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New Legislation Money Transmitter Financial Services Industry

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – July 2025 # 5

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Orrick, Herrington & Sutcliffe LLP

Connecticut amends its money transmission licensing laws

On June 30, the governor of Connecticut signed into law HB 7042 to amend various provisions to its money transmission statutes, state payments and investments in virtual currency, and minors’ money sharing application...more

Buchalter

New Colorado Money Transmission Act Parallels Key Provisions of CSBS Money Transmission Modernization Act

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Colorado has adopted a new Money Transmission Modernization Act (“Act”), replacing the old Colorado Money Transmitters Act...more

Brownstein Hyatt Farber Schreck

Colorado Enacts the Model Money Transmission Act

On April 18, 2025, Colorado enacted the Model Money Transmission Modernization Act (MTMA) (HB 25-1201), which repeals and replaces the state’s previous Money Transmitters Act. The law updates standards for the licensing,...more

K&L Gates LLP

United States: The Continuing Shift to Modern Money Transmission Laws

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Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more

Sheppard Mullin Richter & Hampton LLP

Colorado Overhauls Money Transmission Law to Align with Multistate Licensing Standards 

On April 16, the Colorado General Assembly enacted House Bill 25-1201, replacing the state’s prior money transmitter law with the Money Transmission Modernization Act (the “Act”). Modeled on the multistate framework developed...more

Alston & Bird

The (Bay) State of the Model Money Transmission Modernization Act

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Massachusetts has joined the growing list of states that have at least partially adopted the Model Money Transmission Modernization Act. Our Financial Services Group examines the model act, how the Bay State has adopted it,...more

Stinson LLP

Wisconsin Adopts Model Money Transmission Modernization Act, Joining 19 Other States

Stinson LLP on

On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more

Latham & Watkins LLP

Money Transmission Modernization Act Adopted in Several States

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The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection. More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA)...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

BCLP

Two More States Set to Make Agent of Payee Exemption to Money Transmitter Laws Effective

BCLP on

Today, Michigan's "agent of payee" exemption to its money transmitter law is effective and West Virginia also passed an agent of payee exemption earlier this month that will be effective soon. These developments are part of a...more

Ward and Smith, P.A.

Retaining North Carolina's Booming Virtual Currency Industry

Ward and Smith, P.A. on

North Carolina rightfully regards itself as a leader in innovation and as a hub for technology—it hosts Research Triangle Park and world-renowned universities, and according to the NCTech’s 2018 State of Technology Industry...more

Carlton Fields

State Regulations On Virtual Currency And Blockchain Technologies

Carlton Fields on

As of this inaugural publication, there exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these...more

Sheppard Mullin Richter & Hampton LLP

New Hampshire Exempts Bitcoin from Money Transmitter Regulation

The pro-bitcoin legislation trend continues. This month New Hampshire passed legislation that exempts persons using virtual currency from registering as money transmitters. Specifically, the law amends existing RSA 399-G,...more

Ballard Spahr LLP

Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

Ballard Spahr LLP on

Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

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