HB1942
Financial institutions; regulation of money transmitters, penalty, effective date.
Summary
As Introduced. Financial institutions; regulation of money transmitters; penalty.
Replaces existing state law regulating money transmitters with comprehensive provisions aimed at standardizing the regulation of money transmitters across the 50 states. The bill includes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisition of control of a licensee, mandatory disclosures, reporting and ... (More) records requirements, authorized delegates, mandatory disclosures, prudential standards, and enforcement. The bill has a delayed effective date of January 1, 2026. (Less)-
Bill History
- 01/06/2025 - House: Prefiled and ordered printed; Offered 01-13-2025 25102855D
- 01/06/2025 - House: Referred to Committee on Labor and Commerce
- 01/14/2025 - House: Assigned L & C sub: Subcommittee #1
- 01/16/2025 - House: Fiscal Impact Statement from State Corporation Commission (HB1942)
- 01/20/2025 - House: Placed on Labor and Commerce Agenda
- 01/24/2025 - House: Placed on Labor and Commerce Agenda
- 01/28/2025 - House: Subcommittee recommends reporting (7-Y 0-N)
- 01/29/2025 - House: Placed on Labor and Commerce Agenda
- 01/30/2025 - House: Reported from Labor and Commerce (21-Y 1-N)
- 02/02/2025 - House: Read first time
- 02/03/2025 - House: Read second time and engrossed
- 02/04/2025 - House: Read third time and passed House (95-Y 3-N)
- 02/05/2025 - Senate: Constitutional reading dispensed (on 1st reading)
- 02/05/2025 - Senate: Referred to Committee on Commerce and Labor
- 02/17/2025 - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/17/2025 - Senate: Committee substitute printed 25107314D-S1
- 02/18/2025 - Senate: Rules suspended
- 02/18/2025 - Senate: Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- 02/18/2025 - Senate: Passed by for the day
- 02/19/2025 - Senate: Read third time
- 02/19/2025 - Senate: Reading of substitute waived
- 02/19/2025 - Senate: Commerce and Labor Substitute agreed to
- 02/19/2025 - Senate: Engrossed by Senate - committee substitute
- 02/19/2025 - Senate: Passed Senate with substitute (40-Y 0-N)
- 02/20/2025 - House: Senate substitute agreed to by House (89-Y 9-N)
- 03/07/2025 - House: Enrolled
- 03/07/2025 - House: Bill text as passed House and Senate (HB1942ER)
- 03/07/2025 - House: Signed by Speaker
- 03/10/2025 - Senate: Signed by President
- 03/11/2025 - House: Enrolled Bill communicated to Governor on March 11, 2025
- 03/11/2025 - Governor's Action Deadline 11:59 p.m., March 24, 2025
- 03/19/2025 - House: Fiscal Impact Statement from State Corporation Commission (HB1942)
- 03/21/2025 - Approved by Governor-Chapter 214 (Effective 07/01/26)
- 03/21/2025 - Acts of Assembly Chapter text (CHAP0214)
