Bill > HB1478

This bill establishes the "Money Transmission Modernization Act of 2024," which aims to coordinate state regulation, licensing, and supervision of money transmission activities to eliminate unnecessary regulatory burden, protect the public from financial crime, standardize licensed activities, and modernize safety and soundness requirements. It defines key terms like "money transmission," "authorized delegate," and "permissible investments," establishes licensing and examination procedures, and outlines operational requirements for licensees. The bill also provides for information sharing between state regulators, participation in multistate supervisory processes, and the use of the Nationwide Multistate Licensing System. Overall, the bill seeks to create a more consistent and efficient framework for regulating money transmission across states.