S.B. 949 Summary

• Replaces "outstanding payment instrument" definition with "outstanding payment obligation" to include all money transmission obligations issued in the United States, not just payment instruments sold directly or through authorized delegates.

• Consolidates definitions of "principal" to include persons with 25% or more ownership interest or control, managers, and executive officers, eliminating the separate "key shareholder" definition.

• Updates money transmitter license application requirements to reference "principals" instead of separate categories of executive officers, key shareholders, and managers, simplifying background check and disclosure requirements.

• Amends extraordinary reporting requirements and change of control provisions to reference "principals" rather than multiple officer and shareholder categories, streamlining regulatory compliance.

• Effective September 1, 2017, with annual licensee report requirements effective November 1, 2017, for all licensees licensed under chapter 489D as of July 1, 2017.