HB 1027 Summary

• Adds three new definitions to money transmitter regulations: "money," "receiving money or monetary value for transmission," and "tangible net worth" calculated per generally accepted accounting principles

• Expands "electronic instrument" definition to include electronic or mobile wallets and modifies "money transmission" definition to include selling stored value and receiving money from persons located in the State

• Increases tangible net worth requirements from $1,000 minimum to tiered structure: $100,000 or 3% of tangible assets up to $100,000,000; 2% for $100M-$1B; and 0.5% for amounts over $1B

• Raises surety bond requirement from $10,000 to $100,000 for initial twelve months of licensure, with maximum of $500,000 based on licensee's financial condition

• Adds nine new exemptions from licensing requirements for payment system operators, service providers to exempt entities, securities brokers, futures commission merchants, and other specified entities