News & Analysis as of

Money Transmission Act

The Nation's First Cryptocurrency Law: A Chat With North Carolina’s Commissioner of Banks

by Poyner Spruill LLP on

North Carolina made history when it passed the nation’s first law addressing issues surrounding blockchain and virtual currency. NC Privacy Law Blog recently sat down for a conversation with the man whose office played a key...more

Are You a “Payment Processor”? Washington State Appears to Significantly Expand Scope of Its Money Transmission Act

by Morrison & Foerster LLP on

One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective—has been the question of whether any particular payments service is subject to regulation as money...more

Financial Services Weekly News - September 2015

by Goodwin on

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

Internet Startups: Beware of Being a Money Transmitter

So, you’ve got a great idea. Social media platforms are all about finding new solutions for old inefficiencies. And what’s more efficient than serving as a platform for an account holder to obtain a single cash payment in...more

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

by Davis Wright Tremaine LLP on

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

Bitcoins and SAR Narratives

by Jonathan Foxx on

You probably know about Bitcoin, unless you have been living in total seclusion for the last few years. The big controversy usually centers on determining if it is legal tender. But imagine if you are confronted with a...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

by Perkins Coie on

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

California Moves to Amend Money Transmitter Law and Regulation

by Goodwin on

The California Assembly’s Committee on Banking and Finance held a hearing to discuss several proposed amendments to California’s Money Transmission Act. According to the author of the bill, the amendments “provide[] for...more

DBO Issues Guidance Regarding Virtual Currencies And Asks For Comments On Proposed Money Transmission Rules

by Allen Matkins on

Yesterday, the Department of Business Oversight issued this cautionary guidance for consumers regarding virtual currencies. However, amidst the warnings, the Department disclosed that “California has been working with...more

Money Transmission Act Petition Withdrawn/Initiative Would Presume Harm For Release Of “Personally Identifying Information”

by Allen Matkins on

Money Transmission Act Petition Withdrawn - Earlier this month, I wrote about a pending petition questioning the failure of the Department of Business Oversight to adopt regulations under the Money Transmission Act. ...more

Petition Questions Lack Of MTA Regulations

by Allen Matkins on

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

Ever Wonder What Money Is? California Has Some Answers And I Have Some Questions

by Allen Matkins on

Yesterday’s post discussed virtual currencies (e.g., Bitcoin) and the General Corporation’s law prohibition on issuing or putting into circulation money. But what exactly is money? The General Corporation Law has no answer....more

California Money Transmitter Law Resources – Legislative Hearings and Public Comment

by Davis Wright Tremaine LLP on

The California legislature recently held public hearings to discuss forthcoming California Money Transmission Act regulations. Amendments to the Act in 2010 have caused significant confusion in the marketplace because the act...more

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