Money transmitters; require to implement certain data security measures and customer protections.

An Act To Require A Money Transmitter Licensed Under The Money Transmission Modernization Act To Implement Safeguards To Protect Customer Information And Increase Data Security; To Require A Licensee To Designate A Qualified Individual To Be Responsible For Overseeing, Implementing And Enforcing An Information Security Program; To Provide The Minimum Standards And Requirements For The Information Security Program And To Require Risk Assessments; To Require Notification To The Commissioner Of Banking And Consumer Finance When Unencrypted Customer Information Is Acquired Without The Authorization Of The Affected Individual; To Provide Certain Exceptions; To Amend Section 75-16-11, Mississippi Code Of 1972, To Provide That Funds Coming Into The Possession Of The Commissioner As A Result Of The Money Transmission Modernization Act Shall Be Deposited Into The Consumer Finance Fund; To Amend Sections 75-16-25, 75-16-31 And 75-16-43, Mississippi Code Of 1972, To Regulate Virtual Currency Kiosks Under The Provisions Of The Money Transmission Modernization Act; To Amend Section 75-16-51, Mississippi Code Of 1972, To Require A Licensee To Provide Training Materials To Help Authorized Delegates Recognize Financial Abuse And Financial Exploitation Of An Elder Adult And Respond Appropriately In Such Situations; To Amend Section 75-16-65, Mississippi Code Of 1972, To Include The Word "investments"; To Create New Section 75-16-89, Mississippi Code Of 1972, To Require A Licensee To Provide Certain Information To The Purchaser In Connection With Each Money Transmission Or Kiosk Transaction Conducted By The Licensee Directly Or Through An Authorized Delegate; And For Related Purposes.

Status

Passed

Signed or otherwise enacted

Status date

Apr 8, 2026

218 days ago

Current chamber

Senate

Session

2026 Regular Session