The CSBS reports that 31 states have enacted the Money Transmission Modernization Act to enhance regulatory frameworks for money transmitters. This act standardizes licensing and compliance requirements.
What changed
Establishment of uniform standards across multiple states for money transmission practices.
Compliance perspective
Money transmitters must comply with updated requirements to operate in states adopting the act.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.