AN ACT TO CREATE NEW SECTION 75-15-101, MISSISSIPPI CODE OF 1972, TO CREATE THE MONEY TRANSMISSION MODERNIZATION ACT AND TO STATE THE PURPOSES OF THE ACT; TO CREATE NEW SECTION 75-15-103, MISSISSIPPI CODE OF 1972, TO DEFINE CERTAIN TERMS; TO CREATE NEW SECTION 75-15-105, MISSISSIPPI CODE OF 1972, TO EXEMPT CERTAIN PARTIES FROM THE PROVISIONS OF THE ACT; TO CREATE NEW SECTION 75-15-107, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO TAKE CERTAIN ACTIONS TO IMPLEMENT THE ACT; TO REQUIRE CERTAIN INFORMATION RELATING TO LICENSEES TO BE KEPT CONFIDENTIAL BY THE COMMISSIONER; TO AUTHORIZE THE COMMISSIONER TO EXAMINE LICENSEES; TO CREATE NEW SECTION 75-15-109, MISSISSIPPI CODE OF 1972, TO REQUIRE PERSONS ENGAGING IN THE BUSINESS OF MONEY TRANSMISSION TO PROCURE A LICENSE TO ENGAGE IN SUCH BUSINESS; TO PRESCRIBE REQUIREMENTS FOR AN APPLICATION FOR A LICENSE; TO ESTABLISH TIMEFRAMES FOR MAKING A DETERMINATION ON AN APPLICATION FOR A LICENSE; TO REQUIRE THE ANNUAL RENEWAL OF LICENSES; TO CREATE NEW SECTION 75-15-111, MISSISSIPPI CODE OF 1972, TO REQUIRE PERSONS SEEKING TO ACQUIRE CONTROL OF A LICENSEE TO OBTAIN APPROVAL FROM THE COMMISSIONER; TO REQUIRE NOTICE TO BE GIVEN TO THE COMMISSIONER OF CHANGES IN THE KEY PERSONNEL OF A LICENSEE; TO CREATE NEW SECTION 75-15-113, MISSISSIPPI CODE OF 1972, TO REQUIRE CERTAIN REPORTS AND AUDITED FINANCIAL STATEMENTS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT TO BE SUBMITTED TO THE COMMISSIONER; TO CREATE NEW SECTION 75-15-115, MISSISSIPPI CODE OF 1972, TO PRESCRIBE CERTAIN REQUIREMENTS RELATING TO AUTHORIZED DELEGATES; TO CREATE NEW SECTION 75-15-117, MISSISSIPPI CODE OF 1972, TO REQUIRE TIMELY TRANSMISSIONS AND TO ESTABLISH REQUIREMENTS FOR REFUNDS FOR SENDERS; TO CREATE NEW SECTION 75-15-119, MISSISSIPPI CODE OF 1972, TO REQUIRE LICENSEES TO MAINTAIN A MINIMUM NET WORTH AND SECURITY BOND IN PRESCRIBED AMOUNTS; TO ESTABLISH REQUIREMENTS FOR PERMISSIBLE INVESTMENTS MAINTAINED BY A LICENSEE; TO CREATE NEW SECTION 75-15-121, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER TO SUSPEND OR REVOKE A LICENSE FOR CERTAIN PROHIBITED ACTIONS; TO REQUIRE NOTICE AND A HEARING IN CASES OTHER THAN WHEN A LICENSE IS AUTOMATICALLY REVOKED; TO AUTHORIZE THE ISSUANCE OF A CEASE AND DESIST ORDER FOR VIOLATIONS OF CERTAIN RULES AND REGULATIONS; TO AUTHORIZE THE IMPOSITION OF CIVIL PENALTIES; TO CREATE NEW SECTION 75-15-123, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER TO EXAMINE LICENSEES AND PERSONS SUSPECTED OF CONDUCTING BUSINESS WITHOUT A LICENSE; TO CREATE NEW SECTION 75-15-125, MISSISSIPPI CODE OF 1972, TO ENCOURAGE CONSIDERATION AMONG STATES ENACTING THE MONEY TRANSMISSION MODERNIZATION ACT; TO ESTABLISH A TRANSITION PERIOD TO NEW REQUIREMENTS ESTABLISHED UNDER THIS ACT FOR CURRENT LICENSEES; TO REPEAL SECTIONS 75-15-1 THROUGH 75-15-35, MISSISSIPPI CODE OF 1972, WHICH ARE THE MISSISSIPPI MONEY TRANSMITTERS ACT; AND FOR RELATED PURPOSES.