H.F. No. 3695 Summary

• Increases net worth requirements for money transmitter licensees: from $25,000 to $100,000 for 3 or fewer locations; from $50,000 to $200,000 for 4-6 locations; from $100,000 to $400,000 for 7+ locations plus $200,000 per additional location (maximum $2,000,000).

• Increases surety bond or letter of credit requirements for money transmitter applicants using the same tiered structure, from $25,000 to $100,000 minimum up to $2,000,000 maximum.

• Requires money transmitter licensees to maintain physical presence in the United States with a mailing address and registered agent, and to notify the commissioner of material changes within 30 days.

• Requires any purchaser of 10% or more ownership interest in a licensee to notify the commissioner 30 days in advance and submit a completed license application.

• Amends residential mortgage originator licensing provisions to require license display at Internet locations, clarify timely renewal procedures, and update references to the Nationwide Multistate Licensing System and Registry (NMLSR).