Sections 361.900 to 361.1035 are designed to replace existing state money transmission laws currently codified in law and to:
(1) Ensure states may coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources;
(2) Protect the public from financial crime;
(3) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.