This bill amends the Consumer Financial Services Act by updating Section 10g, which outlines the procedures for addressing individuals engaged in fraud or money laundering within the financial services sector. The amendments allow the commissioner to issue a written notice to individuals suspected of such activities, prohibiting them from being employed by or associated with any licensee under the act. The notice must include a statement of facts and set a hearing within 60 days. If the individual does not appear, they are deemed to have consented to the order. Additionally, the bill clarifies that orders issued are effective upon service and remain in effect until modified or terminated.

Further provisions include the ability for the commissioner to suspend individuals posing an imminent threat of financial loss, with a hearing required within a specified timeframe. The bill also establishes that individuals convicted of crimes related to fraud or money laundering may face similar prohibitions. The definitions of "fraud" and "money laundering" are expanded to encompass various forms of these offenses. The amendments will take effect on January 1, 2026, contingent upon the enactment of another related bill.

Statutes affected:
House Introduced Bill: 487.2060