(a) This chapter is designed to replace existing state money transmission laws currently codified at Section 75-15-1 et seq. It is the intent of the Legislature that the provisions of this chapter accomplish the following:(a) Ensure states can coordinate in all areas of regulation, licensing and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources;(b) Protect the public from financial crime;(c) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and(d) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.
(a) Ensure states can coordinate in all areas of regulation, licensing and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources;
(b) Protect the public from financial crime;
(c) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(d) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.