HB 1130 Summary

• Requires deferred presentment service providers and money transmitters to notify the Department of Financial Institutions within twenty business days of any change in name or address, and to submit original license certificates for reissue.

• Allows licensees to maintain required records electronically if reproducible upon request, and requires notification within ten business days of changes to record location or the individual responsible for maintenance.

• Expands grounds for license suspension or revocation to include failure to pay annual license fees, failure to maintain required bonds, and failure to maintain secretary of state registration.

• Establishes prohibited acts for money transmitters including making false statements, employing deceptive schemes, conducting unlicensed business, failing to make required disclosures, and failing to truthfully account for customer funds.

• Clarifies transaction documentation requirements for deferred presentment services, including fee disclosures, rescission rights, and restrictions on renewals to once per transaction with maximum sixty business day terms.