On July 11, the Governor of Missouri signed into law SB 1359 (the “Act”) to modify provisions relating to financial institutions. The Act included the Money Transmission Modernization Act of 2024, which was intended to help other states coordinate regulatory frameworks, protect the public from financial crime, standardize licensing activities, and modernize safety and soundness requirements. Similarly, the Act will prohibit any person from engaging in money transmission without receiving a license. Missouri also enacted prudential standards for licensees, which ensure that all licensees maintain a net worth greater than $100,000 and a surety bond. The Act also included the Commercial Financing Disclosure Law, which will apply to any person who makes more than five commercial financing transactions in a calendar year. Such persons, described as “providers,” must make certain transaction disclosures. The Act will go into effect on August 28.