SB438

SB438

Provides for the Licensure and Regulation of Merchant Acquirer Limited Purpose Banks. (BDR 55-974)

AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of merchant acquirer limited purpose banks; setting forth various procedures and requirements for the organization and licensure of merchant acquirer limited purpose banks; setting forth the powers and duties of the Commissioner with respect to merchant acquirer limited purpose banks; imposing various requirements and restrictions concerning the operation of merchant acquirer limited purpose banks; establishing certain prohibited acts relating to merchant acquirer limited purpose banks; revising certain provisions relating to financial institutions; providing penalties; and providing other matters properly relating thereto.

Sponsors

Legislative History

1. 2025-03-24

   Read first time. Referred to Committee on Commerce and Labor. To printer.

2. 2025-03-26

   From printer. To committee.

3. 2025-04-12

   (Pursuant to Joint Standing Rule No. 14.3.1, no further action allowed.)

Recorded Roll Calls

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Hearing History

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Bill Text & Documents

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0000-00-00 · Introduced View source document ↗