HB 86-MONEY TRANSMISSION; VIRTUAL CURRENCY                                                                       
                                                                                                                                
4:55:19 PM                                                                                                                    
                                                                                                                                
CHAIR SUMNER announced  that the next order of  business would be                                                               
HB 86,  "An Act relating  to the business of  money transmission;                                                               
relating to money  transmission licenses, licensure requirements,                                                               
and  registration  through  the Nationwide  Multistate  Licensing                                                               
System and Registry; relating to  the use of virtual currency for                                                               
money  transmission;  relating  to   authorized  delegates  of  a                                                               
licensee;  relating  to  acquisition  of control  of  a  license;                                                               
relating   to  record   retention  and   reporting  requirements;                                                               
authorizing the  Department of Commerce, Community,  and Economic                                                               
Development to cooperate  with other states in  the regulation of                                                               
money   transmission;   relating  to   permissible   investments;                                                               
relating  to violations  and  enforcement  of money  transmission                                                               
laws;   relating  to   money  transmission   license  exemptions;                                                               
relating  to  payroll  processing  services;  repealing  currency                                                               
exchange licenses; and providing for an effective date."                                                                        
                                                                                                                                
                                                                                                                                
4:55:37 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE FIELDS moved Amendment 1  to HB 86.  [As Amendment                                                               
1  was withdrawn  without discussion,  there was  no copy  in the                                                               
record.]                                                                                                                        
                                                                                                                                
REPRESENTATIVE WRIGHT objected  to Amendment 1.   He advised that                                                               
HB  145  sufficiently  covers  the  topic  of  payday  loans  and                                                               
lenders.                                                                                                                        
                                                                                                                                
REPRESENTATIVE FIELDS withdrew Amendment 1.                                                                                     
                                                                                                                                
4:56:50 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE RUFFRIDGE moved  to report HB 86  out of committee                                                               
with  individual  recommendations  and  the  accompanying  fiscal                                                               
notes.  There  being no objection, HB 86 was  reported out of the                                                               
House Labor and Commerce Standing Committee.