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Can I collect debit card information from participants in Kansas? What are the requirements?

Collecting Debit Card Information from Participants in Kansas

Based on the provided documents, the Kansas Money Transmitter Act regulates the business of money transmission in Kansas [1.2]. If you are engaging in the business of money transmission with a resident of Kansas, you must file a complete application and obtain a license from the commissioner [1.5]. The application shall be submitted in the form and manner prescribed by the commissioner and shall include audited financial statements for each of the two fiscal years immediately preceding the date of the application and an interim financial statement, as of a date not more than 90 days prior to the date of the filing of an application [1.5]. Additionally, the commissioner may require fingerprinting of any individual, officer, director, partner, member, shareholder, or any other person related to the application deemed necessary by the commissioner [1.5].

However, it is unclear from the provided documents whether collecting debit card information from participants in Kansas is subject to the Kansas Money Transmitter Act. Therefore, it is recommended that you consult with a legal professional to determine the specific requirements for collecting debit card information from participants in Kansas.

Confidentiality of Information

All information or reports obtained and prepared by the commissioner in the course of licensing or examining a person engaged in money transmission business shall be confidential and may not be disclosed by the commissioner except as provided in subsection (c) or (d) [1.3]. The commissioner shall have the authority to share supervisory information, including reports of examinations, with other state or federal agencies having regulatory authority over the person’s money transmission business and shall have the authority to conduct joint examinations with other regulatory agencies [1.3].

Conclusion

Based on the provided documents, it is unclear whether collecting debit card information from participants in Kansas is subject to the Kansas Money Transmitter Act. Therefore, it is recommended that you consult with a legal professional to determine the specific requirements for collecting debit card information from participants in Kansas.

Source(s):
Jurisdiction

Kansas