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Licensing Rules Money Transmission Act

Venable LLP

California Proposes Licensing Framework for Digital Financial Asset Businesses

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The California Department of Financial Protection and Innovation (DFPI) has released proposed regulations implementing the Digital Financial Assets Law (DFAL), creating a formal licensing regime for businesses engaging in a...more

Orrick, Herrington & Sutcliffe LLP

Massachusetts enacts a new act on money transmission

Recently, the Governor of Massachusetts signed into law H.4840 creating Chapter 169B: The Money Transmission Act. The Act is designed to regulate money transmission especially through payment apps. The bill repeals...more

Goodwin

Massachusetts Amends State Money Transmission Law to Apply to Domestic Transactions and Stored Value

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On January 1, 2025, Massachusetts Gov. Maura Healey approved House Bill No. 4840, which repeals and replaces Massachusetts’ money transmission law with a revised law (MTL Law), which is based in part on the model Money...more

Shipkevich PLLC

Illinois Adopts Model Money Transmission Act in Quest for Money Transmission Regulatory Consistency

Shipkevich PLLC on

As of August 9, 2024, Illinois joins Maryland, South Dakota, Wisconsin, Kansas, Maine, Vermont, South Carolina, Missouri, and Connecticut as the latest state this year to have enacted legislation or regulations stemming from...more

WilmerHale

Crypto Currently: California Enacts Landmark Crypto Licensing Law

WilmerHale on

On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more

McGlinchey Stafford

Podcast: Deep Dive Into Payments: Impacts of Money Transmission Laws [More with McGlinchey, Ep. 59]

McGlinchey Stafford on

The next item in McGlinchey's Deep Dive into Payments Series is a podcast on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money...more

McGlinchey Stafford

Deep Dive Into Payments: Impacts of Money Transmission Laws

McGlinchey Stafford on

The next item in McGlinchey’s Deep Dive into Payments Series is on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money transmission...more

Davis Wright Tremaine LLP

California Adds Limited Agent of A Payee Exemption to Its Money Transmitter Licensing Requirement; Relaxes “Right To Refund”...

Following an extended period of public comment and modifications to the bill beginning in March of 2013, the California legislature recently amended its Money Transmission Act to exempt from licensure companies that process...more

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