HB4290 H B&I AMT 2-5 Archibald 3192

The Committee on Banking and Insurance moves to amend the title of the bill, by striking out the title of the bill and inserting in lieu there of the following:

H. B. 4290 –- “A BILL to amend and reenact §32A-2-1, §32A-2-3, §32A-2-4, §32A-2-5, §32A-2-8, §32A-2-10, §32A-2-11, §32A-2-13, §32A-2-18, §32A-2-19, §32A-2-22 and §32A-2-27 of the Code of West Virginia, 1931, as amended, all relating to licensure and regulation of currency transmitters; removing unnecessary language; updating and clarifying references; amending a definition; adding a licensing exemption; amending activities and location of a licensee’s authorized delegate; authorizing commissioner to require use of the Nationwide Mortgage Licensing System and Registry; modifying fees; limiting net worth requirement to tangible net worth; amending bond requirement; eliminating alternatives to surety bond requirement in future; adding reporting requirements; authorizing administrative penalties; authorizing issuance of a cease and desist order in certain cases.”