Bill > H4550

This bill amends Massachusetts laws to regulate the business of domestic and foreign money transmission by the Division of Banks. The key provisions include: - Requiring a license to engage in money transmission business, with some exemptions for certain entities like the U.S. government and banks. - Authorizing the Commissioner of Banks to set minimum net worth requirements, adopt regulations, and issue advisory opinions to maintain consistency with federal regulations. - Outlining the application process for a money transmission license, including background checks and financial responsibility requirements. - Allowing the Commissioner to suspend or revoke a license for violations, and impose fines up to $500 per day. - Requiring licensed money transmitters to maintain permissible investments equal to their outstanding money transmission obligations. - Allowing the Commissioner to participate in multi-state supervision and information sharing processes. - Providing a transition period for existing money transmitters to come into compliance with the new licensing requirements.

Budget and Finance

Joint Committee on Financial Services (J)

https://malegislature.gov/Bills/192/H4550