Bill > H1166

This bill proposes to regulate the business of domestic and foreign money transmission by the Division of Banks in Massachusetts. The key provisions are: 1. Repealing Chapter 169 of the General Laws and inserting a new Chapter 169B to license and supervise money transmitters in the state. This includes defining terms like "money transmission," "payment instrument," and "prepaid access," and outlining licensing requirements, application procedures, reporting obligations, and enforcement mechanisms. 2. Granting the Commissioner of Banks the authority to adopt regulations, including a capital requirement up to $5 million, to administer and enforce the new chapter. 3. Exempting certain entities like the U.S. government, banks, and securities brokers from the licensing requirement. 4. Requiring money transmitters to maintain permissible investments at all times to cover their outstanding payment instruments and money transmissions. 5. Allowing the Commissioner to suspend or revoke a license for violations, and imposing potential fines and criminal penalties for non-compliance. 6. Providing a transition period for existing licensees under the old law to comply with the new licensing requirements under Chapter 169B.

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https://malegislature.gov/Bills/192/H1166