AR SB785

Repeals Arkansas Code § 23-55-203, eliminating the approval process for money transmission businesses licensed in other states to operate in Arkansas without obtaining a separate state license.

Modifies the definition of "licensee" to remove reference to approved entities, reflecting the repeal of the approval section.

Changes license renewal schedules: money transmission licenses renew annually by December 1 (instead of 30 days before anniversary), and currency exchange licenses renew biennially by December 1 (instead of 30 days before biennial anniversary).

Increases maximum surety bond requirement from $250,000 to $300,000 for money services licensees, with the base amount remaining $50,000 plus $10,000 per in-state location.

Establishes transition provisions for 2012: licenses in effect on December 31, 2011 continue until stated expiration; licenses issued after July 1, 2012 receive reduced fees; all licenses issued in 2012 terminate December 31, 2012.