HB 1596

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.