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2009 SESSION
HB 1886 Money order sales and transmission services; expands existing authority of SCC to regulate.
Introduced by: Samuel A. Nixon, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Money order sales and money transmission services. Expands the existing authority of the State Corporation Commission to regulate money order sellers and money transmitters. The measure includes provisions that, among other things, mandate examinations of licensees every three years; increase the license application fee from $500 to $1,000; require annual renewal of licenses with a $750 license renewal fee and an assessment to defray examination and supervision costs; increase minimum net worth requirements from $100,000 to $200,000; establish procedures for license revocation; authorize the Commission to issue cease and desist orders; establish requirements for agreements between a licensee and its authorized delegates; increase the maximum penalty that the Commission may assess for violations from $1,000 to $2,500; establish record retention requirements; establish additional reporting requirements; and require licensees to maintain permissible investments that have a market value of not less than the aggregate dollar amount of all of its outstanding money orders and money transmission transactions. The measure also requires licensees to conduct a due diligence review of all new authorized delegates and to implement and maintain a risk-based supervision program to monitor its authorized delegates. Finally, the measure regulates the type of investments that licensees are required to maintain.
FULL TEXT
- 01/12/09 House: Prefiled and ordered printed; offered 01/14/09 090044656 pdf | impact statement
- 01/29/09 House: Committee substitute printed 090179656-H1 pdf
- 02/04/09 House: Printed as engrossed 090179656-EH1 pdf | impact statement
- 02/24/09 House: Bill text as passed House and Senate (HB1886ER) pdf | impact statement
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0346) pdf
AMENDMENTS
HISTORY
- 01/12/09 House: Prefiled and ordered printed; offered 01/14/09 090044656
- 01/12/09 House: Referred to Committee on Commerce and Labor
- 01/29/09 House: Reported from Commerce and Labor with substitute (20-Y 0-N)
- 01/29/09 House: Committee substitute printed 090179656-H1
- 02/02/09 House: Read first time
- 02/03/09 House: Passed by for the day
- 02/04/09 House: Read second time
- 02/04/09 House: Committee substitute agreed to 090179656-H1
- 02/04/09 House: Amendments by Delegate Nixon agreed to
- 02/04/09 House: Engrossed by House - committee substitute with amendments HB1886EH1
- 02/04/09 House: Printed as engrossed 090179656-EH1
- 02/05/09 House: Read third time and passed House (99-Y 0-N)
- 02/05/09 House: VOTE: --- PASSAGE (99-Y 0-N)
- 02/06/09 Senate: Constitutional reading dispensed
- 02/06/09 Senate: Referred to Committee on Commerce and Labor
- 02/16/09 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/18/09 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/19/09 Senate: Read third time
- 02/19/09 Senate: Passed Senate (40-Y 0-N)
- 02/24/09 House: Enrolled
- 02/24/09 House: Bill text as passed House and Senate (HB1886ER)
- 02/25/09 House: Signed by Speaker
- 02/27/09 Senate: Signed by President
- 03/27/09 Governor: Approved by Governor-Chapter 346 (effective 7/1/09)
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0346)