SB1882 Summary

• Requires separate licenses for each location where a currency exchange operates, with tiered fees ($1,000 for initial community exchange license, $1,000 for each additional location, $100 for ambulatory exchanges).

• Establishes surety bond requirements of $25,000 per licensed location (maximum $350,000 aggregate per licensee) and insurance requirements based on cash on hand at each location.

• Adds anti-money laundering program requirements complying with federal regulations 31 C.F.R. 103.20, 103.22, 103.23, 103.27-29, 103.33, 103.37, and 103.41.

• Expands permitted services to include transmittal of documents/information, travel reservation and ticketing services, and advertising for legal products/services.

• Modifies enforcement provisions to allow fines up to $1,000 per violation (graduated based on harm, offense severity, and licensee history) and requires detailed notice of violations with specific corrective action requirements.