HB 1596: Money transmitters; require to implement certain data security measures and customer protections.

Summary

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.

Latest recorded action

No action recorded yet.

Apr 8, 2026

This is the latest action supplied by the source, not the full legislative history.

Track bills like this one

Mandate alerts you when a bill that matters to your organization moves, and explains what it means.