§ 75-15-1. Citation
This chapter may be cited as the “Mississippi Money Transmitters Act.”
§ 75-15-11. Accompanying financial statement, bond, proof of registration as money service business, and set of fingerprints; denial of license to certain individuals convicted of certain crimes
Each application for a license shall be accompanied by: Certified financial statements, reasonably satisfactory to the commissioner, showing that the applicant has a net worth of at least Twenty-five Thousand Dollars ($25,000.00) plus Fifteen Thousand Dollars ($15,000.00) for each location in excess of one (1) at which the applicant proposes to conduct money transmissions in […]
§ 75-15-12. Licensees required to possess permissible investments having an aggregate market value of at least the aggregate amount of outstanding checks
In addition to the bond required in Section 75-15-11, a licensee must possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate amount of all outstanding checks issued or sold or money received for transmission by the licensee in the United States.This requirement […]
§ 75-15-13. Investigation; granting of license
Upon the filing of the application, the payment of the investigation fee and license fee, and the approval by the commissioner of the bond or securities delivered under Section 75-15-11, the commissioner shall investigate the financial responsibility, financial and business experience, character and general fitness of the applicant, and, if he deems it advisable, of […]
§ 75-15-15. Annual license fee
Each licensee shall pay to the commissioner with his initial application a license fee of Seven Hundred Fifty Dollars ($750.00), and annually thereafter on or before April 1 of each year, a renewal fee of Four Hundred Dollars ($400.00), plus Fifty Dollars ($50.00) for each location in excess of one (1) in Mississippi through which […]
§ 75-15-17. Agents; appointment of subagents to conduct money transmission prohibited
A licensee may conduct his business at one or more locations within this state and through or by means of such agents as the licensee may from time to time designate or appoint.No license under this chapter shall be required of any agent of a licensee, provided that this exemption shall apply only to the […]
§ 75-15-19. Monthly report of total amount of outstanding money transmissions; annual financial statement; examination or audit of books and records; certain books and records to be maintained for five years
Each licensee shall file with the commissioner within fifteen (15) days of the last business day of each month a report of the total amount of outstanding money transmissions in Mississippi.The principal sum of the surety bond or deposit required in Section 75-15-11 shall be adjusted, if appropriate, to reflect any changes in outstanding money […]
§ 75-15-21. Exempt agents
Nothing in this chapter shall be deemed to require a licensee to list agents which are exempt by the provisions of Section 75-15-7 of this chapter.
§ 75-15-23. Liability of licensee
Each licensee shall be liable for the payment of all money transmissions and for all checks that the licensee sells, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instrument laws of this state, and shall be responsible only for those acts of the […]
§ 75-15-25. Limitation on outstanding money transmissions or checks in Mississippi
Whenever the bond or securities deposit required under Section 75-15-11 is less than Five Hundred Thousand Dollars ($500,000.00), the licensee may not at any time have a total amount in outstanding money transmissions or checks in Mississippi, in excess of the bond or securities deposit required of him under Section 75-15-11, and the licensee shall, […]
§ 75-15-27. Revocation of license; notice; hearing; appeals
Except where a license is automatically revoked without any act of the commissioner as specially provided in this chapter, no license shall be denied or revoked except on ten (10) days’ notice (the first day of the ten-day period to be the date stated on the notice, which shall be the day it is mailed) […]
§ 75-15-29. Bond increase
Any provision in this chapter to the contrary notwithstanding, the commissioner may at any time, if in his sole opinion the protection of the public so requires, increase the principal sum of the bond or the aggregate market value of the deposit required of any applicant or licensee by Section 75-15-11 but in no case […]
§ 75-15-3. Definitions
For the purposes of this chapter: “Check” means any check, draft, money order, personal money order or other instrument, including but not limited to stored value cards, for the transmission or payment of money.The format of a check may be either paper, electronic, plastic or any combination thereof. “Commissioner” means the Commissioner of Banking and […]
§ 75-15-31. Penalties
If any person to whom or which this chapter applies or any agent or representative of that person violates any of the provisions of this chapter or attempts to transact the business of conducting money transmissions as a service or for a fee or other consideration, without having first obtained a license from the commissioner […]
§ 75-15-32. Commissioner authorized to examine persons suspected of conducting business requiring a license
The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this […]
§ 75-15-33. Construction of chapter
The masculine, feminine and neuter genders shall each include the others and the singular shall include the plural.
§ 75-15-35. Compliance with state and federal money laundering laws
Each licensee shall comply with state and federal money laundering laws, including, but not limited to, the federal “Bank Secrecy Act,” 12 USC Section 1951 et seq.
§ 75-15-5. License required
No person, except those specified in Section 75-15-7, shall engage in the business of money transmission, as a service or for a fee or other consideration, without having first obtained a license under this chapter.
§ 75-15-7. Exemption from license requirement
Nothing in this chapter shall apply to the sale or issuance or delivering of checks by: Any financial institution whose deposits are insured by any agency of the United States government or any trust company authorized to do business in this state; The government of the United States or any department or agent thereof; The […]
§ 75-15-9. Applications and qualifications
Each application for a license to engage in the business of money transmission shall be made in writing and under oath to the commissioner in such form as he may prescribe.The application shall state the full name and business address of: The proprietor, if the applicant is an individual; Every member, if the applicant is […]