HB1596

Mississippi HB1596 mandates data security measures and customer protections for money transmitters.

Mississippi HB1596 requires money transmitters to implement comprehensive information security programs, including risk assessments, safeguards, and incident response plans. It mandates encryption of customer information, multi-factor authentication, and secure disposal of customer data. The bill also requires notification to the commissioner upon unauthorized acquisition of unencrypted customer information. Exceptions apply to licensees with fewer than 5,000 consumers. The commissioner is authorized to utilize the Nationwide Multistate Licensing System for license renewals and reporting.