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Can you summarize 75 MSCO Chapter 15?
Regulation of Trade, Commerce and Investments > Mississippi Money Transmitters Act
Short Summary
The Mississippi Money Transmitters Act governs the business of selling or issuing checks and receiving money for transmission within or outside the United States. It requires individuals or entities engaged in these activities to obtain a license from the Commissioner of Banking and Consumer Finance of the State of Mississippi. The act provides definitions for various terms related to money transmission and specifies the exemptions from the license requirement. It also outlines the application process for obtaining a license, including the financial criteria and evaluation of the applicant’s character and fitness. The act further addresses the requirements for permissible investments, reporting obligations, and the liability of licensees. However, it does not specify the penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Individuals or entities engaged in the business of money transmission in Mississippi
What does it govern?
The Mississippi Money Transmitters Act governs the business of selling or issuing checks and receiving money for transmission within or outside the United States
What are exemptions?
Exemptions include financial institutions with insured deposits, trust companies authorized to do business in Mississippi, the government of the United States or any of its departments or agents, the State of Mississippi or any municipal corporation, county, or other political subdivision of Mississippi, agents of a licensee (only for acts on behalf of the licensee), attorneys-at-law (for checks issued in the regular course of the practice of law), persons not carrying on the trade or business of money transmission (including those who conduct money transmissions as an incidental act to another trade or business regularly carried on by them and those who only occasionally and infrequently conduct money transmissions for another person), and the Nationwide Mortgage Licensing System and Registry for mortgage brokers, mortgage lenders, and mortgage loan originators
What are the Penalties?
The act does not specify the penalties for non-compliance or violation of its provisions
Jurisdiction
Mississippi