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Licensing Rules Regulatory Requirements 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

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