2016-04-12                     House Journal                      Page 2217
HB 271                                                                                                                        
The Labor & Commerce Committee considered:                                                                                      
                                                                                                                                
     HOUSE BILL NO. 271                                                                                                         
     "An Act relating to a money services business; relating to                                                                 
     transmitting value that substitutes for money; relating to licensing                                                       

2016-04-12                     House Journal                      Page 2218
     requirements and registration through the Nationwide Multistate                                                            
     Licensing System and Registry; relating to surety bonding                                                                  
     requirements; authorizing certain licensees to contract to use                                                             
     subdelegates for reloading funds onto stored-value cards; relating                                                         
     to record retention, reporting requirements, and enforcement                                                               
     provisions; relating to exemptions; relating to money services                                                             
     Internet activities; relating to definitions regarding the transmitting                                                    
     value, currency, and money transmission business activities; and                                                           
     providing for an effective date."                                                                                          
                                                                                                                                
and recommends it be replaced with:                                                                                             
                                                                                                                                
     CS FOR HOUSE BILL NO. 271(L&C)                                                                                             
     "An Act relating to money transmission and currency exchange                                                               
     businesses; relating to transmitting value that substitutes for                                                            
     money; relating to licensing requirements and registration through                                                         
     the Nationwide Multistate Licensing System and Registry;                                                                   
     relating to surety bonding requirements; authorizing certain                                                               
     licensees to contract to use subdelegates for reloading funds on                                                           
     certain stored-value cards; relating to record retention, reporting                                                        
     requirements, and enforcement provisions; relating to exemptions;                                                          
     relating to money services Internet activities; relating to                                                                
     transmitting value and currency; and providing for an effective                                                            
     date."                                                                                                                     
                                                                                                                                
The report was signed by Representative Olson, Chair, with the                                                                  
following individual recommendations:                                                                                           
                                                                                                                                
Do pass (1):  Olson                                                                                                             
                                                                                                                                
No recommendation (5):  LeDoux, Tilton, Hughes, Kito, Josephson                                                                 
                                                                                                                                
The following fiscal note(s) apply to CSHB 271(L&C):                                                                            
                                                                                                                                
1.  Zero, Dept. of Commerce, Community, & Economic Development                                                                  
                                                                                                                                
HB 271 was referred to the Rules Committee for placement on the                                                                 
calendar.