S.B. 973 Summary

• Renames Chapter 489D from "Money Transmitters Act" to "Money Transmitters Modernization Act" to reflect updates to the regulatory framework

• Adds four new definitions to the law: "acting in concert," "individual," "key individual," and "passive investor" to align with modern regulatory standards from the Conference of State Bank Supervisors model law

• Extends the review period for applicant litigation and criminal conviction history from 5 years to 10 years prior to application date and requires applicants to disclose bankruptcy or receivership proceedings

• Clarifies the Commissioner of Financial Institutions' authority to examine and investigate licensees, including conducting joint examinations with other state and federal regulators and participating in multi-state supervisory protocols

• Allows the Commissioner to participate in nationwide protocols for licensing cooperation and coordination with other state regulators to efficiently oversee nationally and globally operating money transmission companies