HB 10-1114 Summary

• Requires money transmitters licensed in Colorado to annually report to the banking board information about their agents, including agent names, addresses, phone numbers, and office locations engaged in money transmission.

• Mandates agents of money transmitters ensure employees performing money transmission services either sign a notice affirming knowledge of money laundering laws or receive training on those laws within 30 days of employment.

• Prohibits money transmitters from knowingly contracting with agents or hiring employees who have been convicted of drug offenses, money laundering, financial institution felonies, or equivalent crimes.

• Makes violations a Class 2 misdemeanor, or Class 1 misdemeanor for subsequent offenses; acting as an agent for an unlicensed transmitter is a Class 2 misdemeanor.

• Appropriates $23,124 in cash funds and 0.5 FTE to the division of banking for implementation, effective July 1, 2010.