Effective 30 days after publication in Code of State Regulations, i.e. Mar. 30, 2025.
Document dated Feb. 18, 2025, received from MO LEG Feb. 10, summarized Feb. 12.
On Oct. 24, MO Finance proposed to rescind a rule re checks license.
MO Finance proposed to rescind rule MO FIN 20-1140-12.010 which set the minimum standards for bonds/irrevocable letters of credit re sale of checks/money order license.
Document dated Nov. 1, 2024, received from MO LEG Oct. 24, summarized on Oct. 28.
Follows MO INS Aug. 2024 bulletin re implementation of bill SB 1359, see #224189.
Highlights
MO FIN 20-1140-12.010 prohibits sale of checks license to be issued or renewed without the posting of a $1mn corporate surety bond or irrevocable letter of credit.
Provides exceptions based on outstanding value of checks sold in MO by the applicant.
Due to passage of SB 1359, which enacted the Model money transmitter act of 2024, sale of checks statute was replaced, longer compatible/needed as administrative rule.
Consultation
Comments due within 30 days after publication of this notice in Register, i.e., Dec. 1st.
Feb. 2025 MO Finance Final Rule
On Feb. 10, 2025, MO Finance published final adopted rulemaking in Missouri Register.
