SB3060 Summary

• Adds "email address of record" definitions across multiple financial institution acts to enable electronic service of notices and regulatory documents to credit unions, currency exchanges, money transmitters, sales finance agencies, debt management services, debt settlement providers, and payday lenders.

• Allows the Department of Financial and Professional Regulation to serve regulatory notices, suspension orders, cease and desist orders, and other official communications via email to registered addresses, with service completed upon transmission.

• Requires applicants and licensees to provide and maintain accurate, up-to-date email addresses during application and renewal processes for various financial service licenses and permits.

• Updates notice procedures across seven financial regulation statutes to accept email as a valid service method alongside traditional mail, reducing reliance on certified mail and registered mail for regulatory communications.

• Takes effect upon becoming law with no delayed implementation date.