FL H0389

Defines "control person" for money services businesses to include officers, directors, major policymakers, and shareholders/partners/members with 25% or more ownership or voting power.

Requires control persons rather than officers to submit declarations with quarterly reports to the Office of Financial Regulation and provides liability protection for good faith report filings.

Requires licensees to report changes in control persons and mandates that new control persons submit fingerprints for background checks unless the business is publicly traded.

Defines "publicly traded" as stock traded on a national securities exchange registered with the Securities and Exchange Commission, or equivalent foreign exchange with substantially similar disclosure requirements.

Takes effect October 1, 2022.