Purpose.

361.903. Purpose. — Sections 361.900 to 361.1035 are designed to replace existing state money transmission laws currently codified in law and to: (1) Ensure states may coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources; (2) Protect the public from financial crime; (3) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and (4) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices. (L. 2024 S.B. 1359)