The bill amends the Money Transmission Services Act by updating the definitions and scope of terms related to money transmission services. Notably, it introduces the definition of "material litigation," which refers to significant litigation that must be disclosed in an applicant's or licensee's financial statements. Additionally, the bill expands the definition of "money transmission services" to include activities related to virtual currency kiosks, thereby recognizing the growing importance of digital currencies in financial transactions.

Furthermore, the bill clarifies the definition of "payment instrument" to include various forms of monetary instruments, regardless of their negotiability, and specifies that "virtual currency kiosk" will be defined as per the existing virtual currency kiosk consumer protection act. The enactment of this bill is contingent upon the passage of another related bill in the legislature.

Statutes affected:
House Introduced Bill: 487.1003