How HB 273 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill revises several provisions related to money services businesses, including exceptions during the Financial Technology Sandbox, definitions, and requirements for transactions and recordkeeping.

• 559.952

  Notwithstanding any other law, upon approval of a Financial Technology Sandbox application, the following provisions and corresponding rule requirements are not applicable to the licensee during the sandbox period: → Notwithstanding any other law, upon approval of a Financial Technology Sandbox application, the following provisions and corresponding rule requirements are not applicable to the licensee during the sandbox period:

  Adds a provision detailing the exceptions to general law that apply to a licensee during the sandbox period.

• 560.103

  "Monetary value" means a medium of exchange, other than virtual currency, regardless of whether it is or not redeemable in currency. → "Monetary value" means a medium of exchange, other than virtual currency, regardless of whether it is or not redeemable in currency.

  Clarifies the definition of 'monetary value'.

• 560.123

  The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, or payment instruments, or virtual currency in order to deter the use of a money services business to conceal proceeds from criminal activity and to ensure the availability of such records for criminal, tax, or regulatory investigations or proceedings. → The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, or payment instruments, or virtual currency in order to deter the use of a money services business to conceal proceeds from criminal activity and to ensure the availability of such records for criminal, tax, or regulatory investigations or proceedings.

  Clarifies the purpose of record maintenance for transactions.

• 560.205(2)

  [Existing text to be determined by further legislative action] → [New regulations regarding examinations to be determined by further legislative action]

  Enables potential amendments for regulatory requirements concerning examinations.

• 560.204

  [Existing text to be determined by further legislative action] → [New statements to be determined by further legislative action]

  Allows for broader changes regarding prohibited activities without a license.

• 560.125

  [Existing text to be determined by further legislative action] → [New clarifications about engaging in business during sandbox period to be determined by further legislative action]

  Accommodates new regulatory flexibility during the Financial Technology Sandbox.

• 560.208

  [Existing text to be determined by further legislative action] → [New contract requirements with authorized vendors to be determined by further legislative action]

  Updates requirements for written contracts for money transmitters.

• 560.210

  [Existing text to be determined by further legislative action] → [New requirements regarding virtual currency handling by money transmitters to be determined by further legislative action]

  Introduces new standards for handling virtual currency.

• 560.211

  [Existing text to be determined by further legislative action] → [Newly established recordkeeping requirements for money transmitters to be determined by further legislative action]

  Establishes updated recordkeeping expectations.

• 560.212

  [Existing text to be determined by further legislative action] → [New financial liability details for money transmitters to be determined by further legislative action]

  Refines financial liability guidelines for compliance.