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MississippiHB 15962026 Regular SessionHouseWALLET

Money transmitters; require to implement certain data security measures and customer protections.

Sponsored By: Shane Aguirre (Republican)

Signed by Governor

Banking and Financial ServicesBusiness and Financial InstitutionsAccountability, Efficiency, Transparency

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 3 costs, 0 mixed.

Higher license and renewal fees for transmitters

Applicants must pay a $1,500 nonrefundable license fee. Beginning in 2025, the Department adjusts this fee each year using last year’s CPI‑U and rounds to the nearest $100. For renewals, licensees pay $800 plus $100 for each extra Mississippi location, capped at $5,800. The license year runs January 1–December 31. File the renewal report and fee no more than 60 days before your license expires, and list any virtual‑currency kiosk locations.

Customer funds held in statutory trust

Beginning July 1, 2026, licensees must keep permissible investments worth at least as much as all outstanding money transmission obligations, valued under US GAAP. These assets are held in trust for customers and are protected from attachment. The Commissioner may limit or authorize types of permissible investments. This strengthens recovery prospects if a company fails.

Stronger cybersecurity rules for money transmitters

Beginning July 1, 2026, licensed money transmitters must run a written, risk‑based security program. They must name a qualified security lead, do written risk assessments, and give an annual report to the board. Core controls include encrypting customer data at rest and in transit, multi‑factor logins, and secure disposal after two years. If they lack continuous monitoring, they must do yearly penetration tests and six‑month vulnerability checks, plus staff training. They must keep incident‑response and business‑continuity plans and oversee vendors by contract.

Tighter rules for authorized delegates

Beginning July 1, 2026, before using an authorized delegate you must adopt written compliance policies, sign a compliant contract, and do a risk‑based background check. Contracts must require law compliance (including anti‑money‑laundering rules), set remittance and trust terms, keep records, and allow examinations. A delegate cannot use a subdelegate to send money. You must file a quarterly report within 45 days after each quarter listing all delegates and locations. Reports must include legal name, tax ID, addresses, contact person info, start and end dates, and other required fields.

Fraud warnings and help for senders

Beginning July 1, 2026, licensees must give buyers the licensee’s name and a mailing address or phone number on each transaction. Delegates must post a clear fraud warning with a toll‑free number in English and any other main language they use. Licensees must monitor delegate activity. Each year by April 1, licensees must give delegates training on spotting and responding to elder financial abuse. New delegates must get the materials within one month. For websites or apps, the commissioner may allow a different notice format.

Sponsors & Cosponsors

Sponsor

  • Shane Aguirre

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 317 • No: 0

House vote • 3/31/2026

Conference Report Adopted

Yes: 100 • No: 0

Senate vote • 3/30/2026

Conference Report Adopted

Yes: 52 • No: 0

Senate vote • 3/10/2026

Passed As Amended

Yes: 52 • No: 0

House vote • 2/10/2026

Passed As Amended

Yes: 113 • No: 0

Actions Timeline

  1. Approved by Governor

    4/8/2026legislature

  2. Enrolled Bill Signed

    4/6/2026Senate

  3. Enrolled Bill Signed

    4/2/2026House

  4. Conference Report Adopted

    3/31/2026House

  5. Conference Report Adopted

    3/30/2026Senate

  6. Conference Report Filed

    3/29/2026House

  7. Conference Report Filed

    3/29/2026Senate

  8. Conferees Named Johnson,Blackwell,Brumfield

    3/23/2026Senate

  9. Conferees Named Aguirre,Boyd (37th),Varner

    3/23/2026House

  10. Decline to Concur/Invite Conf

    3/17/2026House

  11. Returned For Concurrence

    3/11/2026Senate

  12. Passed As Amended

    3/10/2026Senate

  13. Amended

    3/10/2026Senate

  14. Title Suff Do Pass As Amended

    3/3/2026Senate

  15. DR - TSDPAA: BF To AC

    2/26/2026Senate

  16. Referred To Business and Financial Institutions;Accountability, Efficiency, Transparency

    2/19/2026Senate

  17. Transmitted To Senate

    2/12/2026House

  18. Passed As Amended

    2/10/2026House

  19. Amended

    2/10/2026House

  20. Title Suff Do Pass

    1/29/2026House

  21. Referred To Banking and Financial Services

    1/19/2026House

Bill Text

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