AR HB1799

Clarifies surety bond requirements for money services licensees, setting a base amount of $50,000 plus $10,000 per location with a maximum of $300,000, and allows the Securities Commissioner to increase bonds up to $1,000,000 based on licensee financial condition.

Modifies license renewal procedures to require licensees to submit renewal reports containing information about payment instruments sold, material changes in application data, permissible investments, and proof of adequate surety bonds.

Expands reporting requirements to include quarterly reports on the number and monetary amount of payment instruments, stored-value, and prepaid access sold and currently outstanding in the state.

Requires every licensee to maintain an anti-money laundering program compliant with federal regulations (31 C.F.R. 103.125), including internal controls, independent compliance testing, designated compliance personnel, and ongoing customer due diligence procedures.

Authorizes the Securities Commissioner to participate in multistate automated licensing systems to reduce filing duplication, administrative costs, and establish uniform procedures with other states and federal authorities.