The 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. It grants the commissioner the authority to issue a written notice to individuals suspected of such activities, prohibiting them from being employed by or associated with any licensee or registrant under the act. The notice must include a statement of facts and set a hearing date within 60 days. If the individual fails to appear, they are deemed to have consented to the order. The bill also specifies that any order issued is effective upon service and remains in effect until modified or terminated.

Additionally, the bill introduces provisions for expedited suspension in cases where the commissioner believes an individual poses an imminent threat of financial loss to consumers. It establishes a timeline for hearings related to these suspensions and allows individuals to apply for termination of orders after five years. The definitions of "fraud" and "money laundering" are also clarified to encompass various forms of deceit and illegal financial activities. The amendments are set to take effect on January 1, 2026, contingent upon the enactment of another related bill.

Statutes affected:
House Introduced Bill: 487.2060
As Passed by the House: 487.2060