Money transmitters; require to implement certain data security measures and customer protections.

Summary

The law forces any licensee under the Money Transmission Modernization Act to create a written information‑security program, appoint a qualified overseer, and run regular risk assessments, encryption, penetration testing and vulnerability scans. It also adds consumer‑focused duties such as breach notification, fraud warnings, elder‑abuse training, and detailed reporting of delegates and kiosk locations. The changes aim to better safeguard personal financial data and improve oversight of money‑transfer services in the state.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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