Bill > H845

This bill establishes a new regulatory framework for money transmission businesses in Massachusetts, overseen by the Division of Banks and its Commissioner. It repeals existing laws related to money transmission and creates a new chapter, Chapter 169B, which defines key terms like "money transmission" (the business of sending money domestically or internationally), "licensee" (a licensed money transmitter, excluding their agents), and "authorized agent" (a person authorized by a licensee to conduct money transmission activities). The bill requires anyone engaging in money transmission to obtain a license from the Commissioner, with specific licensing requirements for branch offices and authorized agents. It outlines grounds for license denial, suspension, or revocation, including criminal history, past violations, and financial instability, and allows the Commissioner to impose fines and issue cease and desist orders. The bill also mandates surety bonds or other security to protect claimants, sets rules for the remittance of funds, and specifies permissible investments for licensees to ensure financial soundness. Furthermore, it allows the Commissioner to participate in multi-state licensing systems for greater regulatory efficiency and establishes penalties for violations, including fines and potential imprisonment. The bill also includes provisions for the transition from existing regulations to the new framework, requiring timely applications for those newly subject to licensing.