Regulatory Alerts2014-08-01
Added · Updated
Final: 2302 Exemptions
The State Bank Commissioner adopts amended Regulations 2207, 2302, 3401, and 3402, effective August 11, 2014. Regulation 2207 establishes exemption procedures for licensed lenders, including a $250 initial investigation fee and a $100 renewal fee, while Regulation 2302 sets a $100,000 net worth requirement for money transmission exemptions with identical fees. Regulation 3401 mandates annual statements to preneed funeral contract beneficiaries and requires irrevocable trust documents to cap principal contributions at $15,000 excluding interest.