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ARTICLE · 14 NOVEMBER 2019

Money Transmission Licensing Developments In Rhode Island And Michigan

Morrison Foerster
Morrison Foerster
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Perhaps the biggest recent news in the ever-changing money transmission regulatory landscape is the draft model language for standardized regulation of multistate money...

United StatesFinance and Banking
Sean Ruff
Sean Ruff
Adam Fleisher
Adam Fleisher
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Perhaps the biggest recent news in the ever-changing money transmission regulatory landscape is the draft model language for standardized regulation of multistate money services businesses that was proposed by the Conference of State Bank Supervisors ("CSBS"). However, while the CSBS efforts are ongoing, state-by-state changes to the regulation of money transmission is still occurring on parallel tracks.

Two new state-level developments—not well-publicized—are:  (1) the consolidation by Rhode Island of its Electronic Money Transferors and Sale of Check licenses into a single new Currency Transmitter license; and (2) procedures for claiming the agent of a payee exemption to Michigan's Money Transmission Services Act. 

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