Section 361.933

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2024   

  361.933.  Consistent state licensing. — 1.  To establish consistent licensing between this state and other states, the director is authorized to:

  (1)  Implement the licensing provisions of sections 361.900 to 361.1035 in a manner that is consistent with other states that have adopted the money transmission modernizations act or multistate licensing processes; and

  (2)  Participate in nationwide protocols for licensing cooperation and coordination among state regulators, provided that such protocols are consistent with sections 361.900 to 361.1035.

  2.  In order to fulfill the purposes of sections 361.900 to 361.1035, the director is authorized to establish relationships or contracts with NMLS, or other entities designated by NMLS or other third parties to enable the director to:

  (1)  Collect and maintain records;

  (2)  Coordinate multistate licensing processes and supervision processes;

  (3)  Process fees; and

  (4)  Facilitate communication between this state and licensees or other persons subject to sections 361.900 to 361.1035.

  3.  The director is authorized to utilize NMLS for all aspects of licensing in accordance with sections 361.900 to 361.1035 including, but not limited to, license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.

  4.  The director is authorized to utilize NMLS forms, processes, and functionalities in accordance with sections 361.900 to 361.1035.

  5.  (1)  The director is authorized to establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in NMLS upon the division of finance's determination that each requirement is consistent with law, public interest, and the purposes of this section.

  (2)  Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028.  This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2024, shall be invalid and void.

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(L. 2024 S.B. 1359)