361.903. Purpose. — Sections 361.900 to 361.1035 are designed to replace existing state money transmission laws currently codified in law and to:
(1) Ensure states may coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources;
(2) Protect the public from financial crime;
(3) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.
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(L. 2024 S.B. 1359)
---- end of effective 28 Aug 2024 ----
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