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CS/CS/HB 1351: Money Services Businesses

GENERAL BILL by Commerce Committee ; Insurance and Banking Subcommittee ; Aloupis ; (CO-INTRODUCERS) Buchanan ; Duran ; McFarland ; Toledo ; Willhite

Money Services Businesses; Revises exceptions for licensee during Financial Technology Sandbox period; revises duties of money services businesses; revises violations of money services business activities; revises certain prohibited activities without license; revises requirements for money transmitter or payment instrument seller to conduct business; revises requirements for written contract between money transmitter or payment instrument seller & authorized vendor; provides requirements for money transmitter that receives virtual currency; excludes virtual currency in calculation of permissible investments; revises recordkeeping requirements for money transmitter or payment instrument seller; revises financial liability requirements for money transmitter or payment instrument seller.

Effective Date: 1/1/2022
Last Action: 4/30/2021 Senate - Died in Rules
Bill Text: PDF
Senate Committee References:
  1. Rules (RC)



Bill History

Date Chamber Action
2/25/2021 House • Filed
3/2/2021 House • 1st Reading (Original Filed Version)
3/5/2021 House • Referred to Insurance & Banking Subcommittee
• Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in Insurance & Banking Subcommittee
3/15/2021 House • Added to Insurance & Banking Subcommittee agenda
3/17/2021 House • Favorable with CS by Insurance & Banking Subcommittee
3/18/2021 House • Reported out of Insurance & Banking Subcommittee
• Laid on Table under Rule 7.18(a)
• CS Filed
• 1st Reading (Committee Substitute 1)
3/22/2021 House • Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in State Administration & Technology Appropriations Subcommittee
3/30/2021 House • Added to State Administration & Technology Appropriations Subcommittee agenda
4/1/2021 House • Favorable by State Administration & Technology Appropriations Subcommittee
• Reported out of State Administration & Technology Appropriations Subcommittee
• Now in Commerce Committee
4/18/2021 House • Added to Commerce Committee agenda
• Added to Commerce Committee agenda
4/19/2021 House • Favorable with CS by Commerce Committee
• Reported out of Commerce Committee
• Laid on Table under Rule 7.18(a)
• CS Filed
• Bill referred to House Calendar
• Bill added to Special Order Calendar (4/22/2021)
• 1st Reading (Committee Substitute 2)
4/22/2021 House • Read 2nd time
• Placed on 3rd reading
• Added to Third Reading Calendar
4/23/2021 House • Read 3rd time
• CS passed; YEAS 115, NAYS 0
4/23/2021 Senate • In Messages
• Referred to Rules -SJ 656
4/23/2021 House • Message sent to senate
4/23/2021 Senate • Received -SJ 656
4/30/2021 Senate • Died in Rules