate contracts, requiring notice to the commissioner of
termination, specifying authorized and prohibited conduct; prescribing licensee
liability; granting the commissioner certain enforcement authority; requiring
rule notices; specifying conduct constituting appointment of the commissioner as
agent for service of process (ra, ja)