Bill > H2189

This bill aims to regulate the business of domestic and foreign money transmission by the Division of Banks. The key provisions are: - Requires entities engaged in money transmission to obtain a license from the Commissioner of Banks, with exceptions for certain entities like banks, the U.S. Postal Service, and government agencies. - Allows the Commissioner to set regulations, including a capital requirement up to $5 million, for money transmitters. - Outlines the application and licensing process, including background checks and fees. - Allows the Commissioner to participate in multi-state licensing systems for money transmitters. - Establishes requirements for licensees, such as maintaining permissible investments equal to their outstanding payment instruments, and rules around authorized agents. - Grants the Commissioner authority to suspend or revoke licenses, issue cease and desist orders, and impose fines for violations. - Establishes criminal penalties for violations of up to $5,000 per day and 5 years in prison. - Provides for the transition of existing money transmission licenses and authorized agents to the new regulatory framework.

Business and Industry

https://malegislature.gov/Bills/190/H2189