SB2715

Mississippi SB2715 revises money transmission regulations, including licensing, authorized delegate requirements, and information security standards.

Mississippi SB2715, the Money Transmission Modernization Act, revises various provisions related to money transmission in Mississippi. The bill mandates that all funds collected by the Department of Banking and Consumer Finance be deposited into the Consumer Finance Fund. It requires money transmitters to submit detailed applications, including information about key individuals, criminal convictions, and financial statements. The bill also sets standards for safeguarding customer information, requiring comprehensive information security programs, risk assessments, and incident response plans.