As a reminder, the new Kansas Money Transmission Act (KMTA) will become effective on January 1, 2025. Please be advised that those providing money transmission services in Kansas must comply with the provisions of the KMTA as of the effective date. All current money transmitter licensees and any future applicants should review the new law in its entirety to determine how the changes will affect your company’s money transmission services in Kansas.
Key Changes to Note:
- Exemptions
- Acquisition of Control & Transfer of License Control
- Replacement of Key Individuals
- Report Of Condition
- Fiscal Year Reporting
- Report of Action Against Licensee
- Tangible Net Worth Requirement
- Security Requirement
- Permissible Investment Requirements & Types of Permissible Investments
A Summary of Legislation for the new KMTA is available at: https://www.kslegislature.gov/li/b2023_24/measures/documents/summary_hb_2560_2024
The Kansas Money Transmission Act is now available on our website at: https://www.osbckansas.org/legal/cml_lawbook_2024.pdf
The Kansas Office of the State Bank Commissioner (OSBC) is currently updating licensing and examination processes related to the law changes. All licensing requirements and updates will be available on NMLS.
Following your review of the updated KMTA, additional questions should be addressed to:
OSBC Licensing Department at [email protected].
For examination related questions:
Contact the OSBC’s Examination Department at [email protected].
