Bill > H924

This bill makes several key changes to the regulation of the business of domestic and foreign money transmission in Massachusetts: 1. It repeals Chapter 169 of the General Laws and replaces it with a new Chapter 169B, which establishes a licensing and supervision framework for money transmitters. This includes requirements for obtaining a license, minimum capital levels, recordkeeping obligations, and procedures for suspending or revoking licenses. 2. It gives the Commissioner of Banks the authority to adopt rules and regulations to administer and enforce the new chapter, including setting an adequate capitalization requirement up to $5 million. 3. It allows the Commissioner to participate in a multi-state licensing system for money transmitters, which may have different application requirements than the state-specific provisions. 4. It requires money received for transmission to be forwarded to the recipient within 7 days, and gives the Commissioner broad examination and enforcement powers, including the ability to fine licensees up to $500 per day for violations. 5. It includes provisions for authorized agents of licensees, permissible investments for licensees, and transition rules for existing licensees and new applicants under the new law. Overall, the bill aims to modernize and strengthen the regulatory oversight of the money transmission industry in Massachusetts.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/191/H924