361.903. Purpose.
97 words·~1 min read·
/mo/chapter-361/361-903A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
361.903. Purpose. — Sections 361.900 to 361.1035 are designed to replace existing state money transmission laws currently codified in law and to:
(1)Ensure states may coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources;
(2)Protect the public from financial crime;
(3)Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4)Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.
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(L. 2024 S.B. 1359)