News & Analysis as of

Licensing Rules State and Local Government Money Transmitter

Orrick, Herrington & Sutcliffe LLP

Colorado enacts its Money Transmission Modernization Act

On April 16, the Colorado General Assembly enacted HB 25-1201, which repeals the state’s current Money Transmitters Act and replaces it with the Money Transmission Modernization Act (the “Act”), which is based on the model...more

Sheppard Mullin Richter & Hampton LLP

Money Transmission Licenses Required for Virtual Currency Activities in Arkansas and Florida

Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions. - In August, the Florida Office of Financial...more

Morrison & Foerster LLP

Are You A Money Transmitter In South Dakota? In Delaware?

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 a particular payments service is subject to regulation as money...more

Orrick - On the Chain

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Ballard Spahr LLP

Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

Ballard Spahr LLP on

Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018.  In addition to changes impacting mortgage-related licensees (e.g. mortgage lenders,...more

Ballard Spahr LLP

State Regulators Agree to Multistate Licensing Process for Money Service Businesses

Ballard Spahr LLP on

The Conference of State Bank Supervisors (CSBS) announced last week that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more

Davis Wright Tremaine LLP

New Mexico To Regulate Money Transmission

The number of states that do not regulate money transmitters grows ever smaller as New Mexico recently enacted the New Mexico Uniform Money Services Act. Prior to the enactment, New Mexico only regulated issuers and sellers...more

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