Title 75, Regulation of Trade, Commerce and Investments

(1) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Ba…

(1) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency. (2)…

(1) A person may not engage in the business of money transmission; advertise, solicit or hold itself out as providing money transmission; engage in virtual currency kiosk activity; or hold itself out as a virtual currency kiosk operator unless the person is licensed under this ch…

(1) To establish consistent licensing between this state and other states, the commissioner is authorized and encouraged to:(a) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensi…

(1) Applicants for a license shall apply in a form and in a medium as prescribed by the commissioner. Each such form shall contain content as set forth by rule, regulation, instruction or procedure of the commissioner and may be changed or updated by the commissioner in accordanc…

(1) Any individual in control of a licensee or applicant, any individual who seeks to acquire control of a licensee and each key individual shall furnish to the commissioner through NMLS the following items:(a) The individual’s fingerprints for submission to the Federal Bureau of…

(1) When an application for an original license under this chapter appears to include all the items and addresses all of the matters that are required, the application is complete and the commissioner shall promptly notify the applicant in a record of the date on which the applic…

(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 regulatio…

(1) A license under this chapter shall be renewed annually.(a) An annual renewal fee of Eight Hundred Dollars ($800.00) plus One Hundred Dollars ($100.00) for each location in excess of one in Mississippi through which the licensee plans to conduct money transmission during the l…

(1) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the commissioner may suspend or revoke the licensee’s license in accordance with the procedures established by this chapter …

(1) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the commissioner prior to acquiring control. (2) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall, i…

(1) A licensee adding or replacing any key individual shall:(a) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual’s appointment; and(b) Provide information as required by Section 75-16-27 within forty…

(1) Each licensee shall submit a report of condition (i.e. call report) within forty-five (45) days of the end of the calendar quarter, or within any extended time as the commissioner may prescribe. (2) The report of condition shall include:(a) Financial information at the licens…

(1) Each licensee shall, within ninety (90) days after the end of each fiscal year, or within any extended time as the commissioner may prescribe, file with the commissioner:(a) An audited financial statement of the licensee for the fiscal year prepared in accordance with United …

(1) Each licensee shall submit a report of all authorized delegates and locations in this state where the licensee or an authorized delegate of the licensee provides money services, including, but not limited to, virtual currency kiosks. Such report must be provided within forty-…

(1) A licensee shall file a report with the commissioner within one (1) business day after the licensee has reason to know of the occurrence of any of the following events:(a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 USC § 10…

A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely fil…

(1) A licensee shall maintain the following records, for determining its compliance with this chapter for at least five (5) years:(a) A record of each money transmission obligation sold;(b) A general ledger posted at least monthly containing all asset, liability, capital, income …

(a) For purposes of this chapter, the following definitions shall apply:(a) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.(b) “Authorized delegate” means a …

(1) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (2) Before a licensee is authorized to conduct business through an authorized…

A person shall not engage in the business of money transmission on behalf of a person not licensed under this chapter or not exempt pursuant to Sections 75-16-7 and 75-16-9. A person who engages in such activity provides money transmission to the same extent as if the person were…

(1) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a c…

(1) This section does not apply to:(a) Money received for transmission subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended or recodified from time to time; or(b) Money received for transmission pursuant to a written agreement between the licensee and …

(1) This section does not apply to:(a) Money received for transmission subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended or recodified from time to time;(b) Money received for transmission that is not primarily for personal, family or household purp…

(1) A licensee under this chapter shall maintain at all times a tangible net worth of the greater of One Hundred Thousand Dollars ($100,000.00) or three percent (3%) of total assets for the first One Hundred Million Dollars ($100,000,000.00), two percent (2%) of additional assets…

(1) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond issued by a bonding company or insurance company authorized to do business in the State of Mississippi and in a form satisfactory to the…

(1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States Generally Accepted Accounting Principles of not less than the aggregate amount of all of its outstanding money transmission obligations. (2) Excep…

(1) The following investments are permissible under Section 75-16-65:(a) Cash (including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee’s customers in a federally insured depository financial institution) and cash equivalents in…

(1) The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:(a) The licensee or any authorized delegate, agent, or representative violates this chapter or a rule or regulation adopted or an order issued under thi…

(a) This chapter does not apply to:(a) An operator of a payment system to the extent that it provides processing, clearing or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, debit ca…

(1) Except where a license is automatically revoked without any act of the commissioner as specially provided in this section, no license shall be revoked except on ten (10) days’ notice (the first day of the ten-day period to be the date stated on the notice, which shall be the …

(1) If the commissioner determines that a violation of this chapter or of a rule or regulation adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a r…

The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule or regulation adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s author…

(1) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record is guilty of a felony and, upon…

(1) The commissioner may assess a civil penalty against a person that violates this chapter or a rule or regulation adopted or an order issued under this chapter in an amount not to exceed One Thousand Dollars ($1,000.00) per day for each day the violation is outstanding, plus th…

(1) If the commissioner has reason to believe that a person has violated or is violating Section 75-16-21, the commissioner may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of Section …

In addition to and without prejudice to the authority provided elsewhere in this chapter, the commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provi…

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

(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 licens…

(1) A licensee shall provide its name and mailing address or telephone number to the purchaser in connection with each money transmission or kiosk transaction conducted by the licensee directly or through an authorized delegate. (2) An authorized delegate shall display prominentl…

The commissioner may require that any person claiming to be exempt from licensing pursuant to Section 75-16-7 provide information and documentation to the commissioner demonstrating that it qualifies for any claimed exemption.