(1) A person licensed in this state to engage in the business of money transmission shall not be subject to the provisions of this chapter, to the extent that they conflict with current law or establish new requirements not imposed under current law, until such time as the licensee renews its current license or for twelve (12) months after July 1, 2025, whichever is later.
(2) Notwithstanding subsection (1) of this section, a licensee shall only be required to amend its authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under subsection (1) of this section. Nothing herein shall be construed as limiting an authorized delegate’s obligations to operate in full compliance with this chapter as required by Section 75-16-51(3).