HB3059 Summary

• Requires applicants and licensees for multiple financial service licenses (credit unions, money transmitters, sales finance agencies, debt management services, consumer installment lenders, debt settlement providers, and payday lenders) to provide an email address of record to the Department of Financial and Professional Regulation.

• Permits service of notices, orders, and legal documents to licensees by email to their recorded email address in addition to certified mail, with email service deemed complete when sent and certified mail deemed complete when deposited in the U.S. mail.

• Adds "email address of record" definitions across seven different financial service acts and updates service of process procedures to include email notification options.

• Applies to license applications, renewals, suspensions, revocations, cease and desist orders, and other regulatory communications across all covered financial service sectors.