HB1531 • 2026

Mississippi Bullion Depository; establish and authorize fractional reserve currency.

AN ACT TO ESTABLISH THE MISSISSIPPI BULLION DEPOSITORY; TO DEFINE THE TERM "LEGAL TENDER" AS SPECIE LEGAL TENDER AND ELECTRONIC AND/OR DIGITAL CURRENCY WHOSE ENTIRE AND EXCLUSIVE VALUE IS CORRELATED AGAINST THE MARKET VALUE OF GOLD OR SILVER; TO DEFINE OTHER TERMS RELATING TO THE DEPOSITORY; TO PROVIDE THAT SUCH DEPOSITORY IS ESTABLISHED TO SERVE AS THE CUSTODIAN, GUARDIAN, AND ADMINISTRATOR OF CERTAIN BULLION AND SPECIE THAT MAY BE TRANSFERRED TO OR OTHERWISE ACQUIRED BY THE STATE OF MISSISSIPPI OR AN AGENCY, DEPARTMENT, INSTITUTION, INSTRUMENTALITY, OR POLITICAL SUBDIVISION OF THE STATE OF MISSISSIPPI; TO REQUIRE THAT THE DEPOSITORY BE ADMINISTERED AS A DIVISION OF THE OFFICE OF THE STATE TREASURER AND UNDER THE DIRECTION AND SUPERVISION OF A BULLION DEPOSITORY ADMINISTRATOR; TO PROVIDE THE DUTIES OF THE BULLION DEPOSITORY ADMINISTRATOR; TO AUTHORIZE THE DEPOSITORY TO RECEIVE A DEPOSIT OF BULLION OR SPECIE FROM OR ON BEHALF OF A PERSON ACTING IN THE PERSON'S OWN RIGHT, AS TRUSTEE, OR IN ANOTHER FIDUCIARY CAPACITY, IN ACCORDANCE WITH ANY RULES OR REGULATIONS ADOPTED BY THE STATE TREASURER; TO REQUIRE THAT THE DEPOSITORY RECORD THE AMOUNT OF PRECIOUS METALS A PERSON DEPOSITS, REGARDLESS OF FORM, IN UNITS OF TROY OUNCES PURE, AND THE RECORD MUST ALSO SPECIFY THE TYPE AND QUANTITY OF EACH PRECIOUS METAL DEPOSITED; TO AUTHORIZE THE STATE TREASURER TO RESTRICT THE FORMS IN WHICH DEPOSITS OF PRECIOUS METALS MAY BE MADE TO THOSE FORMS THAT CONVENIENTLY LEND THEMSELVES TO MEASUREMENT AND ACCOUNTING IN UNITS OF TROY OUNCES AND STANDARDIZED FRACTIONS OF TROY OUNCES; TO REQUIRE THE DEPOSITORY TO DELIVER ANY PRECIOUS METAL HELD BY OR ON BEHALF OF THE DEPOSITORY IN BULLION, SPECIE, OR A COMBINATION THEREOF, ON THE ORDER OF A DEPOSITORY ACCOUNT HOLDER IN A QUANTITY OF THAT PRECIOUS METAL AS IS AVAILABLE IN SUCH ACCOUNT HOLDER'S ACCOUNT; TO AUTHORIZE A DEPOSITORY ACCOUNT HOLDER TO TRANSFER ANY PORTION OF THE BALANCE OF THE HOLDER'S DEPOSITORY ACCOUNT BY CHECK, DRAFT, OR DIGITAL ELECTRONIC INSTRUCTION TO ANOTHER DEPOSITORY ACCOUNT HOLDER OR TO A PERSON WHO AT THE TIME THE TRANSFER IS INITIATED IS NOT A DEPOSITORY ACCOUNT HOLDER; TO REQUIRE A DEPOSITOR TO CONTRACT WITH THE DEPOSITORY TO BE ABLE TO ESTABLISH A DEPOSITORY ACCOUNT; TO PROVIDE CERTAIN REQUIREMENTS FOR SUCH CONTRACT BETWEEN A DEPOSITORY AND DEPOSITOR; TO PROVIDE THAT A CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY ON A DEPOSITORY ACCOUNT CONTRACT WITHOUT A MATURITY DATE DOES NOT ACCRUE UNTIL THE DEPOSITORY HAS DENIED LIABILITY AND GIVEN NOTICE OF THE DENIAL TO THE DEPOSITORY ACCOUNT HOLDER; TO PROVIDE THAT A DEPOSITORY ACCOUNT MAY BE TRANSFERRED ON THE BOOKS OF THE DEPOSITORY ONLY ON PRESENTATION TO THE DEPOSITORY OF EVIDENCE OF TRANSFER SATISFACTORY TO THE DEPOSITORY AND AN APPLICATION FOR THE TRANSFER SUBMITTED BY THE PERSON TO WHOM THE DEPOSITORY ACCOUNT IS TO BE TRANSFERRED; TO PROHIBIT THE DEPOSITORY FROM PAYING ON A DEPOSITORY ACCOUNT ANY INTEREST, AN AMOUNT IN THE NATURE OF INTEREST, OR A FEE OR OTHER PAYMENT FOR THE USE OR FORBEARANCE OF USE OF MONEY, BULLION, SPECIE, OR PRECIOUS METALS DEPOSITED TO A DEPOSITORY ACCOUNT; TO PROVIDE THAT THE DEPOSITORY HAS A LIEN ON EACH DEPOSITORY ACCOUNT OWNED BY A DEPOSITORY ACCOUNT HOLDER TO SECURE ANY FEES, CHARGES, OR OTHER OBLIGATIONS OWED OR THAT MAY BECOME OWED TO THE DEPOSITORY IN CONNECTION WITH ANY OF SUCH ACCOUNT HOLDER'S DEPOSITORY ACCOUNTS AS PROVIDED BY THE TERMS OF THE ACCOUNT HOLDER'S APPLICABLE DEPOSITORY ACCOUNT CONTRACT; TO AUTHORIZE THE DEPOSITORY, WITHOUT NOTICE TO OR CONSENT OF THE DEPOSITORY ACCOUNT HOLDER, TO TRANSFER ON THE DEPOSITORY'S BOOKS THE BALANCE OF SUCH ACCOUNT HOLDER'S DEPOSITORY ACCOUNT TO PAY OR SATISFY THE OBLIGATION UPON DEFAULT IN THE PAYMENT OR IN THE SATISFACTION OF SUCH ACCOUNT HOLDER'S OBLIGATION, AS DETERMINED BY REFERENCE TO THE EXCHANGE RATES APPLICABLE AT THE TIME OF THE TRANSFER; TO AUTHORIZE CERTAIN INDIVIDUALS AND ENTITIES TO INVEST MONEY IN A DEPOSITORY ACCOUNT BY PURCHASING PRECIOUS METALS AND DEPOSITING SUCH PRECIOUS METALS WITH THE DEPOSITORY OR A DEPOSITORY AGENT; TO PROVIDE THAT UNLESS A TERM OF THE DEPOSITORY ACCOUNT PROVIDES OTHERWISE, A PERSON ON WHOSE SIGNATURE PRECIOUS METALS MAY BE WITHDRAWN FROM A DEPOSITORY ACCOUNT THAT IS JOINTLY HELD IN THE NAMES OF TWO OR MORE PERSONS MAY, BY A SIGNED PLEDGE, PLEDGE AND TRANSFER TO THE DEPOSITORY OR TO A THIRD PARTY ALL OR PART OF THE ACCOUNT; TO AUTHORIZE THE DEPOSITORY OR A DEPOSITORY AGENT TO ACCEPT A DEPOSITORY ACCOUNT IN THE NAME OF A FIDUCIARY, INCLUDING AN ADMINISTRATOR, EXECUTOR, CUSTODIAN, GUARDIAN, OR TRUSTEE, FOR A NAMED BENEFICIARY; TO REQUIRE THE DEPOSITORY TO RECOGNIZE THE AUTHORITY OF A POWER OF ATTORNEY AUTHORIZED IN WRITING BY A DEPOSITORY ACCOUNT HOLDER TO MANAGE OR WITHDRAW PRECIOUS METALS FROM THE DEPOSITORY ACCOUNT HOLDER'S DEPOSITORY ACCOUNT UNTIL THE DEPOSITORY RECEIVES WRITTEN OR ACTUAL NOTICE OF THE REVOCATION OF THAT AUTHORITY; TO REQUIRE THE DEPOSITORY TO ENTER INTO TRANSACTIONS AND RELATIONSHIPS WITH BULLION BANKS, DEPOSITORIES, DEALERS, CENTRAL BANKS, SOVEREIGN WEALTH FUNDS, FINANCIAL INSTITUTIONS, INTERNATIONAL NONGOVERNMENTAL ORGANIZATIONS, AND OTHER PERSONS, LOCATED INSIDE OR OUTSIDE OF MISSISSIPPI OR INSIDE OR OUTSIDE OF THE UNITED STATES, AS THE STATE TREASURER DETERMINES TO BE PRUDENT AND SUITABLE TO FACILITATE THE OPERATIONS OF THE DEPOSITORY; TO PROVIDE CERTAIN PROHIBITIONS FOR THE BULLION DEPOSITORY; TO REQUIRE THE STATE TREASURER TO ESTABLISH THE REFERENCES BY WHICH THE OFFICIAL EXCHANGE RATE FOR PRICING PRECIOUS METALS TRANSACTIONS IN TERMS OF UNITED STATES DOLLARS OR OTHER CURRENCY MUST BE ESTABLISHED AT THE TIME OF A DEPOSITORY TRANSACTION; TO REQUIRE THE STATE TREASURER TO ESTABLISH PROCEDURES AND FACILITIES THROUGH WHICH THE RATES ARE MADE DISCOVERABLE AT ALL REASONABLE TIMES BY SYSTEM PARTICIPANTS, BOTH ON A REAL-TIME BASIS AND RETROSPECTIVELY; TO REQUIRE THE STATE TREASURER TO ESTABLISH PROCEDURES AND REQUIREMENTS FOR THE DEPOSITORY AND DEPOSITORY AGENTS DESIGNED TO MINIMIZE THE BURDEN TO SYSTEM PARTICIPANTS OF ACCOUNTING FOR AND REPORTING TAXABLE GAINS AND LOSSES ARISING OUT OF DEPOSITORY TRANSACTIONS AS DENOMINATED IN UNITED STATES DOLLARS OR ANOTHER CURRENCY; TO REQUIRE THE STATE TREASURER TO SUBMIT TO THE GOVERNOR AND TO THE LEGISLATURE A REPORT ON THE STATUS, CONDITION, OPERATIONS, AND PROSPECTS FOR THE DEPOSITORY AND DEPOSITORY PARTICIPATION NOT LATER THAN SEPTEMBER 30 OF EACH YEAR; TO REQUIRE THAT THE DEPOSITORY USE PRIVATE, INDEPENDENTLY MANAGED FIRMS AND INSTITUTIONS LICENSED AS DEPOSITORY AGENTS AS INTERMEDIARIES TO CONDUCT RETAIL TRANSACTIONS IN BULLION AND SPECIE ON BEHALF OF THE DEPOSITORY WITH CURRENT AND PROSPECTIVE DEPOSITORY ACCOUNT HOLDERS; TO PROVIDE THAT THE STATE TREASURER SHALL REQUIRE A DEPOSITORY AGENT TO MAINTAIN SUITABLE SYSTEMS AND PROCESSES FOR ELECTRONIC INFORMATION SHARING AND COMMUNICATION WITH THE STATE TREASURER AND THE DEPOSITORY TO ENSURE THAT ALL TRANSACTIONS EFFECTED ON BEHALF OF THE DEPOSITORY ARE REPORTED TO AND INTEGRATED INTO THE DEPOSITORY'S RECORDS NOT LATER THAN 11:59:59 P.M. ON THE DATE OF EACH TRANSACTION; TO REQUIRE A DEPOSITORY AGENT TO SUBMIT MONTHLY, QUARTERLY, AND ANNUAL REPORTS OF ALL DEPOSITORY TRANSACTIONS NO LATER THAN THE 15TH DAY OF THE MONTH FOLLOWING THE EXPIRATION OF THE PERIOD WITH RESPECT TO WHICH REPORT IS SUBMITTED; TO PROVIDE THAT A PERSON MAY NOT ENGAGE IN THE BUSINESS OF RENDERING DEPOSITORY AGENT SERVICES OR ADVERTISE, SOLICIT, OR HOLD ITSELF OUT AS A PERSON THAT ENGAGES IN THE BUSINESS OF SUCH SERVICES UNLESS THE PERSON IS LICENSED, AND HAS RECEIVED THE REQUISITE CERTIFICATIONS; TO PROVIDE THAT A PERSON ENGAGES IN THE BUSINESS OF DEPOSITORY AGENT SERVICES IF THE PERSON RENDERS A DEPOSITORY AGENT SERVICE, REGARDLESS OF WHETHER COMPENSATION IS SOUGHT OR RECEIVED FOR THE SERVICE, DIRECTLY OR INDIRECTLY OR IF THE SERVICE IS INCIDENTAL TO ANY OTHER BUSINESS IN WHICH THE PERSON IS PRIMARILY ENGAGED; TO PROVIDE THAT A PERSON SOLICITS, ADVERTISES, OR HOLDS THE PERSON OUT AS A PERSON THAT ENGAGES IN THE BUSINESS OF DEPOSITORY AGENT SERVICES IF THE PERSON REPRESENTS THAT THE PERSON WILL CONDUCT DEPOSITORY AGENT SERVICES; TO AUTHORIZE A DEPOSITORY AGENT LICENSE HOLDER TO ENGAGE IN DEPOSITORY AGENT SERVICES BUSINESS AT ONE OR MORE LOCATIONS IN MISSISSIPPI OWNED DIRECTLY OR INDIRECTLY BY THE LICENSE HOLDER UNDER A SINGLE LICENSE; TO REQUIRE AN APPLICANT FOR A DEPOSITORY AGENT LICENSE TO SUBMIT AN APPLICATION TO THE STATE TREASURER AND TO PROVIDE CERTAIN REQUIREMENTS FOR SUCH APPLICATION; TO REQUIRE THE STATE TREASURER TO INVESTIGATE SUCH APPLICANT AND ACCEPT OR DENY SUCH APPLICATIONS; TO AUTHORIZE THE STATE TREASURER TO ISSUE A TEMPORARY DEPOSITORY AGENT LICENSE TO A PERSON THAT IS ENGAGING IN DEPOSITORY AGENT SERVICES, BUT HAS NOT OBTAINED A LICENSE UNDER THIS ACT UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE THAT A DEPOSITORY AGENT LICENSE HOLDER IS LIABLE FOR THE DELIVERY TO OR FOR THE ACCOUNT OF THE DEPOSITORY OR EACH DEPOSITOR, AS APPLICABLE, OF ALL BULLION, SPECIE, AND MONEY PAYABLE OR DELIVERABLE IN CONNECTION WITH THE TRANSACTIONS IN WHICH THE LICENSE HOLDER ENGAGES ON BEHALF OF THE DEPOSITORY; TO REQUIRE A DEPOSITORY AGENT LICENSE HOLDER TO HOLD IN TRUST ALL CASH, BULLION, SPECIE, AND OTHER ASSETS RECEIVED IN THE ORDINARY COURSE OF ITS BUSINESS UNTIL THE TIME THE DELIVERY OBLIGATION IS DISCHARGED; TO REQUIRE THAT A DEPOSITORY AGENT LICENSE HOLDER'S NAME AND MAILING ADDRESS OR TELEPHONE NUMBER MUST BE PROVIDED TO THE PURCHASER IN CONNECTION WITH EACH DEPOSITORY AGENT SERVICES TRANSACTION CONDUCTED BY THE DEPOSITORY AGENT LICENSE HOLDER; TO BRING FORWARD SECTIONS 75-16-9 THROUGH 75-16-87, MISSISSIPPI CODE OF 1972, WHICH RELATE TO THE MONEY TRANSMISSION MODERNIZATION ACT, FOR PURPOSES OF POSSIBLE AMENDMENT; TO AMEND SECTION 7-9-9, MISSISSIPPI CODE OF 1972, WHICH RELATES TO POWERS AND DUTIES OF THE STATE TREASURER TO MAKE A MINOR, NONSUBSTANTIVE CHANGE; AND FOR RELATED PURPOSES.

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Carpenter
Last action: 2026-02-03
Official status: Dead
Effective date: July 1, 20

Plain English Breakdown

The bill summary and text do not provide specific details about digital currency or fractional reserve currency, which were mentioned in the original explanation.

Mississippi Bullion Depository Act

This act establishes the Mississippi Bullion Depository to manage and store precious metals, including rules for deposits, withdrawals, and transfers.

What This Bill Does

Establishes a new state agency called the Mississippi Bullion Depository to hold and manage bullion (precious metal) deposits.
Defines 'legal tender' as money fully based on gold or silver value, including electronic forms.
Requires the depository to record precious metals in troy ounces and allows for transfers between accounts.
Sets up rules for depositing and withdrawing bullion from the depository.

Who It Names or Affects

People who want to store or trade precious metals in Mississippi.
Financial institutions that deal with bullion deposits.
The state treasurer and their office, which will oversee the depository.

Terms To Know

Legal Tender: Money officially accepted for transactions by law. In this case, it refers to currency backed entirely by gold or silver value.
Troy Ounce: A unit of weight used primarily for precious metals, equal to about 31.1 grams.

Limits and Unknowns

The bill did not pass and was not signed into law.
Details on how the depository will operate are left to future regulations by the state treasurer.

Bill History

2026-02-03 Mississippi Legislative Bill Status System
02/03 (H) Died In Committee
2026-01-19 Mississippi Legislative Bill Status System
01/19 (H) Referred To Banking and Financial Services

Official Summary Text

Mississippi Bullion Depository; establish and authorize fractional reserve currency.

Current Bill Text

Read the full stored bill text

H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~ G1/2
26/HR26/R807
PAGE 1 (MCL\KW)

To: Banking and Financial
Services
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Carpenter

HOUSE BILL NO. 1531

AN ACT TO ESTABLISH THE MISSISSIPPI BULLION DEPOSITORY; TO 1
DEFINE THE TERM "LEGAL TENDER" AS SPECIE LEGAL TENDER AND 2
ELECTRONIC AND/OR DIGITAL CURRENCY WHOSE ENTIRE AND EXCLUSIVE 3
VALUE IS CORRELATED AGAINST THE MARKET VALUE OF GOLD OR SILVER; TO 4
DEFINE OTHER TERMS RELATING TO THE DEPOSITORY; TO PROVIDE THAT 5
SUCH DEPOSITORY IS ESTABLISHED TO SERVE AS THE CUSTODIAN, 6
GUARDIAN, AND ADMINISTRATOR OF CERTAIN BULLION AND SPECIE THAT MAY 7
BE TRANSFERRED TO OR OTHERWISE ACQUIRED BY THE STATE OF 8
MISSISSIPPI OR AN AGENCY, DEPARTMENT, INSTITUTION, 9
INSTRUMENTALITY, OR POLITICAL SUBDIVISION OF THE STATE OF 10
MISSISSIPPI; TO REQUIRE THAT THE DEPOSITORY BE ADMINISTERED AS A 11
DIVISION OF THE OFFICE OF THE STATE TREASURER AND UNDER THE 12
DIRECTION AND SUPERVISION OF A BULLION DEPOSITORY ADMINISTRATOR; 13
TO PROVIDE THE DUTIES OF THE BULLION DEPOSITORY ADMINISTRATOR; TO 14
AUTHORIZE THE DEPOSITORY TO RECEIVE A DEPOSIT OF BULLION OR SPECIE 15
FROM OR ON BEHALF OF A PERSON ACTING IN THE PERSON'S OWN RIGHT, AS 16
TRUSTEE, OR IN ANOTHER FIDUCIARY CAPACITY, IN ACCORDANCE WITH ANY 17
RULES OR REGULATIONS ADOPTED BY THE STATE TREASURER; TO REQUIRE 18
THAT THE DEPOSITORY RECORD THE AMOUNT OF PRECIOUS METALS A PERSON 19
DEPOSITS, REGARDLESS OF FORM, IN UNITS OF TROY OUNCES PURE, AND 20
THE RECORD MUST ALSO SPECIFY THE TYPE AND QUANTITY OF EACH 21
PRECIOUS METAL DEPOSITED; TO AUTHORIZE THE STATE TREASURER TO 22
RESTRICT THE FORMS IN WHICH DEPOSITS OF PRECIOUS METALS MAY BE 23
MADE TO THOSE FORMS THAT CONVENIENTLY LEND THEMSELVES TO 24
MEASUREMENT AND ACCOUNTING IN UNITS OF TROY OUNCES AND 25
STANDARDIZED FRACTIONS OF TROY OUNCES; TO REQUIRE THE DEPOSITORY 26
TO DELIVER ANY PRECIOUS METAL HELD BY OR ON BEHALF OF THE 27
DEPOSITORY IN BULLION, SPECIE, OR A COMBINATION THEREOF, ON THE 28
ORDER OF A DEPOSITORY ACCOUNT HOLDER IN A QUANTITY OF THAT 29
PRECIOUS METAL AS IS AVAILABLE IN SUCH ACCOUNT HOLDER'S ACCOUNT; 30
TO AUTHORIZE A DEPOSITORY ACCOUNT HOLDER TO TRANSFER ANY PORTION 31
OF THE BALANCE OF THE HOLDER'S DEPOSITORY ACCOUNT BY CHECK, DRAFT, 32
OR DIGITAL ELECTRONIC INSTRUCTION TO ANOTHER DEPOSITORY ACCOUNT 33
HOLDER OR TO A PERSON WHO AT THE TIME THE TRANSFER IS INITIATED IS 34
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 2 (MCL\KW)

NOT A DEPOSITORY ACCOUNT HOLDER; TO REQUIRE A DEPOSITOR TO 35
CONTRACT WITH THE DEPOSITORY TO BE ABLE TO ESTABLISH A DEPOSITORY 36
ACCOUNT; TO PROVIDE CERTAIN REQUIREMENTS FOR SUCH CONTRACT BETWEEN 37
A DEPOSITORY AND DEPOSITOR; TO PROVIDE THAT A CAUSE OF ACTION FOR 38
DENIAL OF DEPOSIT LIABILITY ON A DEPOSITORY ACCOUNT CONTRACT 39
WITHOUT A MATURITY DATE DOES NOT ACCRUE UNTIL THE DEPOSITORY HAS 40
DENIED LIABILITY AND GIVEN NOTICE OF THE DENIAL TO THE DEPOSITORY 41
ACCOUNT HOLDER; TO PROVIDE THAT A DEPOSITORY ACCOUNT MAY BE 42
TRANSFERRED ON THE BOOKS OF THE DEPOSITORY ONLY ON PRESENTATION TO 43
THE DEPOSITORY OF EVIDENCE OF TRANSFER SATISFACTORY TO THE 44
DEPOSITORY AND AN APPLICATION FOR THE TRANSFER SUBMITTED BY THE 45
PERSON TO WHOM THE DEPOSITORY ACCOUNT IS TO BE TRANSFERRED; TO 46
PROHIBIT THE DEPOSITORY FROM PAYING ON A DEPOSITORY ACCOUNT ANY 47
INTEREST, AN AMOUNT IN THE NATURE OF INTEREST, OR A FEE OR OTHER 48
PAYMENT FOR THE USE OR FORBEARANCE OF USE OF MONEY, BULLION, 49
SPECIE, OR PRECIOUS METALS DEPOSITED TO A DEPOSITORY ACCOUNT; TO 50
PROVIDE THAT THE DEPOSITORY HAS A LIEN ON EACH DEPOSITORY ACCOUNT 51
OWNED BY A DEPOSITORY ACCOUNT HOLDER TO SECURE ANY FEES, CHARGES, 52
OR OTHER OBLIGATIONS OWED OR THAT MAY BECOME OWED TO THE 53
DEPOSITORY IN CONNECTION WITH ANY OF SUCH ACCOUNT HOLDER'S 54
DEPOSITORY ACCOUNTS AS PROVIDED BY THE TERMS OF THE ACCOUNT 55
HOLDER'S APPLICABLE DEPOSITORY ACCOUNT CONTRACT; TO AUTHORIZE THE 56
DEPOSITORY, WITHOUT NOTICE TO OR CONSENT OF THE DEPOSITORY ACCOUNT 57
HOLDER, TO TRANSFER ON THE DEPOSITORY'S BOOKS THE BALANCE OF SUCH 58
ACCOUNT HOLDER'S DEPOSITORY ACCOUNT TO PAY OR SATISFY THE 59
OBLIGATION UPON DEFAULT IN THE PAYMENT OR IN THE SATISFACTION OF 60
SUCH ACCOUNT HOLDER'S OBLIGATION, AS DETERMINED BY REFERENCE TO 61
THE EXCHANGE RATES APPLICABLE AT THE TIME OF THE TRANSFER; TO 62
AUTHORIZE CERTAIN INDIVIDUALS AND ENTITIES TO INVEST MONEY IN A 63
DEPOSITORY ACCOUNT BY PURCHASING PRECIOUS METALS AND DEPOSITING 64
SUCH PRECIOUS METALS WITH THE DEPOSITORY OR A DEPOSITORY AGENT; TO 65
PROVIDE THAT UNLESS A TERM OF THE DEPOSITORY ACCOUNT PROVIDES 66
OTHERWISE, A PERSON ON WHOSE SIGNATURE PRECIOUS METALS MAY BE 67
WITHDRAWN FROM A DEPOSITORY ACCOUNT THAT IS JOINTLY HELD IN THE 68
NAMES OF TWO OR MORE PERSONS MAY, BY A SIGNED PLEDGE, PLEDGE AND 69
TRANSFER TO THE DEPOSITORY OR TO A THIRD PARTY ALL OR PART OF THE 70
ACCOUNT; TO AUTHORIZE THE DEPOSITORY OR A DEPOSITORY AGENT TO 71
ACCEPT A DEPOSITORY ACCOUNT IN THE NAME OF A FIDUCIARY, INCLUDING 72
AN ADMINISTRATOR, EXECUTOR, CUSTODIAN, GUARDIAN, OR TRUSTEE, FOR A 73
NAMED BENEFICIARY; TO REQUIRE THE DEPOSITORY TO RECOGNIZE THE 74
AUTHORITY OF A POWER OF ATTORNEY AUTHORIZED IN WRITING BY A 75
DEPOSITORY ACCOUNT HOLDER TO MANAGE OR WITHDRAW PRECIOUS METALS 76
FROM THE DEPOSITORY ACCOUNT HOLDER'S DEPOSITORY ACCOUNT UNTIL THE 77
DEPOSITORY RECEIVES WRITTEN OR ACTUAL NOTICE OF THE REVOCATION OF 78
THAT AUTHORITY; TO REQUIRE THE DEPOSITORY TO ENTER INTO 79
TRANSACTIONS AND RELATIONSHIPS WITH BULLION BANKS, DEPOSITORIES, 80
DEALERS, CENTRAL BANKS, SOVEREIGN WEALTH FUNDS, FINANCIAL 81
INSTITUTIONS, INTERNATIONAL NONGOVERNMENTAL ORGANIZATIONS, AND 82
OTHER PERSONS, LOCATED INSIDE OR OUTSIDE OF MISSISSIPPI OR INSIDE 83
OR OUTSIDE OF THE UNITED STATES, AS THE STATE TREASURER DETERMINES 84
TO BE PRUDENT AND SUITABLE TO FACILITATE THE OPERATIONS OF THE 85
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 3 (MCL\KW)

DEPOSITORY; TO PROVIDE CERTAIN PROHIBITIONS FOR THE BULLION 86
DEPOSITORY; TO REQUIRE THE STATE TREASURER TO ESTABLISH THE 87
REFERENCES BY WHICH THE OFFICIAL EXCHANGE RATE FOR PRICING 88
PRECIOUS METALS TRANSACTIONS IN TERMS OF UNITED STATES DOLLARS OR 89
OTHER CURRENCY MUST BE ESTABLISHED AT THE TIME OF A DEPOSITORY 90
TRANSACTION; TO REQUIRE THE STATE TREASURER TO ESTABLISH 91
PROCEDURES AND FACILITIES THROUGH WHICH THE RATES ARE MADE 92
DISCOVERABLE AT ALL REASONABLE TIMES BY SYSTEM PARTICIPANTS, BOTH 93
ON A REAL-TIME BASIS AND RETROSPECTIVELY; TO REQUIRE THE STATE 94
TREASURER TO ESTABLISH PROCEDURES AND REQUIREMENTS FOR THE 95
DEPOSITORY AND DEPOSITORY AGENTS DESIGNED TO MINIMIZE THE BURDEN 96
TO SYSTEM PARTICIPANTS OF ACCOUNTING FOR AND REPORTING TAXABLE 97
GAINS AND LOSSES ARISING OUT OF DEPOSITORY TRANSACTIONS AS 98
DENOMINATED IN UNITED STATES DOLLARS OR ANOTHER CURRENCY; TO 99
REQUIRE THE STATE TREASURER TO SUBMIT TO THE GOVERNOR AND TO THE 100
LEGISLATURE A REPORT ON THE STATUS, CONDITION, OPERATIONS, AND 101
PROSPECTS FOR THE DEPOSITORY AND DEPOSITORY PARTICIPATION NOT 102
LATER THAN SEPTEMBER 30 OF EACH YEAR; TO REQUIRE THAT THE 103
DEPOSITORY USE PRIVATE, INDEPENDENTLY MANAGED FIRMS AND 104
INSTITUTIONS LICENSED AS DEPOSITORY AGENTS AS INTERMEDIARIES TO 105
CONDUCT RETAIL TRANSACTIONS IN BULLION AND SPECIE ON BEHALF OF THE 106
DEPOSITORY WITH CURRENT AND PROSPECTIVE DEPOSITORY ACCOUNT 107
HOLDERS; TO PROVIDE THAT THE STATE TREASURER SHALL REQUIRE A 108
DEPOSITORY AGENT TO MAINTAIN SUITABLE SYSTEMS AND PROCESSES FOR 109
ELECTRONIC INFORMATION SHARING AND COMMUNICATION WITH THE STATE 110
TREASURER AND THE DEPOSITORY TO ENSURE THAT ALL TRANSACTIONS 111
EFFECTED ON BEHALF OF THE DEPOSITORY ARE REPORTED TO AND 112
INTEGRATED INTO THE DEPOSITORY'S RECORDS NOT LATER THAN 11:59:59 113
P.M. ON THE DATE OF EACH TRANSACTION; TO REQUIRE A DEPOSITORY 114
AGENT TO SUBMIT MONTHLY, QUARTERLY, AND ANNUAL REPORTS OF ALL 115
DEPOSITORY TRANSACTIONS NO LATER THAN THE 15TH DAY OF THE MONTH 116
FOLLOWING THE EXPIRATION OF THE PERIOD WITH RESPECT TO WHICH 117
REPORT IS SUBMITTED; TO PROVIDE THAT A PERSON MAY NOT ENGAGE IN 118
THE BUSINESS OF RENDERING DEPOSITORY AGENT SERVICES OR ADVERTISE, 119
SOLICIT, OR HOLD ITSELF OUT AS A PERSON THAT ENGAGES IN THE 120
BUSINESS OF SUCH SERVICES UNLESS THE PERSON IS LICENSED, AND HAS 121
RECEIVED THE REQUISITE CERTIFICATIONS; TO PROVIDE THAT A PERSON 122
ENGAGES IN THE BUSINESS OF DEPOSITORY AGENT SERVICES IF THE PERSON 123
RENDERS A DEPOSITORY AGENT SERVICE, REGARDLESS OF WHETHER 124
COMPENSATION IS SOUGHT OR RECEIVED FOR THE SERVICE, DIRECTLY OR 125
INDIRECTLY OR IF THE SERVICE IS INCIDENTAL TO ANY OTHER BUSINESS 126
IN WHICH THE PERSON IS PRIMARILY ENGAGED; TO PROVIDE THAT A PERSON 127
SOLICITS, ADVERTISES, OR HOLDS THE PERSON OUT AS A PERSON THAT 128
ENGAGES IN THE BUSINESS OF DEPOSITORY AGENT SERVICES IF THE PERSON 129
REPRESENTS THAT THE PERSON WILL CONDUCT DEPOSITORY AGENT SERVICES; 130
TO AUTHORIZE A DEPOSITORY AGENT LICENSE HOLDER TO ENGAGE IN 131
DEPOSITORY AGENT SERVICES BUSINESS AT ONE OR MORE LOCATIONS IN 132
MISSISSIPPI OWNED DIRECTLY OR INDIRECTLY BY THE LICENSE HOLDER 133
UNDER A SINGLE LICENSE; TO REQUIRE AN APPLICANT FOR A DEPOSITORY 134
AGENT LICENSE TO SUBMIT AN APPLICATION TO THE STATE TREASURER AND 135
TO PROVIDE CERTAIN REQUIREMENTS FOR SUCH APPLICATION; TO REQUIRE 136
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 4 (MCL\KW)

THE STATE TREASURER TO INVESTIGATE SUCH APPLICANT AND ACCEPT OR 137
DENY SUCH APPLICATIONS; TO AUTHORIZE THE STATE TREASURER TO ISSUE 138
A TEMPORARY DEPOSITORY AGENT LICENSE TO A PERSON THAT IS ENGAGING 139
IN DEPOSITORY AGENT SERVICES, BUT HAS NOT OBTAINED A LICENSE UNDER 140
THIS ACT UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE THAT A DEPOSITORY 141
AGENT LICENSE HOLDER IS LIABLE FOR THE DELIVERY TO OR FOR THE 142
ACCOUNT OF THE DEPOSITORY OR EACH DEPOSITOR, AS APPLICABLE, OF ALL 143
BULLION, SPECIE, AND MONEY PAYABLE OR DELIVERABLE IN CONNECTION 144
WITH THE TRANSACTIONS IN WHICH THE LICENSE HOLDER ENGAGES ON 145
BEHALF OF THE DEPOSITORY; TO REQUIRE A DEPOSITORY AGENT LICENSE 146
HOLDER TO HOLD IN TRUST ALL CASH, BULLION, SPECIE, AND OTHER 147
ASSETS RECEIVED IN THE ORDINARY COURSE OF ITS BUSINESS UNTIL THE 148
TIME THE DELIVERY OBLIGATION IS DISCHARGED; TO REQUIRE THAT A 149
DEPOSITORY AGENT LICENSE HOLDER'S NAME AND MAILING ADDRESS OR 150
TELEPHONE NUMBER MUST BE PROVIDED TO THE PURCHASER IN CONNECTION 151
WITH EACH DEPOSITORY AGENT SERVICES TRANSACTION CONDUCTED BY THE 152
DEPOSITORY AGENT LICENSE HOLDER; TO BRING FORWARD SECTIONS 75-16-9 153
THROUGH 75-16-87, MISSISSIPPI CODE OF 1972, WHICH RELATE TO THE 154
MONEY TRANSMISSION MODERNIZATION ACT, FOR PURPOSES OF POSSIBLE 155
AMENDMENT; TO AMEND SECTION 7-9-9, MISSISSIPPI CODE OF 1972, WHICH 156
RELATES TO POWERS AND DUTIES OF THE STATE TREASURER TO MAKE A 157
MINOR, NONSUBSTANTIVE CHANGE; AND FOR RELATED PURPOSES. 158
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 159
SECTION 1. (1) As used in this act, the following terms have 160
the meanings as defined in this section, unless the context 161
clearly indicates otherwise: 162
(a) "Administrator" means the bullion depository 163
administrator appointed under Section 3 of this act. 164
(b) "Bullion" means precious metals that are formed 165
into uniform shapes and quantities such as ingots, bars, or 166
plates, with uniform content and purity, as are suitable for or 167
customarily used in the purchase, sale, storage, transfer, and 168
delivery of bulk or wholesale transactions in precious metals. 169
(c) "Business day" means a day other than a Saturday, 170
Sunday, or banking holiday for a bank chartered under the laws of 171
this state. 172
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 5 (MCL\KW)

(d) "Deposit" means the establishment of an executory 173
obligation of the depository to deliver to the order of the person 174
establishing with the depository the obligation, on demand, a 175
quantity of a specified precious metal, in bullion, specie, or a 176
combination of bullion and specie, equal to the quantity of the 177
same precious metal delivered by or on behalf of the depositor 178
into the custody of: 179
(i) The depository; or 180
(ii) A depository agent. 181
(e) "Depositor" means a person who makes a deposit. 182
(f) "Depository" means the Mississippi Bullion 183
Depository created by this act. 184
(g) "Depository account" means the rights, interests, 185
and entitlements established in favor of a depositor with respect 186
to a deposit in accordance with this act, and rules or regulations 187
adopted under this act. 188
(h) "Depository account holder," regarding a depository 189
account, means the original depositor or a successor or assignee 190
of the depositor respecting the depository account. 191
(i) "Depository agent" means a person licensed in 192
accordance with this act to serve as an intermediary between the 193
depository and a retail customer in making a transaction in 194
precious metals bullion or specie. 195
(j) "Depository agent license" means a license issued 196
under this act. 197
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 6 (MCL\KW)

(k) "Depository agent services" means services rendered 198
to the general public for or on behalf of the Mississippi Bullion 199
Depository in the nature of purchasing, selling, transferring, 200
accepting, transporting, delivering, or otherwise dealing in 201
precious metals bullion or specie in connection with the creation, 202
transfer, clearing, settlement, or liquidation of the rights and 203
interests of a depository account holder and a direct or indirect 204
transferee of a depository account holder. The term "depository 205
agent services" does not include: 206
(i) Participation as a party or counterparty to a 207
transaction, including an agreement with respect to a transaction, 208
in or in connection with a contract for the purchase or sale of a 209
person's rights and interests as a depository account holder, as a 210
cash contract for present delivery, a cash contract for deferred 211
shipment or delivery, or a contract for future delivery, where the 212
underlying deliverable consists of the depository account holder's 213
interest in the depository account, rather than the underlying 214
precious metal represented by the depository account balance; 215
(ii) The opening, transfer, settlement, or 216
liquidation of any derivative of a contract, including a forward 217
transaction, swap transaction, currency transaction, future 218
transaction, index transaction, or option on or other derivative 219
of a transaction of any of those types, in the nature of a cap 220
transaction, floor transaction, collar transaction, repurchase 221
transaction, reverse repurchase transaction, buy-and-sell-back 222
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 7 (MCL\KW)

transaction, securities lending transaction, or other financial 223
instrument or interest, including an option with respect to a 224
transaction, or any combination of these transactions; or 225
(iii) The rendition of services exclusively in 226
support of the opening, transfer, settlement, or liquidation of 227
transaction derivatives through a central counterparty, such as 228
those customarily rendered by a clearinghouse, clearing 229
association, or clearing corporation, or through an interbank 230
payment system, physical or electronic trading facility, broker or 231
brokerage firm, or similar entity, facility, system, or 232
organization. 233
(l) "Legal tender" means specie legal tender and 234
electronic and/or digital currency whose entire and exclusive 235
value is correlated against the market value of gold or silver. 236
Precious metal, bullion, or species may not be characterized 237
as personal property for taxation or regulatory purposes, and the 238
purchase or sale of any type or form of precious metal, bullion or 239
specie does not give rise to any tax liability. 240
The exchange of one type or form of precious metal, bullion 241
or specie for another type or form of legal tender does not give 242
rise to any tax liability. 243
Unless specifically provided by the Mississippi Constitution, 244
general law, or by contract, a person may not compel another 245
person to tender or accept precious metal, bullion, or specie as 246
legal tender. 247
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 8 (MCL\KW)

Specie legal tender may be recognized to pay private debts, 248
taxes, and fees levied by the state or local government or any 249
subdivision thereof. 250
(m) "Precious metal" means a metal, including gold and 251
silver that: 252
(i) Bears a high value-to-weight ratio relative to 253
common industrial metals; and 254
(ii) Customarily is formed into bullion or specie. 255
(n) "Specie" means a precious metal stamped into coins 256
of uniform shape, size, design, content, and purity, suitable for 257
or customarily used as currency, as a medium of exchange, or as 258
the medium for purchase, sale, storage, transfer, or delivery of 259
precious metals in retail or wholesale transactions. 260
SECTION 2. (1) The Mississippi Bullion Depository is 261
established as an agency of this state in the Office of the State 262
Treasurer. 263
(2) The depository is established to serve as the custodian, 264
guardian, and administrator of certain bullion and specie that may 265
be transferred to or otherwise acquired by the State of 266
Mississippi, or an agency, department, institution, 267
instrumentality, or political subdivision of the State of 268
Mississippi, or any agency, department, or institution of a 269
political subdivision of the state. 270
SECTION 3. (1) The depository is administered as a division 271
of the Office of the State Treasurer and under the direction and 272
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 9 (MCL\KW)

supervision of a bullion depository administrator appointed by the 273
State Treasurer with the advice and consent of the Governor, 274
Lieutenant Governor, and Senate. 275
(2) The bullion depository administrator shall: 276
(a) Administer, supervise, and direct the operations 277
and affairs of the depository and depository agents; and 278
(b) Liaise with the State Treasurer and other divisions 279
of the Office of the State Treasurer to ensure that each 280
transaction with the depository that involves state money, that 281
involves an agency, department, institution, instrumentality, or 282
political subdivision of the State of Mississippi, or any agency, 283
department, or institution of a political subdivision of the 284
state, or that involves a private person is planned, administered, 285
and executed in a manner to achieve the purposes of this act. 286
(3) The administrator may appoint, subject to the approval 287
of the State Treasurer, a deputy administrator or other 288
subordinate officer as necessary and appropriate to the efficient 289
administration of the depository. 290
SECTION 4. (1) The following are not available for 291
legislative appropriation: 292
(a) A deposit to the depository; 293
(b) Bullion or specie held by or on behalf of the 294
depository or a depository agent; 295
(c) Bullion or specie in transit to or from the 296
depository or a depository agent; and 297
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 10 (MCL\KW)

(d) A receivable or other amount owed to the depository 298
in settlement of a transaction in bullion or specie. 299
(2) Bullion, specie, and other assets described by 300
subsection (1) of this section are subject to redemption, 301
liquidation, or transfer exclusively to discharge an obligation of 302
the depository to depository account holders, depository agents, 303
bullion banks, financial institutions, or other intermediaries in 304
accordance with this act, and any rules or regulations adopted 305
under this act. 306
(3) Revenue that the depository earns from fees, charges, or 307
other payments received in the course of depository operations 308
shall be transferred to the State General Fund. 309
SECTION 5. (1) The depository may receive a deposit of 310
bullion or specie from or on behalf of a person acting in the 311
person's own right, as trustee, or in another fiduciary capacity, 312
in accordance with any rules or regulations adopted by the State 313
Treasurer, as appropriate, to: 314
(a) Ensure compliance with law; and 315
(b) Protect the interests of: 316
(i) The depository; 317
(ii) Depository account holders; 318
(iii) The State of Mississippi, and any agency, 319
department, institution, instrumentality, or political subdivision 320
of the State of Mississippi, or any agency, department, or 321
institution of a political subdivision of the state; and 322
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 11 (MCL\KW)

(iv) The public at large. 323
(2) The depository shall record the amount of precious 324
metals a person deposits, regardless of form, in units of troy 325
ounces pure, and the records must also specify the type and 326
quantity of each precious metal deposited. 327
(3) The State Treasurer shall adopt standards by which the 328
quantities of precious metals deposited are credited to a 329
depositor's depository account by reference to the particular form 330
in which the metals were deposited, classified by mint, 331
denomination, weight, assay mark, or other indicator, as 332
applicable. The standards must conform to applicable national and 333
international standards of weights and measures. 334
(4) The State Treasurer may, if he or she determines that to 335
do so is in the public interest, restrict the forms in which 336
deposits of precious metals may be made to those forms that 337
conveniently lend themselves to measurement and accounting in 338
units of troy ounces and standardized fractions of troy ounces. 339
(5) The depository shall adjust each depository account 340
balance to reflect additions to or withdrawals or deliveries from 341
the account. 342
SECTION 6. (1) The depository shall deliver any precious 343
metal held by or on behalf of the depository in bullion, specie, 344
or a combination of bullion and specie, on the order of a 345
depository account holder in a quantity of that precious metal as 346
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 12 (MCL\KW)

is available in the depository account holder's depository 347
account. 348
(2) The depository shall make a delivery described by 349
subsection (1) of this section on demand by the presentment of a 350
suitable check, draft, or digital electronic instruction to the 351
depository or a depository agent. The State Treasurer shall 352
prescribe the forms, standards, and processes through which an 353
order for delivery on demand may be made, presented, and honored. 354
(3) The depository shall make a delivery at the depository's 355
settlement facility designated by the State Treasurer, shipping to 356
an address specified by the account holder or, at the depository's 357
discretion, at a facility of a depository agent at which 358
presentment is made, not later than five (5) business days after 359
the date of presentment. 360
SECTION 7. (1) In accordance with any rules or regulations 361
adopted under this act, a depository account holder may transfer 362
any portion of the balance of the holder's depository account by 363
check, draft, or digital electronic instruction to another 364
depository account holder or to a person who at the time the 365
transfer is initiated is not a depository account holder. 366
(2) The depository shall adjust the depository account 367
balances of the depository accounts to reflect a transfer 368
transaction between depository account holders on presentment of 369
the check, draft, or other instruction by reducing the payor's 370
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 13 (MCL\KW)

depository account balance and increasing the depository account 371
balance of the payee accordingly. 372
(3) If a depository account holder transfers to a payee who 373
is not a depository account holder any portion of the balance of 374
the holder's depository account, the depository shall allow the 375
payee to establish a depository account by presentment of the 376
payor's check, draft, or instruction to the depository or to a 377
depository agent. The depository shall credit a newly established 378
account on behalf of the payee and shall debit the payor's account 379
accordingly. 380
SECTION 8. (1) To establish a depository account, a 381
depositor must contract with the depository for a depository 382
account. The contract must specify: 383
(a) The terms applicable to the account, including any 384
special terms; and 385
(b) The conditions on which withdrawals or deliveries 386
with respect to the account may be made. 387
(2) The execution of a contract for a depository account 388
described by this section may be made, as provided by any rules or 389
regulations prescribed under this act, by electronic or digital 390
transmission. 391
(3) The depository or a depository agent shall hold the 392
contract for a depository account in the records pertaining to the 393
account. 394
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 14 (MCL\KW)

(4) A contract for a depository account executed by a 395
depositor and the depository is considered a contract in writing 396
for all purposes, and may be evidenced by one or more agreements, 397
deposit receipts, signature cards, amendment notices, or other 398
documentation as provided by law. 399
(5) The depository and the depository account holder may 400
amend a contract for a depository account by agreement, or the 401
depository may amend the deposit contract by mailing a written 402
notice of the amendment to the account holder, separately or as an 403
enclosure with or part of the account holder's statement of 404
account or passbook. In the case of amendment by notice from the 405
depository, the notice must include the text and effective date of 406
the amendment. The effective date may not be earlier than the 407
30th day after the date the notice is mailed, except as otherwise 408
provided under this act. 409
SECTION 9. (1) A cause of action for denial of deposit 410
liability on a depository account contract without a maturity date 411
does not accrue until the depository has denied liability and 412
given notice of the denial to the depository account holder. 413
(2) The depository's act of furnishing an account statement 414
or passbook, whether in physical, digital, or electronic form, 415
constitutes a denial of liability and the giving of such notice as 416
to any amount not shown on the statement or passbook. 417
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 15 (MCL\KW)

(3) The depository's sovereign immunity from suit is waived 418
for an action brought by a depositor for the denial of deposit 419
liability. 420
(4) The depository's liability for a denial of deposit 421
liability is limited to the amount on deposit for which liability 422
was denied. A depositor may not recover consequential damages, 423
exemplary damages, pre- or post-judgment interest, costs, or 424
attorney's fees. 425
(5) A cause of action authorized by this section must be 426
brought in a court of competent jurisdiction before the expiration 427
of one (1) year after the date it accrues, or such cause of action 428
is barred. 429
SECTION 10. The State Treasurer may establish fees, service 430
charges, and penalties to be charged a depository account holder 431
for a service or activity regarding a depository account, 432
including a fee for an overdraft, an insufficient fund check or 433
draft, or a stop payment order. 434
SECTION 11. Unless the depository acknowledges in writing a 435
pledge of a depository account, the depository may treat the 436
holder of record of the account as the owner of the account for 437
all purposes and without regard to a notice to the contrary. 438
SECTION 12. (1) A depository account may be transferred on 439
the books of the depository only on presentation to the depository 440
of: 441
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 16 (MCL\KW)

(a) Evidence of transfer satisfactory to the 442
depository; and 443
(b) An application for the transfer submitted by the 444
person to whom the depository account is to be transferred. 445
(2) A person to whom a depository account is to be 446
transferred must accept the transferred account subject to the 447
terms of the deposit contract, this act, and any rules or 448
regulations adopted under this act. 449
SECTION 13. The depository shall not pay on a depository 450
account: 451
(a) Interest; 452
(b) An amount in the nature of interest; or 453
(c) A fee or other payment for the use or forbearance 454
of use of money, bullion, specie, or precious metals deposited to 455
a depository account. 456
SECTION 14. (1) Without the need of any further agreement 457
or pledge, the depository has a lien on each depository account 458
owned by a depository account holder to secure any fees, charges, 459
or other obligations owed or that may become owed to the 460
depository in connection with any of the depository account 461
holder's depository accounts as provided by the terms of the 462
depository account holder's applicable depository account 463
contract. 464
(2) On default in the payment or in the satisfaction of a 465
depository account holder's obligation, the depository, without 466
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 17 (MCL\KW)

notice to or consent of the depository account holder, may 467
transfer on the depository's books all or part of the balance of a 468
depository account holder's depository account to the extent 469
necessary to pay or satisfy the obligation, as determined by 470
reference to the exchange rates applicable at the time of the 471
transfer. 472
(3) The depository by written instrument may waive wholly or 473
partly the depository's lien on a depository account. 474
(4) Subject to a lien created as provided by this section, 475
the depository shall recognize the lawful pledge to a third party 476
by a depository account holder of the depository account holder's 477
rights, interests, and entitlements in and to a depository account 478
as an intangible asset. On the satisfaction of other requirements 479
of law in respect of the perfection and enforcement of a pledge of 480
that type, the depository shall take all steps reasonably 481
necessary and appropriate to effectuate on the depository's books 482
any transfer of a depository account or of all or part of a 483
depository account balance to the account of the secured party on 484
the successful enforcement of the pledge. 485
SECTION 15. (1) The following persons may invest the 486
person's money in a depository account by purchasing precious 487
metals and depositing the precious metals with the depository or a 488
depository agent: 489
(a) An individual or fiduciary, including an 490
administrator, executor, custodian, guardian, or trustee; 491
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 18 (MCL\KW)

(b) An agency, department, institution, 492
instrumentality, or political subdivision of the State of 493
Mississippi, or any agency, department, or institution of a 494
political subdivision of the state; 495
(c) A business or nonprofit corporation; 496
(d) A charitable or educational corporation or 497
association; or 498
(e) A financial institution, including a bank, savings 499
and loan association, or credit union. 500
(2) An investment by a school district in a depository 501
account may be made instead of an investment as provided in Title 502
37, Mississippi Code of 1972, and the depository may be used by a 503
district instead of a depository bank for the purposes of Title 504
37, Mississippi Code of 1972. 505
SECTION 16. The applicable provisions of Title 91, 506
Mississippi Code of 1972, shall govern a depository account. 507
SECTION 17. (1) Unless a term of the depository account 508
provides otherwise, a person on whose signature precious metals 509
may be withdrawn from a depository account that is jointly held in 510
the names of two or more persons may, by a signed pledge, pledge 511
and transfer to the depository or to a third party all or part of 512
the account. 513
(2) A pledge made as described by subsection (1) of this 514
section does not sever or terminate the joint and survivorship 515
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 19 (MCL\KW)

ownership of the account, to the extent applicable to the account 516
before the pledge. 517
SECTION 18. (1) The depository or a depository agent may 518
accept a depository account in the name of a fiduciary, including 519
an administrator, executor, custodian, guardian, or trustee, for a 520
named beneficiary. 521
(2) A fiduciary may open, add to, or withdraw precious 522
metals from an account described by subsection (1) of this 523
section. 524
(3) Except as otherwise provided by law, a payment or 525
delivery to a fiduciary or an acquittance signed by the fiduciary 526
to whom a payment or delivery is made is a discharge of the 527
depository for the payment or delivery. 528
(4) After a person who holds a depository account in a 529
fiduciary capacity dies, the depository may pay or deliver to the 530
beneficiary of the account the quantity of precious metals 531
represented by the balance in the depository account, plus other 532
rights relating to the depository account, wholly or partly, if 533
the depository has no written notice or order of the probate court 534
of: 535
(a) A revocation or termination of the fiduciary 536
relationship; or 537
(b) Any other disposition of the beneficial estate. 538
(5) The depository has no further liability for a payment 539
made or right delivered under subsection (4) of this section. 540
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 20 (MCL\KW)

SECTION 19. (1) If the depository opens a depository 541
account for a person claiming to be the trustee for another 542
person, and the depository has no other notice of the existence or 543
terms of the trust other than a written claim against the account: 544
(a) The person claiming to be the trustee, on the 545
person's signature, may withdraw precious metals from the account; 546
and 547
(b) If the person claiming to be the trustee dies, the 548
depository may pay or deliver the quantity of precious metals 549
represented by the balance in the account to the person for whom 550
the account was opened. 551
(2) The depository has no further liability for a payment or 552
delivery made as provided by subsection (1) of this section. 553
SECTION 20. (1) The depository shall recognize the 554
authority of a power of attorney authorized in writing by a 555
depository account holder to manage or withdraw precious metals 556
from the depository account holder's depository account until the 557
depository receives written or actual notice of the revocation of 558
that authority. 559
(2) For purposes of this section, written notice of the 560
death or adjudication of incompetency of a depository account 561
holder is considered to be written notice of revocation of the 562
authority of the account holder's power of attorney. 563
SECTION 21. The depository shall enter into transactions and 564
relationships with bullion banks, depositories, dealers, central 565
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 21 (MCL\KW)

banks, sovereign wealth funds, financial institutions, 566
international nongovernmental organizations, and other persons, 567
located inside or outside of this state or inside or outside of 568
the United States, as the State Treasurer determines to be prudent 569
and suitable to facilitate the operations of the depository and to 570
further the purposes of this act. 571
SECTION 22. (1) The depository shall not take any of the 572
following actions, and any attempt by the depository to take any 573
of the following actions is void ab initio and of no force or 574
effect: 575
(a) Entering into a precious metals leasing, 576
sale-leaseback, forward transaction, swap transaction, future 577
transaction, index transaction, or option on or other derivative 578
of any of those, whether in the nature of a cap transaction, floor 579
transaction, collar transaction, repurchase transaction, reverse 580
repurchase transaction, buy-and-sell-back transaction, securities 581
lending transaction, or other financial instrument or interest 582
intended to or having the effect of hedging or leveraging the 583
depository's holdings of precious metals, including any option 584
with respect to any of these transactions, or any combination of 585
these transactions, except that the limitation provided by this 586
subdivision does not apply to a transaction entered into to limit 587
the depository's exposure to post-signature price risks associated 588
with executory agreements to purchase or sell precious metals in 589
the ordinary course of depository operations and does not apply to 590
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 22 (MCL\KW)

policies of insurance purchased to insure against ordinary 591
casualty risks such as theft, damage or destruction, loss during 592
shipment, or similar risks; 593
(b) Crediting the depository account balances of a 594
depository account holder, or disposing of any precious metals, if 595
to do so would cause the aggregate depository account balances 596
with respect to any precious metal represented by all depository 597
accounts to exceed the aggregate quantities of such precious metal 598
held by or for the benefit of the depository and the depository's 599
depository agents; 600
(c) Entering into or maintaining a deposit, trust, or 601
similar relationship for the custody of precious metals by a third 602
party outside this state, directly or indirectly, for the account 603
or benefit of the depository if the State Treasurer establishes 604
that: 605
(i) The custody or intermediary arrangements in 606
question do not meet the State Treasurer's standards of safety, 607
security, and liquidity; or 608
(ii) Except in those cases where such relationship 609
may be incidental to the performance of or preparation for 610
purchase and sale transactions with counterparties located outside 611
of this state, suitable alternate arrangements for physical 612
custody of the precious metals inside this state have been 613
established and are available; 614
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 23 (MCL\KW)

(d) Extending credit to a person, including credit 615
secured by a depository account or other assets, except an 616
extension of credit incidental to the performance of the functions 617
and responsibilities otherwise provided by this act; or 618
(e) Engaging in a business or activity that, if 619
conducted by a private person, would be subject to regulation in 620
this state as a banking or savings and loan function. 621
SECTION 23. (1) A purported confiscation, requisition, 622
seizure, or other attempt to control the ownership, disposition, 623
or proceeds of a withdrawal, transfer, liquidation, or settlement 624
of a depository account, including the precious metals represented 625
by the balance of a depository account, if effected by a 626
governmental or quasi-governmental authority other than an 627
authority of this state or by a financial institution or other 628
person acting on behalf of or pursuant to a directive or 629
authorization issued by a governmental or quasi-governmental 630
authority other than an authority of this state, in the course of 631
a generalized declaration of illegality or emergency relating to 632
the ownership, possession, or disposition of one or more precious 633
metals, contracts, or other rights to the precious metals or 634
contracts or derivatives of the ownership, possession, 635
disposition, contracts, or other rights, is void ab initio and of 636
no force or effect. 637
(2) The depository in the case of receiving notice of a 638
purported confiscation, requisition, seizure, or other attempt to 639
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 24 (MCL\KW)

control the ownership, disposition, or proceeds of a withdrawal, 640
transfer, liquidation, or settlement of a depository account, 641
including the precious metals represented by the balance of a 642
depository account, effected by a governmental or 643
quasi-governmental authority other than an authority of this state 644
or by a financial institution or other person acting on behalf of 645
or pursuant to a directive or authorization issued by a 646
governmental or quasi-governmental authority other than an 647
authority of this state, in the course of a generalized 648
declaration of illegality or emergency relating to the ownership, 649
possession, or disposition of one or more precious metals, 650
contracts, or other rights to the precious metals or contracts or 651
derivatives of the ownership, possession, disposition, contracts, 652
or other rights, may not recognize the governmental or 653
quasi-governmental authority, financial institution, or other 654
person acting as the lawful successor of the registered holder of 655
a depository account in question. 656
(3) On receipt of notice of any transaction described by 657
subsection (1) of this section, with respect to all or any portion 658
of the balance of a depository account, the depository shall 659
suspend withdrawal privileges associated with the balances of the 660
depository account until suitable substitute arrangements may be 661
effected in accordance with any rules or regulations of the State 662
Treasurer to enable the registered account holder to take delivery 663
of the precious metals represented by the account balances in 664
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 25 (MCL\KW)

question. A voluntary transfer of a depository account balance or 665
of a depository account among depository account holders may 666
continue to take place unaffected by the suspension, and the 667
depository shall recognize to the full extent authorized by this 668
act, and any rules or regulations adopted under this act. 669
SECTION 24. The State Treasurer shall establish the 670
references by which the official exchange rate for pricing 671
precious metals transactions in terms of United States dollars or 672
other currency must be established at the time of a depository 673
transaction. The State Treasurer shall establish procedures and 674
facilities through which the rates are made discoverable at all 675
reasonable times by system participants, both on a real-time basis 676
and retrospectively. 677
SECTION 25. The State Treasurer shall establish procedures 678
and requirements for the depository and depository agents designed 679
to minimize the burden to system participants of accounting for 680
and reporting taxable gains and losses arising out of depository 681
transactions as denominated in United States dollars or another 682
currency. 683
SECTION 26. The State Treasurer shall submit to the Governor 684
and to the Legislature a report on the status, condition, 685
operations, and prospects for the depository and depository 686
participation no later than September 30 of each year. 687
SECTION 27. The depository shall use private, independently 688
managed firms and institutions licensed as depository agents as 689
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 26 (MCL\KW)

intermediaries to conduct retail transactions in bullion and 690
specie on behalf of the depository with current and prospective 691
depository account holders. 692
SECTION 28. The State Treasurer shall require a depository 693
agent to maintain suitable systems and processes for electronic 694
information sharing and communication with the State Treasurer and 695
the depository to ensure that all transactions effected on behalf 696
of the depository are reported to and integrated into the 697
depository's records not later than 11:59:59 p.m. on the date of 698
each transaction. 699
SECTION 29. A depository agent shall submit to the State 700
Treasurer, monthly, quarterly, and annual reports of all 701
depository transactions not later than the 15th day of the month 702
following the expiration of the period with respect to which such 703
report is submitted. The report must contain information and be 704
in the manner and form as required by the State Treasurer. 705
SECTION 30. A depository agent license holder shall prepare 706
written reports and statements as follows: 707
(a) The renewal report, including an audited 708
unconsolidated financial statement that is dated as of the last 709
day of the license holder's fiscal year that ended in the 710
immediately preceding calendar year; 711
(b) A quarterly interim financial statement and report 712
regarding the permissible investments required to be maintained 713
under applicable rules that reflect the license holder's financial 714
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 27 (MCL\KW)

condition and permissible investments as of the last day of the 715
calendar quarter to which the statement and report relate and that 716
are prepared not later than the 45th day after the last day of the 717
calendar quarter; and 718
(c) Any other report required or reasonably requested 719
by the State Treasurer to determine compliance with this act. 720
SECTION 31. (1) Notwithstanding any other provision of this 721
chapter, a money service that constitutes both a depository agent 722
service and a money transmission service, or both a depository 723
agent service and a currency exchange service, for purposes of 724
this act constitutes a depository agent service only. 725
(2) A depository agent service described by subsection (1) 726
of this section is not subject to a provision of this act 727
applicable uniquely to money transmission services or currency 728
exchange services. 729
(3) A person who renders a service that constitutes a 730
depository agent service, including a depository agent service 731
described by subsection (1) of this section, and renders another 732
service that constitutes money transmission or currency exchange 733
service only, is subject to the requirements of this act 734
applicable to each type of service rendered. 735
SECTION 32. (1) A person may not engage in the business of 736
rendering depository agent services or advertise, solicit, or hold 737
itself out as a person that engages in the business of depository 738
agent services unless the person is licensed under this act, and 739
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 28 (MCL\KW)

has received the requisite certifications from the comptroller of 740
its facilities, systems, processes, and procedures as required by 741
this act, or any applicable rules or regulations adopted. 742
(2) For purposes of this act: 743
(a) A person engages in the business of depository 744
agent services if the person renders a depository agent service, 745
regardless of whether: 746
(i) Compensation is sought or received for the 747
service, directly or indirectly; and 748
(ii) The service is incidental to any other 749
business in which the person is primarily engaged; and 750
(b) A person solicits, advertises, or holds the person 751
out as a person that engages in the business of depository agent 752
services if the person represents that the person will conduct 753
depository agent services. 754
(4) Notwithstanding subsection (3) of this section, a person 755
does not engage in the business of depository agent services by 756
engaging in a transaction for the person's own depository account 757
or for the account of another person acting as a fiduciary that 758
would constitute depository agent services if conducted for 759
another person. 760
(5) A depository agent license holder may engage in 761
depository agent services business at one or more locations in 762
this state owned directly or indirectly by the license holder 763
under a single license. 764
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 29 (MCL\KW)

SECTION 33. An applicant for a depository agent license must 765
demonstrate to the satisfaction of the State Treasurer that the: 766
(a) Applicant's financial condition will enable the 767
applicant to safely and soundly engage in the business of 768
depository agent services; and 769
(b) Applicant does not engage in any activity or 770
practice that adversely affects the applicant's safety and 771
soundness. 772
SECTION 34. (1) An applicant for a depository agent license 773
must submit to the State Treasurer an application in a manner and 774
form as prescribed by the State Treasurer. 775
(2) At the time an application for a depository agent 776
license is submitted, an applicant must file with the State 777
Treasurer: 778
(a) An application fee in the amount established by the 779
State Treasurer; 780
(b) Audited financial statements that are satisfactory 781
to the State Treasurer for purposes of determining whether the 782
applicant has the minimum net worth required under applicable 783
rules and is likely to maintain the required minimum net worth if 784
a license is issued; and 785
(c) Security in the amount of Five Hundred Thousand 786
Dollars ($500,000.00) that meets the requirements of any 787
applicable rules or regulations, and an undertaking or agreement 788
that the applicant will increase or supplement the security to 789
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 30 (MCL\KW)

equal the aggregate security required by the State Treasurer 790
before the issuance of the license and the start of operations. 791
SECTION 35. The State Treasurer shall investigate the 792
applicant and either accept or deny his or her application for 793
license. 794
SECTION 36. (1) The State Treasurer may issue a temporary 795
depository agent license to a person that is engaging in 796
depository agent services, but has not obtained a license under 797
this act, if the person: 798
(a) Certifies in writing that the person qualifies for 799
the license and will submit a completed license application not 800
later than the sixtieth day after the date the temporary license 801
is issued; 802
(b) Submits a recent financial statement acceptable to 803
the State Treasurer that reflects the minimum net worth required 804
under applicable regulations; 805
(c) Provides security that meets the requirements 806
specified by the State Treasurer, but not less than Five Hundred 807
Thousand Dollars ($500,000.00); 808
(d) Agrees in writing that, until a permanent license 809
is issued, the person will engage only in activities being 810
conducted at existing locations; and 811
(e) Pays the application fee and a nonrefundable 812
temporary license fee in the amount established by the State 813
Treasurer. 814
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 31 (MCL\KW)

(2) The effective period for a temporary depository agent 815
license may not exceed ninety (90) days after the date the license 816
is issued. The State Treasurer may extend the effective period 817
for not more than thirty (30) days if necessary to complete the 818
processing of a timely filed application for which approval is 819
likely. 820
SECTION 37. A depository agent license holder is liable for 821
the delivery to or for the account of the depository or each 822
depositor, as applicable, of all bullion, specie, and money 823
payable or deliverable in connection with the transactions in 824
which the license holder engages on behalf of the depository. 825
SECTION 38. (1) A depository agent license holder shall 826
hold in trust all cash, bullion, specie, and other assets received 827
in the ordinary course of its business until the time the delivery 828
obligation is discharged. A trust resulting from the depository 829
agent license holder's actions is in favor of the persons to whom 830
such delivery obligations are owed. 831
(2) If a depository agent license holder commingles any 832
money or other property received for delivery with money or other 833
property owned or controlled by the depository agent license 834
holder, all commingled money and other property are impressed with 835
a trust as provided by this section in an amount equal to the 836
amount of money or property received for delivery, less the amount 837
of fees paid for the delivery. 838
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 32 (MCL\KW)

(3) If the State Treasurer revokes a depository agent 839
license, all money and other property held in trust by the 840
depository agent license holder is assigned to the State Treasurer 841
for the benefit of the persons to whom the related delivery 842
obligations are owed. 843
(4) Money or other property of a depository agent license 844
holder impressed with a trust under this section may not be 845
considered an asset or property of the license holder in the event 846
of bankruptcy, receivership, or a claim against the license holder 847
unrelated to the license holder's obligations under this act. 848
SECTION 39. (1) A depository agent license holder's name and 849
mailing address or telephone number must be provided to the 850
purchaser in connection with each depository agent services 851
transaction conducted by the depository agent license holder. 852
(2) A depository agent license holder receiving currency or 853
an instrument payable in currency for transmission must comply 854
with all requirements for such purpose as prescribed by the State 855
Treasurer. 856
SECTION 40. Section 75-16-5, Mississippi Code of 1972, is 857
amended as follows: 858
75-16-5. Definitions. For purposes of this chapter, the 859
following definitions shall apply: 860
(a) "Acting in concert" means persons knowingly acting 861
together with a common goal of jointly acquiring control of a 862
licensee whether or not pursuant to an express agreement. 863
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 33 (MCL\KW)

(b) "Authorized delegate" means a person a licensee 864
designates to engage in money transmission on behalf of the 865
licensee. 866
(c) "Average daily money transmission liability" means 867
the amount of the licensee's outstanding money transmission 868
obligations in this state at the end of each day in a given period 869
of time, added together and divided by the total number of days in 870
the given period of time. For purposes of calculating average 871
daily money transmission liability under this chapter for any 872
licensee required to do so, the given period of time shall be the 873
quarters ending March 31, June 30, September 30 and December 31. 874
(d) "Bank Secrecy Act" means the Bank Secrecy Act, 31 875
USC Section 5311 et seq. and its implementing regulations, as 876
amended and recodified from time to time. 877
(e) "Closed loop stored value" means stored value that 878
is redeemable by the issuer only for goods or services provided by 879
the issuer or its affiliate or franchisees of the issuer or its 880
affiliate, except to the extent required by applicable law to be 881
redeemable in cash for its cash value. 882
(f) "Control" means: 883
(i) 1. The power to vote, directly or indirectly, 884
at least twenty-five percent (25%) of the outstanding voting 885
shares or voting interests of a licensee or person in control of a 886
licensee; 887
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 34 (MCL\KW)

2. The power to elect or appoint a majority 888
of key individuals or executive officers, managers, directors, 889
trustees or other persons exercising managerial authority of a 890
person in control of a licensee; or 891
3. The power to exercise, directly or 892
indirectly, a controlling influence over the management or 893
policies of a licensee or person in control of a licensee; 894
(ii) Rebuttable Presumption of Control; 895
1. A person is presumed to exercise a 896
controlling influence when the person holds the power to vote, 897
directly or indirectly, at least ten percent (10%) of the 898
outstanding voting shares or voting interests of a licensee or 899
person in control of a licensee; 900
2. A person presumed to exercise a 901
controlling influence as defined by this paragraph (f) can rebut 902
the presumption of control if the person is a passive investor; 903
(iii) For purposes of determining the percentage 904
of a person controlled by any other person, the person's interest 905
shall be aggregated with the interest of any other immediate 906
family member, including the person's spouse, parents, children, 907
siblings, mothers- and fathers-in-law, sons- and daughters-in-law, 908
brothers- and sisters-in-law, and any other person who shares such 909
person's home. 910
(g) "Eligible rating" means a credit rating of any of 911
the three (3) highest rating categories provided by an eligible 912
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 35 (MCL\KW)

rating service, whereby each category may include rating category 913
modifiers such as "plus" or "minus" for S&P, or the equivalent for 914
any other eligible rating service. Long-term credit ratings are 915
deemed eligible if the rating is equal to A- or higher by S&P, or 916
the equivalent from any other eligible rating service. Short-term 917
credit ratings are deemed eligible if the rating is equal to or 918
higher than A-2 or SP-2 by S&P, or the equivalent from any other 919
eligible rating service. In the event that ratings differ among 920
eligible rating services, the highest rating shall apply when 921
determining whether a security bears an eligible rating. 922
(h) "Eligible rating service" means any Nationally 923
Recognized Statistical Rating Organization (NRSRO) as defined by 924
the U.S. Securities and Exchange Commission, and any other 925
organization designated by the commissioner by rule, regulation or 926
order. 927
(i) "Federally insured depository financial 928
institution" means a bank, credit union, savings and loan 929
association, trust company, savings association, savings bank, 930
industrial bank or industrial loan company organized under the 931
laws of the United States or any state of the United States, when 932
such bank, credit union, savings and loan association, trust 933
company, savings association, savings bank, industrial bank or 934
industrial loan company has federally insured deposits. 935
(j) "In this state" means at a physical location within 936
this state for a transaction requested in person. For a 937
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 36 (MCL\KW)

transaction requested electronically or by phone, the provider of 938
money transmission may determine if the person requesting the 939
transaction is "in this state" by relying on other information 940
provided by the person regarding the location of the individual's 941
residential address or a business entity's principal place of 942
business or other physical address location, and any records 943
associated with the person that the provider of money transmission 944
may have that indicate such location, including, but not limited 945
to, an address associated with an account. 946
(k) "Individual" means a natural person. 947
(l) "Key individual" means any individual ultimately 948
responsible for establishing or directing policies and procedures 949
of the licensee, such as an executive officer, manager, director 950
or trustee. 951
(m) "Licensee" means a person licensed under this 952
chapter. 953
(n) "Material litigation" means litigation, that 954
according to United States generally accepted accounting 955
principles, is significant to a person's financial health and 956
would be required to be disclosed in the person's annual audited 957
financial statements, report to shareholders, or similar records. 958
(o) "Money" means a medium of exchange that is 959
authorized or adopted by the United States or a foreign 960
government. The term includes a monetary unit of account 961
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 37 (MCL\KW)

established by an intergovernmental organization or by agreement 962
between two (2) or more governments. 963
(p) "Monetary value" means a medium of exchange, 964
whether or not redeemable in money. 965
(q) "Money transmission" means any of the following: 966
(i) Selling or issuing payment instruments to a 967
person located in this state; 968
(ii) Selling or issuing stored value to a person 969
located in this state; and 970
(iii) Receiving money or monetary value for 971
transmission from a person located in this state. 972
(r) "MSB accredited state" means a state agency that is 973
accredited by the Conference of State Bank Supervisors and Money 974
Transmitter Regulators Association for money transmission 975
licensing and supervision. 976
(s) "Multistate licensing process" means any agreement 977
entered into by and among state regulators relating to coordinated 978
processing of applications for money transmission licenses, 979
applications for the acquisition of control of a licensee, control 980
determinations, or notice and information requirements for a 981
change of key individuals. 982
(t) "NMLS" means the Nationwide Multistate Licensing 983
System and Registry developed by the Conference of State Bank 984
Supervisors and the American Association of Residential Mortgage 985
Regulators and owned and operated by the State Regulatory 986
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 38 (MCL\KW)

Registry, LLC, or any successor or affiliated entity, for the 987
licensing and registration of persons in financial services 988
industries. 989
(u) "Outstanding money transmission obligations" shall 990
be established and extinguished in accordance with applicable 991
state law and shall mean: 992
(i) Any payment instrument or stored value issued 993
or sold by the licensee to a person located in the United States 994
or reported as sold by an authorized delegate of the licensee to a 995
person who is located in the United States that has not yet been 996
paid or refunded by or for the licensee, or escheated in 997
accordance with applicable abandoned property laws; 998
(ii) Any money received for transmission by the 999
licensee or an authorized delegate in the United States from a 1000
person located in the United States that has not been received by 1001
the payee or refunded to the sender, or escheated in accordance 1002
with applicable abandoned property laws; or 1003
(iii) For purposes of this paragraph (u), "in the 1004
United States" shall include, to the extent applicable, a person 1005
in any state, territory, or possession of the United States; the 1006
District of Columbia; the Commonwealth of Puerto Rico; or a U.S. 1007
military installation that is located in a foreign country. 1008
(v) "Passive investor" means a person that: 1009
(i) Does not have the power to elect a majority of 1010
key individuals or executive officers, managers, directors, 1011
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 39 (MCL\KW)

trustees or other persons exercising managerial authority of a 1012
person in control of a licensee; 1013
(ii) Is not employed by and does not have any 1014
managerial duties of the licensee or person in control of a 1015
licensee; 1016
(iii) Does not have the power to exercise, 1017
directly or indirectly, a controlling influence over the 1018
management or policies of a licensee or person in control of a 1019
licensee; and 1020
(iv) Either: 1021
1. Attests to subparagraphs (i), (ii) and 1022
(iii) in this paragraph, in a form and in a medium prescribed by 1023
the commissioner; or 1024
2. Commits to the passivity characteristics 1025
of subparagraphs (i), (ii) and (iii) of this paragraph, in a 1026
written document. 1027
(w) "Payment instrument" means a written or electronic 1028
check, draft, money order, traveler's check or other written or 1029
electronic instrument for the transmission or payment of money or 1030
monetary value, whether or not negotiable. The term does not 1031
include stored value or any instrument that (i) is redeemable by 1032
the issuer only for goods or services provided by the issuer or 1033
its affiliate or franchisees of the issuer or its affiliate, 1034
except to the extent required by applicable law to be redeemable 1035
in cash for its cash value; or (ii) is not sold to the public but 1036
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 40 (MCL\KW)

issued and distributed as part of a loyalty, rewards, or 1037
promotional program. 1038
(x) "Person" means any individual, general partnership, 1039
limited partnership, limited liability company, corporation, 1040
trust, association, joint-stock corporation or other corporate 1041
entity identified by the commissioner. 1042
(y) "Receiving money for transmission" or "money 1043
received for transmission" means receiving money or monetary value 1044
in the United States for transmission within or outside the United 1045
States by electronic or other means. 1046
(z) "Stored value" means monetary value representing a 1047
claim against the issuer evidenced by an electronic or digital 1048
record, and that is intended and accepted for use as a means of 1049
redemption for money or monetary value, or payment for goods or 1050
services. The term includes, but is not limited to, "prepaid 1051
access" as defined by 31 CFR Section 1010.100, as amended or 1052
recodified from time to time. Notwithstanding the foregoing, the 1053
term "stored value" does not include a payment instrument or 1054
closed loop stored value, or stored value not sold to the public 1055
but issued and distributed as part of a loyalty, rewards or 1056
promotional program. 1057
(aa) "Tangible net worth" means the aggregate assets of 1058
a licensee excluding all intangible assets, less liabilities, as 1059
determined in accordance with United States generally accepted 1060
accounting principles. 1061
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 41 (MCL\KW)

SECTION 41. Section 75-16-7, Mississippi Code of 1972, is 1062
amended as follows: 1063
75-16-7. Exemptions. This chapter does not apply to: 1064
(a) An operator of a payment system to the extent that 1065
it provides processing, clearing or settlement services, between 1066
or among persons exempted by this section or licensees, in 1067
connection with wire transfers, credit card transactions, debit 1068
card transactions, stored value transactions, automated clearing 1069
house transfers or similar funds transfers; 1070
(b) A person appointed as an agent of a payee to 1071
collect and process a payment from a payor to the payee for goods 1072
or services, other than money transmission itself, provided to the 1073
payor by the payee, provided that: 1074
(i) There exists a written agreement between the 1075
payee and the agent directing the agent to collect and process 1076
payments from payors on the payee's behalf; 1077
(ii) The payee holds the agent out to the public 1078
as accepting payments for goods or services on the payee's behalf; 1079
and 1080
(iii) Payment for the goods and services is 1081
treated as received by the payee upon receipt by the agent so that 1082
the payor's obligation is extinguished and there is no risk of 1083
loss to the payor if the agent fails to remit the funds to the 1084
payee; 1085
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 42 (MCL\KW)

(c) A person who acts as an intermediary by processing 1086
payments between an entity that has directly incurred an 1087
outstanding money transmission obligation to a sender, and the 1088
sender's designated recipient, provided that the entity: 1089
(i) Is properly licensed or exempt from licensing 1090
requirements under this chapter; 1091
(ii) Provides a receipt, electronic record or 1092
other written confirmation to the sender identifying the entity as 1093
the provider of money transmission in the transaction; and 1094
(iii) Bears sole responsibility to satisfy the 1095
outstanding money transmission obligation to the sender, including 1096
the obligation to make the sender whole in connection with any 1097
failure to transmit the funds to the sender's designated 1098
recipient; 1099
(d) The United States or a department, agency, or 1100
instrumentality thereof, or its agent; 1101
(e) Money transmission by the United States Postal 1102
Service or by an agent of the United States Postal Service; 1103
(f) A state, county, city, or any other governmental 1104
agency or governmental subdivision or instrumentality of a state, 1105
or its agent; 1106
(g) A federally insured depository financial 1107
institution, bank holding company, office of an international 1108
banking corporation, foreign bank that establishes a federal 1109
branch pursuant to the International Bank Act, 12 USC Section 1110
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 43 (MCL\KW)

3102, as amended or recodified from time to time, corporation 1111
organized pursuant to the Bank Service Corporation Act, 12 USC 1112
Sections 1861-1867, as amended or recodified from time to time, or 1113
corporation organized under the Edge Act, 12 USC Sections 611-633, 1114
as amended or recodified from time to time, under the laws of a 1115
state or the United States; 1116
(h) Electronic funds transfer of governmental benefits 1117
for a federal, state, county or governmental agency by a 1118
contractor on behalf of the United States or a department, agency 1119
or instrumentality thereof, or on behalf of a state or 1120
governmental subdivision, agency or instrumentality thereof; 1121
(i) A board of trade designated as a contract market 1122
under the federal Commodity Exchange Act, 7 USC Sections 1-25, as 1123
amended or recodified from time to time, or a person that, in the 1124
ordinary course of business, provides clearance and settlement 1125
services for a board of trade to the extent of its operation as or 1126
for such a board; 1127
(j) A registered futures commission merchant under the 1128
federal commodities laws to the extent of its operation as such a 1129
merchant; 1130
(k) A person registered as a securities broker-dealer 1131
under federal or state securities laws to the extent of its 1132
operation as such a broker-dealer; 1133
(l) An individual employed by a licensee, authorized 1134
delegate or any person exempted from the licensing requirements of 1135
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 44 (MCL\KW)

this chapter when acting within the scope of employment and under 1136
the supervision of the licensee, authorized delegate or exempted 1137
person as an employee and not as an independent contractor; 1138
(m) A person expressly appointed as a third-party 1139
service provider to or agent of an entity exempted under paragraph 1140
(g) of this section, solely to the extent that: 1141
(i) Such service provider or agent is engaging in 1142
money transmission on behalf of and pursuant to a written 1143
agreement with the exempt entity that sets forth the specific 1144
functions that the service provider or agent is to perform; and 1145
(ii) The exempt entity assumes all risk of loss 1146
and all legal responsibility for satisfying the outstanding money 1147
transmission obligations owed to purchasers and holders of the 1148
outstanding money transmission obligations upon receipt of the 1149
purchaser's or holder's money or monetary value by the service 1150
provider or agent; 1151
(n) A person exempt by regulation or order if the 1152
commissioner finds such exemption to be in the public interest and 1153
that the regulation of such person is not necessary for the 1154
purposes of this chapter; or 1155
(o) A payroll processing service provider, which means 1156
a person receiving money for transmission pursuant to a contract 1157
with a person to deliver wages or salaries, make payment of 1158
payroll taxes to state and federal agencies, make payments 1159
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 45 (MCL\KW)

relating to employee benefit plans, or make distributions of other 1160
authorized deductions from wages or salaries. 1161
SECTION 42. Section 75-16-9, Mississippi Code of 1972, is 1162
brought forward as follows: 1163
75-16-9. Authority to require demonstration of exemption. 1164
The commissioner may require that any person claiming to be exempt 1165
from licensing pursuant to Section 75-16-7 provide information and 1166
documentation to the commissioner demonstrating that it qualifies 1167
for any claimed exemption. 1168
SECTION 43. Section 75-16-11, Mississippi Code of 1972, is 1169
brought forward as follows: 1170
75-16-11. Implementation. (1) In order to carry out the 1171
purposes of this chapter, the commissioner may, subject to the 1172
provisions of Section 75-16-13(1) and (2): 1173
(a) Enter into agreements or relationships with other 1174
government officials or federal and state regulatory agencies and 1175
regulatory associations in order to improve efficiencies and 1176
reduce regulatory burden by standardizing methods or procedures, 1177
and sharing resources, records or related information obtained 1178
under this chapter; 1179
(b) Use, hire, contract or employ analytical systems, 1180
methods or software to examine or investigate any person subject 1181
to this chapter; 1182
(c) Accept, from other state or federal government 1183
agencies or officials, licensing, examination or investigation 1184
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 46 (MCL\KW)

reports made by such other state or federal government agencies or 1185
officials; and 1186
(d) Accept audit reports made by an independent 1187
certified public accountant or other qualified third-party auditor 1188
for an applicant or licensee and incorporate the audit report in 1189
any report of examination or investigation. 1190
(2) The commissioner shall have the broad administrative 1191
authority to administer, interpret and enforce this chapter, and 1192
to promulgate rules or regulations implementing this chapter and 1193
to recover the cost of administering and enforcing this chapter by 1194
imposing and collecting proportionate and equitable fees and costs 1195
associated with applications, examinations, investigations, and 1196
other actions required to achieve the purpose of this chapter. 1197
SECTION 44. Section 75-16-13, Mississippi Code of 1972, is 1198
amended as follows: 1199
75-16-13. Confidentiality. (1) Except as otherwise 1200
provided in subsection (2) of this section, all information or 1201
reports obtained by the commissioner from an applicant, licensee 1202
or authorized delegate, and all information contained in or 1203
related to an examination, investigation, operating report or 1204
condition report prepared by, on behalf of, or for the use of the 1205
commissioner, or financial statements, balance sheets or 1206
authorized delegate information, are confidential and are not 1207
subject to disclosure under this state's public records law. 1208
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 47 (MCL\KW)

(2) The commissioner may disclose information not otherwise 1209
subject to disclosure under subsection (1) of this section to 1210
representatives of state or federal agencies who promise in a 1211
record that they will maintain the confidentiality of the 1212
information or where the commissioner finds that the release is 1213
necessary for the protection and interest of the public in 1214
accordance with state public records law. 1215
(3) This section does not prohibit the commissioner from 1216
disclosing to the public a list of all licensees or the aggregated 1217
financial or transactional data concerning those licensees. 1218
(4) Information contained in the records of the department 1219
that is not confidential and may be made available to the public 1220
either on the department's website, upon receipt by the department 1221
of a written request, or in NMLS shall include: 1222
(a) The name, business address, telephone number and 1223
unique identifier of a licensee; 1224
(b) The business address of a licensee's registered 1225
agent for service; 1226
(c) The name, business address and telephone number of 1227
all authorized delegates; 1228
(d) The terms of or a copy of any bond filed by a 1229
licensee, provided that confidential information, including, but 1230
not limited to, prices and fees for such bond is redacted; 1231
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 48 (MCL\KW)

(e) Copies of any nonconfidential final orders of the 1232
department relating to any violation of this chapter or 1233
regulations implementing this chapter. 1234
(5) Imposition of an administrative fine or penalty under 1235
this chapter. 1236
SECTION 45. Section 75-16-15, Mississippi Code of 1972, is 1237
brought forward as follows: 1238
75-16-15. Supervision. (1) The commissioner may conduct an 1239
annual examination or investigation of a licensee or authorized 1240
delegate or otherwise take independent action authorized by this 1241
chapter or by a rule or regulation adopted or order issued under 1242
this chapter at any time or times the commissioner deems proper to 1243
administer and enforce this chapter, regulations implementing this 1244
chapter, and other applicable law, including the Bank Secrecy Act 1245
and the USA PATRIOT ACT. The commissioner may: 1246
(a) Conduct an examination either on-site or off-site 1247
as the commissioner may require; 1248
(b) Conduct an examination in conjunction with an 1249
examination conducted by representatives of other state agencies 1250
or agencies of another state or of the federal government; 1251
(c) Accept the examination report of another state 1252
agency or an agency of another state or of the federal government, 1253
or a report prepared by an independent accounting firm, which on 1254
being accepted is considered for all purposes as an official 1255
report of the commissioner; and 1256
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 49 (MCL\KW)

(d) Summon and examine under oath a key individual or 1257
employee of a licensee or authorized delegate and require the 1258
person to produce records regarding any matter related to the 1259
condition and business of the licensee or authorized delegate. 1260
(2) A licensee or authorized delegate shall provide, and the 1261
commissioner shall have full and complete access to, all records 1262
the commissioner may require to conduct a complete examination. 1263
The records must be provided at the location and in the format 1264
specified by the commissioner, provided, the commissioner may 1265
utilize multistate record production standards and examination 1266
procedures when such standards will reasonably achieve the 1267
requirements of this subsection. The refusal of access to such 1268
records by a licensee shall be cause for revocation of its 1269
license. 1270
(3) Unless otherwise directed by the commissioner, a 1271
licensee shall pay all costs actually incurred in connection with 1272
an examination of the licensee or the licensee's authorized 1273
delegates. 1274
SECTION 46. Section 75-16-17, Mississippi Code of 1972, is 1275
brought forward as follows: 1276
75-16-17. Networked supervision. (1) To efficiently and 1277
effectively administer and enforce this chapter and to minimize 1278
regulatory burden, the commissioner is authorized and encouraged 1279
to participate in multistate supervisory processes established 1280
between states and coordinated through the Conference of State 1281
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 50 (MCL\KW)

Bank Supervisors, Money Transmitter Regulators Association and 1282
affiliates and successors thereof for all licensees that hold 1283
licenses in this state and other states. As a participant in 1284
multistate supervision, the commissioner will: 1285
(a) Cooperate, coordinate and share information with 1286
other state and federal regulators in accordance with Section 1287
75-16-13; 1288
(b) Enter into written cooperation, coordination or 1289
information-sharing contracts or agreements with organizations the 1290
membership of which is made up of state or federal governmental 1291
agencies; and 1292
(c) Cooperate, coordinate and share information with 1293
organizations the membership of which is made up of state or 1294
federal governmental agencies, provided that the organizations 1295
agree in writing to maintain the confidentiality and security of 1296
the shared information in accordance with Section 75-16-13. 1297
(2) The commissioner may not waive, and nothing in this 1298
section constitutes a waiver of, the commissioner's authority to 1299
conduct an examination or investigation or otherwise take 1300
independent action authorized by this chapter or a rule or 1301
regulation adopted, or order issued under this chapter to enforce 1302
compliance with applicable state or federal law. 1303
(3) A joint examination or investigation, or acceptance of 1304
an examination or investigation report, does not waive an 1305
examination assessment provided for in this chapter. 1306
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 51 (MCL\KW)

SECTION 47. Section 75-16-19, Mississippi Code of 1972, is 1307
brought forward as follows: 1308
75-16-19. Relationship to federal law. (1) In the event 1309
state money transmission jurisdiction is conditioned on a federal 1310
law, any inconsistencies between a provision of this chapter and 1311
the federal law governing money transmission shall be governed by 1312
the applicable federal law to the extent of the inconsistency. 1313
(2) In the event of any inconsistencies between this chapter 1314
and a federal law that governs pursuant to subsection (1) of this 1315
section, the commissioner may provide interpretive guidance that: 1316
(a) Identifies the inconsistency; and 1317
(b) Identifies the appropriate means of compliance with 1318
federal law. 1319
SECTION 48. Section 75-16-21, Mississippi Code of 1972, is 1320
brought forward as follows: 1321
75-16-21. License required. (1) A person may not engage in 1322
the business of money transmission or advertise, solicit or hold 1323
itself out as providing money transmission unless the person is 1324
licensed under this chapter; 1325
(2) Subsection (1) of this section does not apply to: 1326
(a) A person who is an authorized delegate of a person 1327
licensed under this chapter acting within the scope of authority 1328
conferred by a written contract with the licensee; or 1329
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 52 (MCL\KW)

(b) A person who is exempt pursuant to Section 75-16-7 1330
and does not engage in money transmission outside the scope of 1331
such exemption. 1332
(3) A license issued under Section 75-16-29 is not 1333
transferable or assignable. 1334
SECTION 49. Section 75-16-23, Mississippi Code of 1972, is 1335
brought forward as follows: 1336
75-16-23. Consistent state licensing. (1) To establish 1337
consistent licensing between this state and other states, the 1338
commissioner is authorized and encouraged to: 1339
(a) Implement all licensing provisions of this chapter 1340
in a manner that is consistent with other states that have adopted 1341
this chapter or multistate licensing processes; and 1342
(b) Participate in nationwide protocols for licensing 1343
cooperation and coordination among state regulators provided that 1344
such protocols are consistent with this chapter. 1345
(2) In order to fulfill the purposes of this chapter, the 1346
commissioner is authorized and encouraged to establish 1347
relationships or contracts with NMLS or other entities designated 1348
by NMLS to enable the commissioner to: 1349
(a) Collect and maintain records; 1350
(b) Coordinate multistate licensing processes and 1351
supervision processes; 1352
(c) Process fees; and 1353
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 53 (MCL\KW)

(d) Facilitate communication between state and 1354
licensees or other persons subject to this chapter. 1355
(3) The commissioner is authorized and encouraged to utilize 1356
NMLS for all aspects of licensing in accordance with this chapter, 1357
including, but not limited to, license applications, applications 1358
for acquisitions of control, surety bonds, reporting, criminal 1359
history background checks, credit checks, fee processing and 1360
examinations. 1361
(4) The commissioner is authorized and encouraged to utilize 1362
NMLS forms, processes and functionalities in accordance with this 1363
chapter. In the event NMLS does not provide functionality, forms, 1364
or processes for a provision of this chapter, the commissioner is 1365
authorized and encouraged to strive to implement the requirements 1366
in a manner that facilitates uniformity with respect to licensing, 1367
supervision, reporting and regulation of licensees which are 1368
licensed in multiple jurisdictions. 1369
(5) For the purpose of participating in the Nationwide 1370
Multistate Licensing System & Registry, the commissioner is 1371
authorized to waive or modify, in whole or in part, by rule, 1372
regulation or order, any or all of the requirements and to 1373
establish new requirements as necessary to participate in the 1374
Nationwide Multistate Licensing System & Registry. 1375
SECTION 50. Section 75-16-25, Mississippi Code of 1972, is 1376
amended as follows: 1377
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 54 (MCL\KW)

75-16-25. Application for license. (1) Applicants for a 1378
license shall apply in a form and in a medium as prescribed by the 1379
commissioner. Each such form shall contain content as set forth 1380
by rule, regulation, instruction or procedure of the commissioner 1381
and may be changed or updated by the commissioner in accordance 1382
with applicable law in order to carry out the purposes of this 1383
chapter and maintain consistency with NMLS licensing standards and 1384
practices. The application must state or contain, as applicable: 1385
(a) The legal name and residential and business 1386
addresses of the applicant and any fictitious or trade name used 1387
by the applicant in conducting its business; 1388
(b) A list of any criminal convictions of the applicant 1389
and any material litigation in which the applicant has been 1390
involved in the ten-year period next preceding the submission of 1391
the application; 1392
(c) A description of any money transmission previously 1393
provided by the applicant and the money transmission that the 1394
applicant seeks to provide in this state; 1395
(d) A list of the applicant's proposed authorized 1396
delegates and the locations in this state where the applicant and 1397
its authorized delegates propose to engage in money transmission; 1398
(e) A list of other states in which the applicant is 1399
licensed to engage in money transmission and any license 1400
revocations, suspensions or other disciplinary action taken 1401
against the applicant in another state; 1402
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 55 (MCL\KW)

(f) Information concerning any bankruptcy or 1403
receivership proceedings affecting the licensee or a person in 1404
control of a licensee; 1405
(g) A sample form of contract for authorized delegates, 1406
if applicable; 1407
(h) A sample form of payment instrument or stored 1408
value, as applicable; 1409
(i) The name and address of any federally insured 1410
depository financial institution through which the applicant plans 1411
to conduct money transmission; and 1412
(j) Any other information the commissioner or NMLS 1413
requires with respect to the applicant. 1414
(2) If an applicant is a corporation, limited liability 1415
company, partnership or other legal entity, the applicant shall 1416
also provide: 1417
(a) The date of the applicant's incorporation or 1418
formation and state or country of incorporation or formation; 1419
(b) If applicable, a certificate of good standing from 1420
the state or country in which the applicant is incorporated or 1421
formed; 1422
(c) A brief description of the structure or 1423
organization of the applicant, including any parents or 1424
subsidiaries of the applicant, and whether any parents or 1425
subsidiaries are publicly traded; 1426
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 56 (MCL\KW)

(d) The legal name, any fictitious or trade name, all 1427
business and residential addresses and the employment, as 1428
applicable, in the ten-year period next preceding the submission 1429
of the application of each key individual and person in control of 1430
the applicant; 1431
(e) A list of any criminal convictions and material 1432
litigation in which a person in control of the applicant that is 1433
not an individual has been involved in the ten-year period next 1434
preceding the submission of the application; 1435
(f) A copy of audited financial statements of the 1436
applicant for the most recent fiscal year and for the two-year 1437
period next preceding the submission of the application; 1438
(g) A certified copy of unaudited financial statements 1439
of the applicant for the most recent fiscal quarter; 1440
(h) If the applicant is a publicly traded corporation, 1441
a copy of the most recent report filed with the United States 1442
Securities and Exchange Commission under Section 13 of the U.S. 1443
Securities Exchange Act of 1934, 15 USC Section 78m, as amended or 1444
recodified from time to time; 1445
(i) If the applicant is a wholly owned subsidiary of: 1446
(i) A corporation publicly traded in the United 1447
States, a copy of audited financial statements for the parent 1448
corporation for the most recent fiscal year or a copy of the 1449
parent corporation's most recent report filed under Section 13 of 1450
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 57 (MCL\KW)

the U.S. Securities Exchange Act of 1934, 15 USC Section 78m, as 1451
amended or recodified from time to time; or 1452
(ii) A corporation publicly traded outside the 1453
United States, a copy of similar documentation filed with the 1454
regulator of the parent corporation's domicile outside the United 1455
States; 1456
(j) The name and address of the applicant's registered 1457
agent in this state; and 1458
(k) Any other information the commissioner requires 1459
with respect to the applicant. 1460
(3) A nonrefundable license fee of One Thousand Five Hundred 1461
Dollars ($1,500.00) must accompany an application for a license 1462
under this section. However, beginning with calendar year 2025 1463
and for each subsequent calendar year, on or before July 1 of the 1464
following year, the Mississippi Department of Banking and Consumer 1465
Finance will issue a memo authorizing a new license fee under this 1466
section. The new amount will be calculated by applying any 1467
increase or decrease in the United States Bureau of Labor 1468
Statistics Consumer Price Index for All Urban Consumers (CPI-U) 1469
for the previous calendar year to the previous fee amount and 1470
rounding that amount upward to the nearest One-Hundred-Dollar 1471
increment. 1472
(4) The commissioner may waive one or more requirements of 1473
subsections (1) and (2) of this section or permit an applicant to 1474
submit other information in lieu of the required information. 1475
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 58 (MCL\KW)

SECTION 51. Section 75-16-27, Mississippi Code of 1972, is 1476
brought forward as follows: 1477
75-16-27. Information requirements for certain individuals. 1478
(1) Any individual in control of a licensee or applicant, any 1479
individual who seeks to acquire control of a licensee and each key 1480
individual shall furnish to the commissioner through NMLS the 1481
following items: 1482
(a) The individual's fingerprints for submission to the 1483
Federal Bureau of Investigation and the commissioner for purposes 1484
of a national criminal history background check unless the person 1485
currently resides outside of the United States and has resided 1486
outside of the United States for the last ten (10) years; 1487
(b) Personal history and experience in a form and in a 1488
medium prescribed by the commissioner, to obtain the following: 1489
(i) An independent credit report from a consumer 1490
reporting agency unless the individual does not have a social 1491
security number, in which case, this requirement shall be waived; 1492
(ii) Information related to any criminal 1493
convictions or pending charges; provided an applicant shall not 1494
have been convicted of a felony in any jurisdiction or a 1495
misdemeanor of fraud, theft, forgery, bribery, embezzlement, or 1496
making a fraudulent or false statement in any jurisdiction; and 1497
(iii) Information related to any regulatory or 1498
administrative action and any civil litigation involving claims of 1499
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 59 (MCL\KW)

fraud, misrepresentation, conversion, mismanagement of funds, 1500
breach of fiduciary duty or breach of contract. 1501
(2) If the individual has resided outside of the United 1502
States at any time in the last ten (10) years, the individual 1503
shall also provide an investigative background report prepared by 1504
an independent search firm that meets the following requirements: 1505
(a) At a minimum, the search firm shall: 1506
(i) Demonstrate that it has sufficient knowledge, 1507
resources, and employs accepted and reasonable methodologies to 1508
conduct the research of the background report; and 1509
(ii) Not be affiliated with or have an interest 1510
with the individual it is researching. 1511
(b) At a minimum, the investigative background report 1512
shall be written in the English language and shall contain the 1513
following: 1514
(i) If available in the individual's current 1515
jurisdiction of residency, a comprehensive credit report, or any 1516
equivalent information obtained or generated by the independent 1517
search firm to accomplish such report, including a search of the 1518
court data in the countries, provinces, states, cities, towns, and 1519
contiguous areas where the individual resided and worked; 1520
(ii) Criminal records information for the past ten 1521
(10) years, including, but not limited to, felonies, misdemeanors, 1522
or similar convictions for violations of law in the countries, 1523
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 60 (MCL\KW)

provinces, states, cities, towns, and contiguous areas where the 1524
individual resided and worked; 1525
(iii) Employment history; 1526
(iv) Media history, including an electronic search 1527
of national and local publications, wire services, and business 1528
applications; and 1529
(v) Financial services-related regulatory history, 1530
including, but not limited to, money transmission, securities, 1531
banking, insurance, and mortgage-related industries. 1532
SECTION 52. Section 75-16-29, Mississippi Code of 1972, is 1533
brought forward as follows: 1534
75-16-29. Issuance of license. (1) When an application for 1535
an original license under this chapter appears to include all the 1536
items and addresses all of the matters that are required, the 1537
application is complete and the commissioner shall promptly notify 1538
the applicant in a record of the date on which the application is 1539
determined to be complete, and: 1540
(a) The commissioner shall approve or deny the 1541
application within one hundred twenty (120) days after the 1542
completion date; or 1543
(b) If the application is not approved or denied within 1544
one hundred twenty (120) days after the completion date: 1545
(i) The application is approved; 1546
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 61 (MCL\KW)

(ii) The license takes effect as of the first 1547
business day after expiration of the one-hundred-twenty-day 1548
period; and 1549
(iii) The commissioner may for good cause extend 1550
the application period. 1551
(2) A determination by the commissioner that an application 1552
is complete and is accepted for processing means only that the 1553
application, on its face, appears to include all of the items, 1554
including the Criminal Background Check response from the FBI, and 1555
address all of the matters that are required, and is not an 1556
assessment of the substance of the application or of the 1557
sufficiency of the information provided. 1558
(3) When an application is filed and considered complete 1559
under this section, the commissioner shall investigate the 1560
applicant's financial condition and responsibility, financial and 1561
business experience, character and general fitness. The 1562
commissioner may conduct an on-site investigation of the 1563
applicant, the cost of which the applicant must pay. The 1564
commissioner shall issue a license to an applicant under this 1565
section if the commissioner finds that all of the following 1566
conditions have been fulfilled: 1567
(a) The applicant has complied with Sections 75-16-25 1568
and 75-16-27; and 1569
(b) The financial condition and responsibility, 1570
financial and business experience, competence, character and 1571
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 62 (MCL\KW)

general fitness of the applicant; and the competence, experience, 1572
character and general fitness of the key individuals and persons 1573
in control of the applicant indicate that it is in the interest of 1574
the public to permit the applicant to engage in money 1575
transmission. 1576
(4) If an applicant avails itself or is otherwise subject to 1577
a multistate licensing process: 1578
(a) The commissioner is authorized and encouraged to 1579
accept the investigation results of a lead investigative state for 1580
the purpose of subsection (3) of this section if the lead 1581
investigative state has sufficient staffing, expertise, and 1582
minimum standards; or 1583
(b) If Mississippi is a lead investigative state, the 1584
commissioner is authorized and encouraged to investigate the 1585
applicant pursuant to subsection (3) of this section and the 1586
timeframes established by agreement through the multistate 1587
licensing process, provided, however, that in no case shall such 1588
timeframe be noncompliant with the application period in 1589
subsection (1)(a) of this section. 1590
(5) The commissioner shall issue a formal written notice of 1591
the denial of a license application. The commissioner shall set 1592
forth in the notice of denial the specific reasons for the denial 1593
of the application. An applicant whose application is denied by 1594
the commissioner under this subsection (5) may appeal within 1595
thirty (30) days after receipt of the written notice of the 1596
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 63 (MCL\KW)

denial. Such appeal shall be to the Chancery Court of the First 1597
Judicial District of Hinds County, Mississippi. 1598
(6) The initial license term shall begin on the day the 1599
application is approved. The license shall expire on December 31 1600
of the year in which the license term began, unless the initial 1601
license date is between November 1 and December 31, in which 1602
instance the initial license term shall run through December 31 of 1603
the following year. 1604
SECTION 53. Section 75-16-31, Mississippi Code of 1972, is 1605
brought forward as follows: 1606
75-16-31. Renewal of license. (1) A license under this 1607
chapter shall be renewed annually. 1608
(a) An annual renewal fee of Eight Hundred Dollars 1609
($800.00) plus One Hundred Dollars ($100.00) for each location in 1610
excess of one in Mississippi through which the licensee plans to 1611
conduct money transmission during the license year for which the 1612
fee is paid, shall be paid, provided that in no event shall the 1613
annual renewal fee exceed Five Thousand Eight Hundred Dollars 1614
($5,800.00). Such renewal fee shall be paid no more than sixty 1615
(60) days before the license expiration. 1616
(b) The renewal term shall be for a period of one (1) 1617
year and shall begin on January 1 of each year after the initial 1618
license term and shall expire on December 31 of the year the 1619
renewal term begins. 1620
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 64 (MCL\KW)

(2) A licensee shall submit a renewal report with the 1621
renewal fee, in a form and in a medium prescribed by the 1622
commissioner. The renewal report must state or contain a 1623
description of each material change in information submitted by 1624
the licensee in its original license application which has not 1625
been reported to the commissioner. 1626
(3) The commissioner, for good cause, may grant an extension 1627
of the renewal date. 1628
(4) The commissioner is authorized and encouraged to utilize 1629
NMLS to process license renewals provided that such functionality 1630
is consistent with this section. 1631
SECTION 54. Section 75-16-33, Mississippi Code of 1972, is 1632
brought forward as follows: 1633
75-16-33. Maintenance of license. (1) If a licensee does 1634
not continue to meet the qualifications or satisfy the 1635
requirements that apply to an applicant for a new money 1636
transmission license, the commissioner may suspend or revoke the 1637
licensee's license in accordance with the procedures established 1638
by this chapter or other applicable state law for such suspension 1639
or revocation. 1640
(2) An applicant for a money transmission license must 1641
demonstrate that it meets or will meet, and a money transmission 1642
licensee must at all times meet, the requirements in Sections 1643
75-16-61, 75-16-63 and 75-16-65. 1644
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 65 (MCL\KW)

SECTION 55. Section 75-16-35, Mississippi Code of 1972, is 1645
brought forward as follows: 1646
75-16-35. Acquisition of control. (1) Any person, or group 1647
of persons acting in concert, seeking to acquire control of a 1648
licensee shall obtain the written approval of the commissioner 1649
prior to acquiring control. 1650
(2) A person, or group of persons acting in concert, seeking 1651
to acquire control of a licensee shall, in cooperation with the 1652
licensee: 1653
(a) Submit an application in a form and in a medium 1654
prescribed by the commissioner; and 1655
(b) Submit a nonrefundable fee as required under 1656
Section 75-16-25 with the request for approval. 1657
(3) Upon request, the commissioner may permit a licensee or 1658
the person, or group of persons acting in concert, to submit some 1659
or all information required by the commissioner pursuant to 1660
subsection (2)(a) of this section without using NMLS. 1661
(4) The application required by subsection (2)(a) of this 1662
section shall include information required by Section 75-16-27 for 1663
any new key individuals who have not previously completed the 1664
requirements of Section 75-16-27 for a licensee. 1665
(5) When an application for acquisition of control under 1666
this section appears to include all the items and address all of 1667
the matters that are required, the application shall be considered 1668
complete, and the commissioner shall promptly notify the applicant 1669
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 66 (MCL\KW)

in a record of the date on which the application was determined to 1670
be complete and: 1671
(a) The commissioner shall approve or deny the 1672
application within sixty (60) days after the completion date; or 1673
(b) If the application is not approved or denied within 1674
sixty (60) days after the completion date: 1675
(i) The application is approved; and 1676
(ii) The person, or group of persons acting in 1677
concert, are not prohibited from acquiring control. 1678
(c) The commissioner may for good cause extend the 1679
application period. 1680
(6) A determination by the commissioner that an application 1681
is complete and is accepted for processing means only that the 1682
application, on its face, appears to include all of the items and 1683
address all of the matters that are required, and is not an 1684
assessment of the substance of the application or of the 1685
sufficiency of the information provided. 1686
(7) When an application is filed and considered complete 1687
under subsection (5) of this section, the commissioner shall 1688
investigate the financial condition and responsibility, financial 1689
and business experience, character and general fitness of the 1690
person, or group of persons acting in concert, seeking to acquire 1691
control. The commissioner shall approve an acquisition of control 1692
pursuant to this section if the commissioner finds that all of the 1693
following conditions have been fulfilled: 1694
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 67 (MCL\KW)

(a) The requirements of subsections (2) and (4) of this 1695
section have been met, as applicable; and 1696
(b) The financial condition and responsibility, 1697
financial and business experience, competence, character and 1698
general fitness of the person, or group of persons acting in 1699
concert, seeking to acquire control; and the competence, 1700
experience, character and general fitness of the key individuals 1701
and persons that would be in control of the licensee after the 1702
acquisition of control indicate that it is in the interest of the 1703
public to permit the person, or group of persons acting in 1704
concert, to control the licensee. 1705
(8) If an applicant avails itself or is otherwise subject to 1706
a multistate licensing process: 1707
(a) The commissioner is authorized and encouraged to 1708
accept the investigation results of a lead investigative state for 1709
the purpose of subsection (7) of this section if the lead 1710
investigative state has sufficient staffing, expertise and minimum 1711
standards; or 1712
(b) If Mississippi is a lead investigative state, the 1713
commissioner is authorized and encouraged to investigate the 1714
applicant pursuant to subsection (7) of this section and the 1715
timeframes established by agreement through the multistate 1716
licensing process. 1717
(9) The commissioner shall issue a formal written notice of 1718
the denial of an application to acquire control. The commissioner 1719
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 68 (MCL\KW)

shall set forth in the notice of denial the specific reasons for 1720
the denial of the application. An applicant whose application is 1721
denied by the commissioner under this section may appeal within 1722
thirty (30) days after receipt of the written notice of the 1723
denial. Such appeal shall be to the Chancery Court of the First 1724
Judicial District of Hinds County, Mississippi. 1725
(10) The requirements of subsections (1) and (2) of this 1726
section do not apply to any of the following: 1727
(a) A person who acts as a proxy for the sole purpose 1728
of voting at a designated meeting of the shareholders or holders 1729
of voting shares or voting interests of a licensee or a person in 1730
control of a licensee; 1731
(b) A person who acquires control of a licensee by 1732
devise or descent; 1733
(c) A person who acquires control of a licensee as a 1734
personal representative, custodian, guardian, conservator or 1735
trustee, or as an officer appointed by a court of competent 1736
jurisdiction or by operation of law; 1737
(d) A person who is exempt under Section 75-16-7(7); 1738
(e) A person who the commissioner determines is not 1739
subject to subsection (1) of this section based on the public 1740
interest; 1741
(f) A public offering of securities of a licensee or a 1742
person in control of a licensee; or 1743
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 69 (MCL\KW)

(g) An internal reorganization of a person in control 1744
of the licensee where the ultimate person in control of the 1745
licensee remains the same. 1746
(11) Persons in subsection (10)(b), (c), (d), (f) and (g) of 1747
this section in cooperation with the licensee shall notify the 1748
commissioner within fifteen (15) days after the acquisition of 1749
control. 1750
(12) Streamlined Acquisition of Control. 1751
(a) The requirements of subsections (1) and (2) of this 1752
section do not apply to a person who has complied with and 1753
received approval to engage in money transmission under this 1754
chapter or was identified as a person in control in a prior 1755
application filed with and approved by the commissioner or by an 1756
MSB accredited state pursuant to a multistate licensing process, 1757
provided that: 1758
(i) The person has not had a license revoked or 1759
suspended or controlled a licensee that has had a license revoked 1760
or suspended while the person was in control of the licensee in 1761
the previous five (5) years; 1762
(ii) If the person is a licensee, the person is 1763
well managed and has received at least a satisfactory rating for 1764
compliance at its most recent examination by an MSB accredited 1765
state if such rating was given; 1766
(iii) The licensee to be acquired is projected to 1767
meet the requirements of Sections 75-16-61, 75-16-63 and 75-16-65 1768
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 70 (MCL\KW)

after the acquisition of control is completed, and if the person 1769
acquiring control is a licensee, that licensee is also projected 1770
to meet the requirements of Sections 75-16-61, 75-16-63 and 1771
75-16-65 after the acquisition of control is completed; 1772
(iv) The licensee to be acquired will not 1773
implement any material changes to its business plan as a result of 1774
the acquisition of control, and if the person acquiring control is 1775
a licensee, that licensee also will not implement any material 1776
changes to its business plan as a result of the acquisition of 1777
control; and 1778
(v) The person provides notice of the acquisition 1779
in cooperation with the licensee and attests to this paragraph 1780
(a)(i), (ii), (iii) and (iv) in a form and in a medium prescribed 1781
by the commissioner. 1782
(b) If the notice is not disapproved within thirty (30) 1783
days after the date on which the notice was determined to be 1784
complete, the notice is deemed approved. 1785
(13) Before filing an application for approval to acquire 1786
control of a licensee a person may request in writing a 1787
determination from the commissioner as to whether the person would 1788
be considered a person in control of a licensee upon consummation 1789
of a proposed transaction. If the commissioner determines that 1790
the person would not be a person in control of a licensee, the 1791
proposed person and transaction is not subject to the requirements 1792
of subsections (1) and (2) of this section. 1793
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 71 (MCL\KW)

(14) If a multistate licensing process includes a 1794
determination pursuant to subsection (13) of this section and an 1795
applicant avails itself or is otherwise subject to the multistate 1796
licensing process: 1797
(a) The commissioner is authorized and encouraged to 1798
accept the control determination of a lead investigative state 1799
with sufficient staffing, expertise, and minimum standards for the 1800
purpose of subsection (13) of this section; or 1801
(b) If a state is a lead investigative state, the 1802
commissioner is authorized and encouraged to investigate the 1803
applicant pursuant to subsection (13) of this section and the 1804
timeframes established by agreement through the multistate 1805
licensing process. 1806
SECTION 56. Section 75-16-37, Mississippi Code of 1972, is 1807
brought forward as follows: 1808
75-16-37. Notice and information requirements for a change 1809
of key individuals. (1) A licensee adding or replacing any key 1810
individual shall: 1811
(a) Provide notice in a manner prescribed by the 1812
commissioner within fifteen (15) days after the effective date of 1813
the key individual's appointment; and 1814
(b) Provide information as required by Section 75-16-27 1815
within forty-five (45) days of the effective date. 1816
(2) Within ninety (90) days of the date on which the notice 1817
provided pursuant to subsection (1) of this section was determined 1818
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 72 (MCL\KW)

to be complete, the commissioner may issue a notice of disapproval 1819
of a key individual if the competence, experience, character or 1820
integrity of the individual would not be in the best interests of 1821
the public or the customers of the licensee to permit the 1822
individual to be a key individual of such licensee. 1823
(3) A notice of disapproval shall contain a statement of the 1824
basis for disapproval and shall be sent to the licensee and the 1825
disapproved individual. A licensee may appeal a notice of 1826
disapproval within thirty (30) days after receipt of such notice 1827
of disapproval. Such appeal shall be to the Chancery Court of the 1828
First Judicial District of Hinds County, Mississippi. 1829
(4) If the notice provided pursuant to subsection (1) of 1830
this section is not disapproved within ninety (90) days after the 1831
date on which the notice was determined to be complete, the key 1832
individual is deemed approved. 1833
(5) If a multistate licensing process includes a key 1834
individual notice review and disapproval process pursuant to this 1835
section and the licensee avails itself or is otherwise subject to 1836
the multistate licensing process: 1837
(a) The commissioner is authorized and encouraged to 1838
accept the determination of another state if the investigating 1839
state has sufficient staffing, expertise, and minimum standards 1840
for the purpose of this section; or 1841
(b) If Mississippi is a lead investigative state, the 1842
commissioner is authorized and encouraged to investigate the 1843
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 73 (MCL\KW)

applicant pursuant to subsection (2) of this section and the 1844
timeframes established by agreement through the multistate 1845
licensing process. 1846
SECTION 57. Section 75-16-39, Mississippi Code of 1972, is 1847
brought forward as follows: 1848
75-16-39. Report of condition. (1) Each licensee shall 1849
submit a report of condition (i.e. call report) within forty-five 1850
(45) days of the end of the calendar quarter, or within any 1851
extended time as the commissioner may prescribe. 1852
(2) The report of condition shall include: 1853
(a) Financial information at the licensee level; 1854
(b) Nationwide and state-specific money transmission 1855
transaction information in every jurisdiction in the United States 1856
where the licensee is licensed to engage in money transmission; 1857
(c) Permissible investments report; 1858
(d) Transaction destination country reporting for money 1859
received for transmission, if applicable; and 1860
(e) Any other information the commissioner requires 1861
with respect to the licensee. The commissioner is authorized and 1862
encouraged to utilize NMLS for the submission of the report 1863
required by this subsection (1) of this section and is authorized 1864
to change or update as necessary the requirements of this section 1865
to carry out the purposes of this chapter and maintain consistency 1866
with NMLS reporting. 1867
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 74 (MCL\KW)

(3) The information required by subsection (2)(d) of this 1868
section shall only be included in a report of condition submitted 1869
within forty-five (45) days of the end of the fourth calendar 1870
quarter. 1871
SECTION 58. Section 75-16-41, Mississippi Code of 1972, is 1872
brought forward as follows: 1873
75-16-41. Audited financials. (1) Each licensee shall, 1874
within ninety (90) days after the end of each fiscal year, or 1875
within any extended time as the commissioner may prescribe, file 1876
with the commissioner: 1877
(a) An audited financial statement of the licensee for 1878
the fiscal year prepared in accordance with United States 1879
Generally Accepted Accounting Principles; and 1880
(b) Any other information as the commissioner may 1881
require. 1882
(2) The audited financial statements shall be prepared by an 1883
independent certified public accountant or independent public 1884
accountant who is satisfactory to the commissioner. 1885
(3) The audited financial statements shall include or be 1886
accompanied by a certificate of opinion of the independent 1887
certified public accountant or independent public accountant that 1888
is satisfactory in form and content to the commissioner. If the 1889
certificate or opinion is qualified, the commissioner may order 1890
the licensee to take any action as the commissioner may find 1891
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 75 (MCL\KW)

necessary to enable the independent or certified public accountant 1892
or independent public accountant to remove the qualification. 1893
SECTION 59. Section 75-16-43, Mississippi Code of 1972, is 1894
brought forward as follows: 1895
75-16-43. Authorized delegate reporting. (1) Each licensee 1896
shall submit a report of authorized delegates within forty-five 1897
(45) days of the end of the calendar quarter. The commissioner is 1898
authorized and encouraged to utilize NMLS for the submission of 1899
the report required by this subsection provided that such 1900
functionality is consistent with the requirements of this section. 1901
Such utilization shall include the NMLS Uniform Authorized Agent 1902
Reporting (UAAR) process, or such other similar process as 1903
designated by NMLS. 1904
(2) The authorized delegate report shall include, at a 1905
minimum, each authorized delegate's: 1906
(a) Company legal name; 1907
(b) Taxpayer employer identification number; 1908
(c) Principal provider identifier; 1909
(d) Physical address; 1910
(e) Mailing address; 1911
(f) Any business conducted in other states; 1912
(g) Any fictitious or trade name; 1913
(h) Contact person name, phone number, and email; 1914
(i) Start date as licensee's authorized delegate; 1915
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 76 (MCL\KW)

(j) End date acting as licensee's authorized delegate, 1916
if applicable; and 1917
(k) Any other information the commissioner requires 1918
with respect to the authorized delegate. 1919
SECTION 60. Section 75-16-45, Mississippi Code of 1972, is 1920
brought forward as follows: 1921
75-16-45. Reports of certain events. (1) A licensee shall 1922
file a report with the commissioner within one (1) business day 1923
after the licensee has reason to know of the occurrence of any of 1924
the following events: 1925
(a) The filing of a petition by or against the licensee 1926
under the United States Bankruptcy Code, 11 USC Sections 101-110, 1927
as amended or recodified from time to time, for bankruptcy or 1928
reorganization; 1929
(b) The filing of a petition by or against the licensee 1930
for receivership, the commencement of any other judicial or 1931
administrative proceeding for its dissolution or reorganization, 1932
or the making of a general assignment for the benefit of its 1933
creditors; or 1934
(c) The commencement of a proceeding to revoke or 1935
suspend its license in a state or country in which the licensee 1936
engages in business or is licensed. 1937
(2) A licensee shall file a report with the commissioner 1938
within three (3) business days after the licensee has reason to 1939
know of the occurrence of any of the following events: 1940
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 77 (MCL\KW)

(a) A charge or conviction of the licensee or of a key 1941
individual or person in control of the licensee for a felony; or 1942
(b) A charge or conviction of an authorized delegate 1943
for a felony. 1944
SECTION 61. Section 75-16-47, Mississippi Code of 1972, is 1945
brought forward as follows: 1946
75-16-47. Bank Secrecy Act reports. A licensee and an 1947
authorized delegate shall file all reports required by federal 1948
currency reporting, record keeping, and suspicious activity 1949
reporting requirements as set forth in the Bank Secrecy Act and 1950
other federal and state laws pertaining to money laundering. The 1951
timely filing of a complete and accurate report required under 1952
this section with the appropriate federal agency is deemed 1953
compliant with the requirements of this section. 1954
SECTION 62. Section 75-16-49, Mississippi Code of 1972, is 1955
brought forward as follows: 1956
75-16-49. Records. (1) A licensee shall maintain the 1957
following records, for determining its compliance with this 1958
chapter for at least five (5) years: 1959
(a) A record of each money transmission obligation 1960
sold; 1961
(b) A general ledger posted at least monthly containing 1962
all asset, liability, capital, income and expense accounts; 1963
(c) Bank statements and bank reconciliation records; 1964
(d) Records of outstanding money transmission; 1965
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 78 (MCL\KW)

(e) Records of each outstanding money transmission 1966
obligation paid within the five-year period; 1967
(f) A list of the last-known names and addresses of all 1968
of the licensee's authorized delegates; and 1969
(g) Any other records the commissioner requires by 1970
rule, regulation or order. 1971
(2) The items specified in subsection (1) of this section 1972
may be maintained in photographic, electronic or other similar 1973
form. 1974
(3) Records specified in subsection (1) of this section may 1975
be maintained outside this state if they are made accessible to 1976
the commissioner on seven (7) business days' notice that is sent 1977
in a record. 1978
(4) All records maintained by the licensee as required in 1979
subsections (1) through (3) of this section are open to inspection 1980
by the commissioner pursuant to Section 75-16-15(1). 1981
SECTION 63. Section 75-16-51, Mississippi Code of 1972, is 1982
brought forward as follows: 1983
75-16-51. Relationship between licensee and authorized 1984
delegate. (1) In this section, "remit" means to make direct 1985
payments of money to a licensee or its representative authorized 1986
to receive money or to deposit money in a bank in an account 1987
specified by the licensee. 1988
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 79 (MCL\KW)

(2) Before a licensee is authorized to conduct business 1989
through an authorized delegate or allows a person to act as the 1990
licensee's authorized delegate, the licensee must: 1991
(a) Adopt, and update as necessary, written policies 1992
and procedures designed to ensure that the licensee's authorized 1993
delegates comply with applicable state and federal law; 1994
(b) Enter into a written contract that complies with 1995
subsection (4) of this section; and 1996
(c) Conduct a risk-based background investigation 1997
sufficient for the licensee to determine whether the authorized 1998
delegate has complied and will likely comply with applicable state 1999
and federal law. 2000
(3) An authorized delegate must operate in full compliance 2001
with this chapter. 2002
(4) The written contract required by subsection (2) of this 2003
section must be signed by the licensee and the authorized delegate 2004
and, at a minimum, must: 2005
(a) Appoint the person signing the contract as the 2006
licensee's authorized delegate with the authority to conduct money 2007
transmission on behalf of the licensee; 2008
(b) Set forth the nature and scope of the relationship 2009
between the licensee and the authorized delegate and the 2010
respective rights and responsibilities of the parties; 2011
(c) Require the authorized delegate to agree to fully 2012
comply with all applicable state and federal laws, rules, and 2013
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 80 (MCL\KW)

regulations pertaining to money transmission, including this 2014
chapter and regulations implementing this chapter, relevant 2015
provisions of the Bank Secrecy Act and the USA PATRIOT ACT; 2016
(d) Require the authorized delegate to remit and handle 2017
money and monetary value in accordance with the terms of the 2018
contract between the licensee and the authorized delegate; 2019
(e) Impose a trust on money and monetary value net of 2020
fees received for money transmission for the benefit of the 2021
licensee; 2022
(f) Require the authorized delegate to prepare and 2023
maintain records as required by this chapter or regulations 2024
implementing this chapter, or as requested by the commissioner; 2025
(g) Acknowledge that the authorized delegate consents 2026
to examination or investigation by the commissioner; 2027
(h) State that the licensee is subject to regulation by 2028
the commissioner and that, as part of that regulation, the 2029
commissioner may suspend or revoke an authorized delegate 2030
designation or require the licensee to terminate an authorized 2031
delegate designation; and 2032
(i) Acknowledge receipt of the written policies and 2033
procedures required under subsection (2)(a) of this section. 2034
(5) If the licensee's license is suspended, revoked, 2035
surrendered or expired, the licensee must, within five (5) 2036
business days, provide documentation to the commissioner that the 2037
licensee has notified all applicable authorized delegates of the 2038
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 81 (MCL\KW)

licensee whose names are in a record filed with the commissioner 2039
of the suspension, revocation, surrender or expiration of a 2040
license. Upon suspension, revocation, surrender or expiration of 2041
a license, applicable authorized delegates shall immediately cease 2042
to provide money transmission as an authorized delegate of the 2043
licensee. 2044
(6) An authorized delegate of a licensee holds in trust for 2045
the benefit of the licensee all money net of fees received from 2046
money transmission. If any authorized delegate commingles any 2047
funds received from money transmission with any other funds or 2048
property owned or controlled by the authorized delegate, all 2049
commingled funds and other property shall be considered held in 2050
trust in favor of the licensee in an amount equal to the amount of 2051
money net of fees received from money transmission. 2052
(7) An authorized delegate may not use a subdelegate to 2053
conduct money transmission on behalf of a licensee. 2054
SECTION 64. Section 75-16-53, Mississippi Code of 1972, is 2055
brought forward as follows: 2056
75-16-53. Unauthorized activities. A person shall not 2057
engage in the business of money transmission on behalf of a person 2058
not licensed under this chapter or not exempt pursuant to Sections 2059
75-16-7 and 75-16-9. A person who engages in such activity 2060
provides money transmission to the same extent as if the person 2061
were a licensee, and shall be jointly and severally liable with 2062
the unlicensed or nonexempt person. 2063
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 82 (MCL\KW)

SECTION 65. Section 75-16-55, Mississippi Code of 1972, is 2064
brought forward as follows: 2065
75-16-55. Timely transmission. (1) Every licensee shall 2066
forward all money received for transmission in accordance with the 2067
terms of the agreement between the licensee and the sender unless 2068
the licensee has a reasonable belief or a reasonable basis to 2069
believe that the sender may be a victim of fraud or that a crime 2070
or violation of law, rule or regulation has occurred, is 2071
occurring, or may occur. 2072
(2) If a licensee fails to forward money received for 2073
transmission in accordance with this section, the licensee must 2074
respond to inquiries by the sender with the reason for the failure 2075
unless providing a response would violate a state or federal law, 2076
rule, or regulation. 2077
SECTION 66. Section 75-16-57, Mississippi Code of 1972, is 2078
brought forward as follows: 2079
75-16-57. Refunds. (1) This section does not apply to: 2080
(a) Money received for transmission subject to the 2081
federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended 2082
or recodified from time to time; or 2083
(b) Money received for transmission pursuant to a 2084
written agreement between the licensee and payee to process 2085
payments for goods or services provided by the payee. 2086
(2) Every licensee shall refund to the sender within ten 2087
(10) days of receipt of the sender's written request for a refund 2088
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 83 (MCL\KW)

of any and all money received for transmission unless any of the 2089
following occurs: 2090
(a) The money has been forwarded within ten (10) days 2091
of the date on which the money was received for transmission; 2092
(b) Instructions have been given committing an 2093
equivalent amount of money to the person designated by the sender 2094
within ten (10) days of the date on which the money was received 2095
for transmission; 2096
(c) The agreement between the licensee and the sender 2097
instructs the licensee to forward the money at a time that is 2098
beyond ten (10) days of the date on which the money was received 2099
for transmission. If funds have not yet been forwarded in 2100
accordance with the terms of the agreement between the licensee 2101
and the sender, the licensee shall issue a refund in accordance 2102
with the other provisions of this section; 2103
(d) The refund is requested for a transaction that the 2104
licensee has not completed based on a reasonable belief or a 2105
reasonable basis to believe that a crime or violation of law, rule 2106
or regulation has occurred, is occurring, or may occur; or 2107
(e) The refund request does not enable the licensee to: 2108
(i) Identify the sender's name and address or 2109
telephone number; or 2110
(ii) Identify the particular transaction to be 2111
refunded in the event the sender has multiple transactions 2112
outstanding. 2113
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 84 (MCL\KW)

SECTION 67. Section 75-16-59, Mississippi Code of 1972, is 2114
brought forward as follows: 2115
75-16-59. Receipts. (1) This section does not apply to: 2116
(a) Money received for transmission subject to the 2117
federal Remittance Rule (12 CFR Part 1005, Subpart B), as amended 2118
or recodified from time to time; 2119
(b) Money received for transmission that is not 2120
primarily for personal, family or household purposes; or 2121
(c) Money received for transmission pursuant to a 2122
written agreement between the licensee and payee to process 2123
payments for goods or services provided by the payee. 2124
(2) For purposes of this section, "receipt" means a paper 2125
receipt, electronic record or other written confirmation. For a 2126
transaction conducted in person, the receipt may be provided 2127
electronically if the sender requests or agrees to receive an 2128
electronic receipt. For a transaction conducted electronically or 2129
by phone, a receipt may be provided electronically. All 2130
electronic receipts shall be provided in a retainable form. 2131
(3) Every licensee or its authorized delegate shall provide 2132
the sender a receipt for money received for transmission. 2133
(a) The receipt shall contain the following 2134
information, as applicable: 2135
(i) The name of the sender; 2136
(ii) The name of the designated recipient; 2137
(iii) The date of the transaction; 2138
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 85 (MCL\KW)

(iv) The unique transaction or identification 2139
number; 2140
(v) The name of the licensee, NMLS Unique ID, the 2141
licensee's business address and the licensee's customer service 2142
telephone number; 2143
(vi) The amount of the transaction in United 2144
States dollars; 2145
(vii) Any fee charged by the licensee to the 2146
sender for the transaction; and 2147
(viii) Any taxes collected by the licensee from 2148
the sender for the transaction. 2149
(b) The receipt required by this section shall be in 2150
English and in the language principally used by the licensee or 2151
authorized delegate to advertise, solicit or negotiate, either 2152
orally or in writing, for a transaction conducted in person, 2153
electronically or by phone, if other than English. 2154
SECTION 68. Section 75-16-61, Mississippi Code of 1972, is 2155
brought forward as follows: 2156
75-16-61. Net worth. (1) A licensee under this chapter 2157
shall maintain at all times a tangible net worth of the greater of 2158
One Hundred Thousand Dollars ($100,000.00) or three percent (3%) 2159
of total assets for the first One Hundred Million Dollars 2160
($100,000,000.00), two percent (2%) of additional assets for One 2161
Hundred Million Dollars ($100,000,000.00) to One Billion Dollars 2162
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 86 (MCL\KW)

($1,000,000,000.00), and one-half percent (0.5%) of additional 2163
assets for over One Billion Dollars ($1,000,000,000.00). 2164
(2) Tangible net worth must be demonstrated at initial 2165
application by the applicant's most recent audited statements 2166
pursuant to Section 75-16-25(2)(f). 2167
(3) Notwithstanding the foregoing provisions of this 2168
section, the commissioner shall have the authority, for good cause 2169
shown, to exempt, in part or in whole, from the requirements of 2170
this section for any applicant or licensee. 2171
SECTION 69. Section 75-16-63, Mississippi Code of 1972, is 2172
brought forward as follows: 2173
75-16-63. Surety bond. (1) An applicant for a money 2174
transmission license must provide, and a licensee at all times 2175
must maintain, security consisting of a surety bond issued by a 2176
bonding company or insurance company authorized to do business in 2177
the State of Mississippi and in a form satisfactory to the 2178
commissioner or, with the commissioner's approval, a deposit 2179
instead of a bond in accordance with this section. 2180
(2) The amount of the required security shall be 2181
the greater of One Hundred Thousand Dollars ($100,000.00) or an 2182
amount equal to one hundred percent (100%) of the licensee's 2183
average daily money transmission liability in this state 2184
calculated for the most recently completed three-month period, up 2185
to a maximum of Five Hundred Thousand Dollars ($500,000.00). A 2186
licensee that maintains a bond in the maximum amount provided for 2187
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 87 (MCL\KW)

in subsection (1) of this section or in this subsection, as 2188
applicable, shall not be required to calculate its average daily 2189
money transmission liability in this state for purposes of this 2190
section. 2191
(3) A licensee may exceed the maximum required bond amount 2192
pursuant to Section 75-16-67(1)(e). 2193
(4) The bond shall be in a form satisfactory to the 2194
commissioner and shall run to the state for the use and benefit of 2195
the Department of Banking and Consumer Finance and any claimants 2196
against the licensee or his agents to secure the faithful 2197
performance of the obligations of the licensee and his agents with 2198
respect to the receipt, handling, transmission and payment of 2199
money in connection with money transmissions in Mississippi. 2200
(5) Any claimants against the licensee or his agents may 2201
themselves bring suit directly on the bond, or the Attorney 2202
General may bring suit thereon in behalf of those claimants, 2203
either in one (1) action or successive actions. 2204
(6) The commissioner may increase the required amount of the 2205
bond or deposit upon the basis of the impaired financial condition 2206
of a licensee as evidenced by a reduction in net worth, financial 2207
losses or other relevant criteria. 2208
(7) Any provision in this chapter to the contrary 2209
notwithstanding, the commissioner may at any time, if in the 2210
commissioner's sole opinion the protection of the public so 2211
requires, increase the principal sum of the bond or deposit 2212
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 88 (MCL\KW)

required of any applicant or licensee by this chapter but in no 2213
case shall the principal sum of the bond or deposit required 2214
exceed One Million Dollars ($1,000,000.00). 2215
SECTION 70. Section 75-16-65, Mississippi Code of 1972, is 2216
brought forward as follows: 2217
75-16-65. Maintenance of permissible. (1) A licensee shall 2218
maintain at all times permissible investments that have a market 2219
value computed in accordance with United States Generally Accepted 2220
Accounting Principles of not less than the aggregate amount of all 2221
of its outstanding money transmission obligations. 2222
(2) Except for permissible investments enumerated in Section 2223
75-16-67(1), the commissioner, with respect to any licensee, may 2224
by rule, regulation or order limit the extent to which a specific 2225
investment maintained by a licensee within a class of permissible 2226
investments may be considered a permissible investment, if the 2227
specific investment represents undue risk to customers, not 2228
reflected in the market value of investments. 2229
(3) Permissible investments, even if commingled with other 2230
assets of the licensee, are held in trust for the benefit of the 2231
purchasers and holders of the licensee's outstanding money 2232
transmission obligations in the event of insolvency, the filing of 2233
a petition by or against the licensee under the United States 2234
Bankruptcy Code, 11 USC Sections 101-110, as amended or recodified 2235
from time to time, for bankruptcy or reorganization, the filing of 2236
a petition by or against the licensee for receivership, the 2237
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 89 (MCL\KW)

commencement of any other judicial or administrative proceeding 2238
for its dissolution or reorganization, or in the event of an 2239
action by a creditor against the licensee who is not a beneficiary 2240
of this statutory trust. No permissible investments impressed 2241
with a trust pursuant to this subsection (3) shall be subject to 2242
attachment, levy of execution or sequestration by order of any 2243
court, except for a beneficiary of this statutory trust. 2244
(4) Upon the establishment of a statutory trust in 2245
accordance with subsection (3) of this section or when any funds 2246
are drawn on a letter of credit pursuant to Section 75-16-67(1), 2247
the commissioner shall notify the applicable regulator of each 2248
state in which the licensee is licensed to engage in money 2249
transmission, if any, of the establishment of the trust or the 2250
funds drawn on the letter of credit, as applicable. Notice shall 2251
be deemed satisfied if performed pursuant to a multistate 2252
agreement or through NMLS. Funds drawn on a letter of credit, and 2253
any other permissible investments held in trust for the benefit of 2254
the purchasers and holders of the licensee's outstanding money 2255
transmission obligations, are deemed held in trust for the benefit 2256
of such purchasers and holders on a pro rata and equitable basis 2257
in accordance with statutes pursuant to which permissible 2258
investments are required to be held in this state, and other 2259
states, as applicable. Any statutory trust established hereunder 2260
shall be terminated upon extinguishment of all of the licensee's 2261
outstanding money transmission obligations. 2262
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 90 (MCL\KW)

(5) The commissioner, by rule, regulation or by order may 2263
allow other types of investments that the commissioner determines 2264
are of sufficient liquidity and quality to be a permissible 2265
investment. The commissioner is authorized to participate in 2266
efforts with other state regulators to determine that other types 2267
of investments are of sufficient liquidity and quality to be a 2268
permissible investment. 2269
SECTION 71. Section 75-16-67, Mississippi Code of 1972, is 2270
amended as follows: 2271
75-16-67. Types of permissible investments. (1) The 2272
following investments are permissible under Section 75-16-65: 2273
(a) Cash (including demand deposits, savings deposits, 2274
and funds in such accounts held for the benefit of the licensee's 2275
customers in a federally insured depository financial institution) 2276
and cash equivalents including ACH items in transit to the 2277
licensee and ACH items or international wires in transit to a 2278
payee, cash in transit via armored car, cash in smart safes, cash 2279
in licensee-owned locations, debit card or credit card-funded 2280
transmission receivables owed by any bank, or money market mutual 2281
funds rated "AAA" by S&P, or the equivalent from any eligible 2282
rating service; 2283
(b) Certificates of deposit or senior debt obligations 2284
of an insured depository institution, as defined in Section 3 of 2285
the Federal Deposit Insurance Act, 12 USC Section 1813, as amended 2286
or recodified from time to time, or as defined under the federal 2287
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 91 (MCL\KW)

Credit Union Act, 12 USC Section 1781, as amended or recodified 2288
from time to time; 2289
(c) An obligation of the United States or a commission, 2290
agency, or instrumentality thereof; an obligation that is 2291
guaranteed fully as to principal and interest by the United 2292
States; or an obligation of a state or a governmental subdivision, 2293
agency, or instrumentality thereof; 2294
(d) The full drawable amount of an irrevocable standby 2295
letter of credit for which the stated beneficiary is the 2296
commissioner that stipulates that the beneficiary need only draw a 2297
sight draft under the letter of credit and present it to obtain 2298
funds up to the letter of credit amount within seven (7) days of 2299
presentation of the items required by subparagraph (iii) of this 2300
paragraph (d). 2301
(i) The letter of credit must: 2302
1. Be issued by a federally insured 2303
depository financial institution, a foreign bank that is 2304
authorized under federal law to maintain a federal agency or 2305
federal branch office in a state or states, or a foreign bank that 2306
is authorized under state law to maintain a branch in a state that 2307
a. bears an eligible rating or whose parent company bears an 2308
eligible rating; and b. is regulated, supervised, and examined by 2309
United States federal or state authorities having regulatory 2310
authority over banks, credit unions, and trust companies; 2311
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 92 (MCL\KW)

2. Be irrevocable, unconditional and indicate 2312
that it is not subject to any condition or qualifications outside 2313
of the letter of credit; 2314
3. Not contain reference to any other 2315
agreements, documents or entities, or otherwise provide for any 2316
security interest in the licensee; and 2317
4. Contain an issue date and expiration date, 2318
and expressly provide for automatic extension, without a written 2319
amendment, for an additional period of one (1) year from the 2320
present or each future expiration date, unless the issuer of the 2321
letter of credit notifies the commissioner in writing by certified 2322
or registered mail or courier mail or other receipted means, at 2323
least sixty (60) days prior to any expiration date, that the 2324
irrevocable letter of credit will not be extended. 2325
(ii) In the event of any notice of expiration or 2326
nonextension of a letter of credit issued under subparagraph (i)4 2327
of this paragraph (d), the licensee shall be required to 2328
demonstrate to the satisfaction of the commissioner, fifteen (15) 2329
days prior to expiration, that the licensee maintains and will 2330
maintain permissible investments in accordance with Section 2331
75-16-65(1) upon the expiration of the letter of credit. If the 2332
licensee is not able to do so, the commissioner may draw on the 2333
letter of credit in an amount up to the amount necessary to meet 2334
the licensee's requirements to maintain permissible investments in 2335
accordance with Section 75-16-65(1). Any such draw shall be 2336
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 93 (MCL\KW)

offset against the licensee's outstanding money transmission 2337
obligations. The drawn funds shall be held in trust by the 2338
commissioner or the commissioner's designated agent, to the extent 2339
authorized by law, as agent for the benefit of the purchasers and 2340
holders of the licensee's outstanding money transmission 2341
obligations. 2342
(iii) The letter of credit shall provide that the 2343
issuer of the letter of credit will honor, at sight, a 2344
presentation made by the beneficiary to the issuer of the 2345
following documents on or prior to the expiration date of the 2346
letter of credit: 2347
1. The original letter of credit (including 2348
any amendments); and 2349
2. A written statement from the beneficiary 2350
stating that any of the following events have occurred: 2351
a. The filing of a petition by or 2352
against the licensee under the United States Bankruptcy Code, 11 2353
USC Sections 101-110, as amended or recodified from time to time, 2354
for bankruptcy or reorganization; 2355
b. The filing of a petition by or 2356
against the licensee for receivership, or the commencement of any 2357
other judicial or administrative proceeding for its dissolution or 2358
reorganization; 2359
c. The seizure of assets of a licensee 2360
by a commissioner pursuant to an emergency order issued in 2361
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 94 (MCL\KW)

accordance with applicable law, on the basis of an action, 2362
violation, or condition that has caused or is likely to cause the 2363
insolvency of the licensee; or 2364
d. The beneficiary has received notice 2365
of expiration or nonextension of a letter of credit and the 2366
licensee failed to demonstrate to the satisfaction of the 2367
beneficiary that the licensee will maintain permissible 2368
investments in accordance with Section 75-16-65(1) upon the 2369
expiration or nonextension of the letter of credit. 2370
(iv) The commissioner may designate an agent to 2371
serve on the commissioner's behalf as beneficiary to a letter of 2372
credit so long as the agent and letter of credit meet requirements 2373
established by the commissioner. The commissioner's agent may 2374
serve as agent for multiple licensing authorities for a single 2375
irrevocable letter of credit if the proceeds of the drawable 2376
amount for the purposes of this paragraph (d) are assigned to the 2377
commissioner. 2378
(v) The commissioner is authorized and encouraged 2379
to participate in multistate processes designed to facilitate the 2380
issuance and administration of letters of credit, including, but 2381
not limited to, services provided by the NMLS and State Regulatory 2382
Registry, LLC; 2383
(e) One hundred percent (100%) of the surety bond or 2384
deposit provided for under Section 75-16-63 that exceeds the 2385
average daily money transmission liability in this state; 2386
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 95 (MCL\KW)

(f) Any other investment approved by the commissioner. 2387
(2) Unless permitted by the commissioner by rule, regulation 2388
or by order to exceed the limit as set forth herein, the following 2389
investments are permissible under Section 75-16-65 to the extent 2390
specified: 2391
(a) Receivables that are payable to a licensee from its 2392
authorized delegates in the ordinary course of business that are 2393
less than seven (7) days old, up to fifty percent (50%) of the 2394
aggregate value of the licensee's total permissible investments; 2395
(b) Of the receivables permissible under paragraph (a) 2396
of this subsection, receivables that are payable to a licensee 2397
from a single authorized delegate in the ordinary course of 2398
business may not exceed ten percent (10%) of the aggregate value 2399
of the licensee's total permissible investments; 2400
(c) The following investments are permissible up to 2401
twenty percent (20%) per category and combined up to fifty percent 2402
(50%) of the aggregate value of the licensee's total permissible 2403
investments: 2404
(i) A short-term (up to six (6) months) investment 2405
bearing an eligible rating; 2406
(ii) Commercial paper bearing an eligible rating; 2407
(iii) A bill, note, bond, or debenture bearing an 2408
eligible rating; 2409
(iv) United States tri-party repurchase agreements 2410
collateralized at one hundred percent (100%) or more with U.S. 2411
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 96 (MCL\KW)

government or agency securities, municipal bonds, or other 2412
securities bearing an eligible rating; 2413
(v) Money market mutual funds rated less than 2414
"AAA" and equal to or higher than "A-" by S&P, or the equivalent 2415
from any other eligible rating service; and 2416
(vi) A mutual fund or other investment fund 2417
composed solely and exclusively of one or more permissible 2418
investments listed in subsection (1)(a) through (c) of this 2419
section; 2420
(d) Cash (including demand deposits, savings deposits, 2421
and funds in such accounts held for the benefit of the licensee's 2422
customers) at foreign depository institutions are permissible up 2423
to ten percent (10%) of the aggregate value of the licensee's 2424
total permissible investments if the licensee has received a 2425
satisfactory rating in its most recent examination and the foreign 2426
depository institution: 2427
(i) Has an eligible rating; 2428
(ii) Is registered under the Foreign Account Tax 2429
Compliance Act; 2430
(iii) Is not located in any country subject to 2431
sanctions from the Office of Foreign Asset Control; and 2432
(iv) Is not located in a high-risk or 2433
noncooperative jurisdiction as designated by the Financial Action 2434
Task Force. 2435
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 97 (MCL\KW)

SECTION 72. Section 75-16-69, Mississippi Code of 1972, is 2436
brought forward as follows: 2437
75-16-69. Suspension and revocation. (1) The commissioner 2438
may suspend or revoke a license or order a licensee to revoke the 2439
designation of an authorized delegate if: 2440
(a) The licensee or any authorized delegate, agent, or 2441
representative violates this chapter or a rule or regulation 2442
adopted or an order issued under this chapter; 2443
(b) The licensee or any authorized delegate, agent, or 2444
representative does not cooperate with an examination or 2445
investigation by the commissioner; 2446
(c) The licensee or any authorized delegate, agent, or 2447
representative engages in fraud, intentional misrepresentation, or 2448
gross negligence; 2449
(d) An authorized delegate is convicted of a violation 2450
of a state or federal anti-money laundering statute, or violates a 2451
rule or regulation adopted or an order issued under this chapter, 2452
as a result of the licensee's willful misconduct or willful 2453
blindness; 2454
(e) The competence, experience, character, or general 2455
fitness of the licensee, authorized delegate, person in control of 2456
a licensee, key individual, or responsible person of the 2457
authorized delegate indicates that it is not in the public 2458
interest to permit the person to provide money transmission; 2459
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 98 (MCL\KW)

(f) The licensee or any authorized delegate, agent, or 2460
representative engages in an unsafe or unsound practice; 2461
(g) The licensee is insolvent, suspends payment of its 2462
obligations, or makes a general assignment for the benefit of its 2463
creditors; or 2464
(h) The licensee does not remove an authorized delegate 2465
after the commissioner issues and serves upon the licensee a final 2466
order including a finding that the authorized delegate has 2467
violated this chapter. 2468
(2) In determining whether a licensee is engaging in an 2469
unsafe or unsound practice, the commissioner may consider the size 2470
and condition of the licensee's money transmission, the magnitude 2471
of the loss, the gravity of the violation of this chapter, and the 2472
previous conduct of the person involved. 2473
SECTION 73. Section 75-16-71, Mississippi Code of 1972, is 2474
brought forward as follows: 2475
75-16-71. Notice and hearing. (1) Except where a license 2476
is automatically revoked without any act of the commissioner as 2477
specially provided in this section, no license shall be revoked 2478
except on ten (10) days' notice (the first day of the ten-day 2479
period to be the date stated on the notice, which shall be the day 2480
it is mailed) to the licensee by the commissioner, sent by letter 2481
by United States registered mail, return receipt requested, to the 2482
licensee's business address set forth in the application. 2483
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 99 (MCL\KW)

(2) Upon receipt of the notice, as stated in the registered 2484
mail receipt, the licensee may, within five (5) days thereafter 2485
(which five-day period may be wholly or partially outside of the 2486
ten-day period) make written demand for a hearing by the 2487
commissioner, which demand must be accompanied by an additional 2488
surety bond or securities deposit, as hereafter provided, the 2489
principal sum or the market value thereof to be specified by the 2490
commissioner in the revocation notice. 2491
(3) The revocation notice shall not become final during the 2492
period of time in which the licensee may demand such hearing nor 2493
if licensee demands a hearing, until the matter has been finally 2494
determined by the commissioner or by the courts, provided that the 2495
licensee posts together with his written demand for hearing an 2496
additional corporate surety bond, written by the same surety that 2497
wrote the bond required under Section 75-16-63 or an additional 2498
deposit in addition to the deposit theretofore made by the 2499
licensee under Section 75-16-63 which additional surety bond or 2500
deposit shall be in a principal amount or of a market value deemed 2501
adequate by the commissioner as specified in the revocation order 2502
but not exceeding One Million Dollars ($1,000,000.00), provided 2503
that if the licensee originally deposited with his application 2504
under Section 75-16-63 a corporate surety bond, the additional 2505
deposit provided in this section must be another corporate surety 2506
bond or an increase of the first one and may not be a deposit, or 2507
if the licensee originally made a deposit, the additional deposit 2508
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 100 (MCL\KW)

shall also be of the same manner and not a corporate surety bond. 2509
The bond or deposit shall secure the same obligations as does the 2510
corporate surety bond or deposit required by Section 75-16-63, but 2511
shall be in addition to the bond or deposit required thereby. 2512
(4) Upon receipt of the written demand, the commissioner 2513
shall thereafter, with reasonable promptness, hear and determine 2514
the matter as provided by law or regulation. 2515
(5) If the licensee deems himself aggrieved by the 2516
determination or order of the commissioner, he may within thirty 2517
(30) days after the determination or order, have the determination 2518
or order reviewed by an appeal to the Chancery Court of the First 2519
Judicial District of Hinds County, Mississippi, by filing a 2520
petition setting out the specific order or action or part thereof 2521
by which the person deems himself aggrieved. All those petitions 2522
shall be given preferred settings and shall be heard by the court 2523
as speedily as possible. Such an appeal shall be perfected upon 2524
the posting of a bond for the costs of the appeal accompanied by 2525
the petition. Any party to the appeal may appeal to the Supreme 2526
Court of Mississippi from the decree or order of the chancery 2527
court, within thirty (30) days from the rendition of the decree or 2528
order, in the manner provided by law for appeals to the Supreme 2529
Court of Mississippi from chancery courts. 2530
(6) Final revocation of the license, whether automatic or by 2531
final determination of the commissioner or the courts, shall 2532
cancel as of the date of final revocation all bonds or deposits 2533
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 101 (MCL\KW)

theretofore deposited by the licensee under any provision of this 2534
section, provided that the licensee (and his corporate surety, if 2535
any) shall not be relieved of any accrued liabilities, and 2536
provided further, where the licensee made a deposit, that there 2537
shall not be returned to the licensee any of the deposit until the 2538
commissioner determines that all accrued liabilities (including, 2539
but not limited to, the principal sums thereof, accrued interest 2540
thereon, and court costs, if any, assessed to the licensee) of the 2541
licensee under this section have been satisfied in full. 2542
(7) The commissioner may at any time revoke a license, on 2543
any ground on which he might refuse to grant a license, for 2544
failure to pay an annual fee or for violation of any provision of 2545
this section, subject to the provisions of this section. 2546
(8) A license shall be automatically and finally revoked 2547
without any act or further act of the commissioner and without any 2548
right of the licensee to any hearing or further hearing by the 2549
commissioner or the courts and without any right of the licensee 2550
or the commissioner to reinstate or have reinstated the license, 2551
in the following instances: (a) at expiration of the sixty-day 2552
notice period, if the corporate surety gives notice of 2553
cancellation of its bond or any of them; (b) upon failure by 2554
licensee to pay when due the annual license fee required by 2555
Section 75-16-31; (c) upon failure by licensee to file when due 2556
any information required by this chapter; (d) in case of a 2557
revocation notice under subsection (1) of this section, failure by 2558
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 102 (MCL\KW)

the licensee to demand hearing as provided therein or failure to 2559
deposit any additional corporate surety bond or deposit as 2560
required by the commissioner; (e) upon a license revocation order 2561
becoming final at any stage; (f) failure by licensee to deposit 2562
when due any additional corporate surety bond or deposit required 2563
by the commissioner under Section 75-16-63(8); or (g) upon final 2564
conviction of licensee as to any offense covered by this chapter. 2565
(9) If a revocation order becomes final for any reason or in 2566
any manner, the license may not be reinstated, except upon new 2567
application as if the licensee had never been licensed before. 2568
The commissioner may deny the new application on grounds that a 2569
previous application was denied or a previous license to applicant 2570
was revoked or any ground or grounds on which he may deny an 2571
original application. 2572
SECTION 74. Section 75-16-73, Mississippi Code of 1972, is 2573
brought forward as follows: 2574
75-16-73. Orders to cease and desist. (1) If the 2575
commissioner determines that a violation of this chapter or of a 2576
rule or regulation adopted or an order issued under this chapter 2577
by a licensee or authorized delegate is likely to cause immediate 2578
and irreparable harm to the licensee, its customers, or the public 2579
as a result of the violation, or cause insolvency or significant 2580
dissipation of assets of the licensee, the commissioner may issue 2581
an order requiring the licensee or authorized delegate to cease 2582
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 103 (MCL\KW)

and desist from the violation. The order becomes effective upon 2583
service of it upon the licensee or authorized delegate. 2584
(2) When the commissioner has reasonable cause to believe 2585
that a person is violating any provision of this chapter, the 2586
commissioner, in addition to and without prejudice to the 2587
authority provided elsewhere in this chapter, may sue in the 2588
Chancery Court of the First Judicial District of Hinds County, 2589
Mississippi, to enjoin the person from engaging in or continuing 2590
the violation or from doing any act in furtherance of the 2591
violation. In such an action, the court may enter any order or 2592
judgment awarding a preliminary or permanent injunction. 2593
(3) An order to cease and desist remains effective until 2594
rescinded or released by the commissioner or appealed as provided 2595
in this section. 2596
(4) A licensee that is served with an order to cease and 2597
desist may petition the Chancery Court of the First Judicial 2598
District of Hinds County, Mississippi, for a judicial order 2599
setting aside, limiting, or suspending the enforcement, operation, 2600
or effectiveness of the order. 2601
SECTION 75. Section 75-16-75, Mississippi Code of 1972, is 2602
brought forward as follows: 2603
75-16-75. Consent orders. The commissioner may enter into a 2604
consent order at any time with a person to resolve a matter 2605
arising under this chapter or a rule or regulation adopted or 2606
order issued under this chapter. A consent order must be signed 2607
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 104 (MCL\KW)

by the person to whom it is issued or by the person's authorized 2608
representative, and must indicate agreement with the terms 2609
contained in the order. A consent order may provide that it does 2610
not constitute an admission by a person that this chapter or a 2611
rule or regulation adopted or an order issued under this chapter 2612
has been violated. 2613
SECTION 76. Section 75-16-77, Mississippi Code of 1972, is 2614
brought forward as follows: 2615
75-16-77. Criminal penalties. (1) A person who 2616
intentionally makes a false statement, misrepresentation, or false 2617
certification in a record filed or required to be maintained under 2618
this chapter or that intentionally makes a false entry or omits a 2619
material entry in such a record is guilty of a felony and, upon 2620
conviction thereof, shall be fined no less than Five Hundred 2621
Dollars ($500.00) nor more than Three Thousand Dollars 2622
($3,000.00), and may also be punished by imprisonment in the 2623
custody of the Department of Corrections for a term not less than 2624
one (1) year and not more than five (5) years. 2625
(2) A person that knowingly engages in an activity for which 2626
a license is required under this chapter without being licensed 2627
under this chapter and who receives more than Five Hundred Dollars 2628
($500.00) in compensation within a thirty-day period from this 2629
activity is guilty of a felony and, upon conviction thereof, shall 2630
be fined no less than Five Hundred Dollars ($500.00) nor more than 2631
Three Thousand Dollars ($3,000.00), and may also be punished by 2632
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 105 (MCL\KW)

imprisonment in the custody of the Department of Corrections for a 2633
term not less than one (1) year and not more than five (5) years. 2634
(3) A person that knowingly engages in an activity for which 2635
a license is required under this chapter without being licensed 2636
under this chapter and who receives no more than Five Hundred 2637
Dollars ($500.00) in compensation within a thirty-day period from 2638
this activity is guilty of a misdemeanor and, upon conviction, 2639
shall be fined not less than One Hundred Dollars ($100.00) nor 2640
more than Five Hundred Dollars ($500.00), and may also be confined 2641
to the county jail for not more than twelve (12) months. 2642
SECTION 77. Section 75-16-79, Mississippi Code of 1972, is 2643
brought forward as follows: 2644
75-16-79. Civil penalties. (1) The commissioner may assess 2645
a civil penalty against a person that violates this chapter or a 2646
rule or regulation adopted or an order issued under this chapter 2647
in an amount not to exceed One Thousand Dollars ($1,000.00) per 2648
day for each day the violation is outstanding, plus this state's 2649
costs and expenses for the investigation and prosecution of the 2650
matter, including reasonable attorney's fees. 2651
(2) If any person engages in business as provided for in 2652
this chapter without paying the license fee provided for in this 2653
chapter before beginning business or before the expiration of the 2654
person's current license, as the case may be, then the person 2655
shall be liable for the full amount of the license fee plus a 2656
penalty in an amount not to exceed One Thousand Dollars 2657
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 106 (MCL\KW)

($1,000.00) for each day that the person has engaged in the 2658
business without a license or after the expiration of a license. 2659
SECTION 78. Section 75-16-81, Mississippi Code of 1972, is 2660
brought forward as follows: 2661
75-16-81. Unlicensed persons. (1) If the commissioner has 2662
reason to believe that a person has violated or is violating 2663
Section 75-16-21, the commissioner may issue an order to show 2664
cause why an order to cease and desist should not issue requiring 2665
that the person cease and desist from the violation of Section 2666
75-16-21. 2667
(2) In an emergency, the commissioner may petition the 2668
Chancery Court of the First Judicial District of Hinds County, 2669
Mississippi, for the issuance of a temporary restraining order ex 2670
parte pursuant to the Mississippi Rules of Civil Procedure. 2671
(3) An order to cease and desist becomes effective upon 2672
service of it upon the person. 2673
(4) An order to cease and desist remains effective and 2674
enforceable until rescinded or released by the commissioner or 2675
appealed as provided in this section. 2676
(5) A person that is served with an order to cease and 2677
desist for violating Section 75-16-21 may petition the Chancery 2678
Court of the First Judicial District of Hinds County, Mississippi, 2679
for a judicial order setting aside, limiting, or suspending the 2680
enforcement, operation, or effectiveness of the order. 2681
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 107 (MCL\KW)

SECTION 79. Section 75-16-83, Mississippi Code of 1972, is 2682
brought forward as follows: 2683
75-16-83. Investigation of possible violations. In addition 2684
to and without prejudice to the authority provided elsewhere in 2685
this chapter, the commissioner, or his duly authorized 2686
representative, for the purpose of discovering violations of this 2687
chapter and for the purpose of determining whether persons are 2688
subject to the provisions of this chapter, may examine persons 2689
licensed under this chapter and persons reasonably suspected by 2690
the commissioner of conducting business that requires a license 2691
under this chapter, including all relevant books, records and 2692
papers employed by those persons in the transaction of their 2693
business, and may summon witnesses and examine them under oath 2694
concerning matters relating to the business of those persons, or 2695
such other matters as may be relevant to the discovery of 2696
violations of this chapter, including, without limitation, the 2697
conduct of business without a license as required under this 2698
chapter. 2699
SECTION 80. Section 75-16-85, Mississippi Code of 1972, is 2700
brought forward as follows: 2701
75-16-85. Uniformity of application and construction. In 2702
applying and construing this chapter, consideration must be given 2703
to the need to promote uniformity of the law with respect to its 2704
subject matter among states that enact it. 2705
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 108 (MCL\KW)

SECTION 81. Section 75-16-87, Mississippi Code of 1972, is 2706
brought forward as follows: 2707
75-16-87. Transition period. (1) A person licensed in this 2708
state to engage in the business of money transmission shall not be 2709
subject to the provisions of this chapter, to the extent that they 2710
conflict with current law or establish new requirements not 2711
imposed under current law, until such time as the licensee renews 2712
its current license or for twelve (12) months after July 1, 2025, 2713
whichever is later. 2714
(2) Notwithstanding subsection (1) of this section, a 2715
licensee shall only be required to amend its authorized delegate 2716
contracts for contracts entered into or amended after the 2717
effective date or the completion of any transition period 2718
contemplated under subsection (1) of this section. Nothing herein 2719
shall be construed as limiting an authorized delegate's 2720
obligations to operate in full compliance with this chapter as 2721
required by Section 75-16-51(3). 2722
SECTION 82. Section 7-9-9, Mississippi Code of 1972, is 2723
amended as follows: 2724
7-9-9. It shall be the duty of the State Treasurer to 2725
receive and keep the * * * monies of the state in the manner 2726
provided by law, to disburse the same agreeably to law, and to 2727
take receipts or vouchers for * * * monies which he shall 2728
disburse. He shall keep regular, fair, and proper accounts of the 2729
receipts and expenditures of the public money; he shall keep 2730
H. B. No. 1531 *HR26/R807* ~ OFFICIAL ~
26/HR26/R807
PAGE 109 (MCL\KW)
ST: Mississippi Bullion Depository; establish
and authorize fractional reserve currency.
accounts in his books in the name of the state, in which he shall 2731
enter the amount of all money, stock, securities, and all other 2732
property in the Treasury or which may at any time be received by 2733
him, keeping the receipts and disbursements of each fiscal year in 2734
separate accounts, and closing the same with the close of the 2735
fiscal year; and he shall open and keep accounts in his books for 2736
all appropriations of money made by law, so that the appropriation 2737
of money and the application thereof in conformity thereto may 2738
clearly and distinctly appear on the books of the Treasury. 2739
SECTION 83. The State Treasurer shall promulgate any rules 2740
or regulations as he or she deems necessary or required to 2741
effectuate the purposes of this act. 2742
SECTION 84. This act shall take effect and be in force from 2743
and after July 1, 2026. 2744