MS SB2507

Replaces existing Mississippi money transmission laws with modernized regulations designed to reduce regulatory burden, protect consumers from financial crime, and standardize licensing requirements across states.

Requires money transmission licensees to maintain tangible net worth (greater of $100,000 or tiered percentage of assets), surety bonds up to $500,000, and permissible investments equal to outstanding money transmission obligations.

Establishes licensing application process with $1,500 initial fee (adjusted annually by Consumer Price Index) and $800 annual renewal fee, with 120-day approval timeline and automatic approval if not denied within that period.

Authorizes the commissioner to conduct examinations, participate in multistate supervision processes through the Nationwide Multistate Licensing System (NMLS), and establish consistent licensing standards across states.

Prohibits unlicensed money transmission with penalties including felony charges (up to 5 years imprisonment and $3,000 fine for compensation over $500 in 30 days) and civil penalties up to $1,000 per day of violation; repeals prior money transmitters act effective July 1, 2025.