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Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just banks which normally provide these services to include non-bank financial institutions .
The Money Remittances Improvement Act of 2014 (H.R. 4386; Pub. L. 113–156 (text)) is a bill that passed in the United States House of Representatives during the 113th United States Congress. The bill would "allow the Treasury secretary to use state examinations for certain financial institutions instead of federal reporting requirements."
(Reuters) - Elon Musk's social media platform X, formerly known as Twitter, on Monday received a money-transmitter license from Utah, the 15th U.S. state to grant approval as the company explores ...
On December 3, 2019, SoFi Digital Assets, LLC, a subsidiary of Social Finance, Inc. was awarded a BitLicense as well as a money transmitter license. [ 33 ] On December 11, 2019, the NYDFS proposed a revision to BitLicense whereby a licensee can offer any coin from a public list on the NYDFS website.
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Money transfer generally refers to one of the following cashless modes of payment or payment systems: Electronic funds transfer , an umbrella term mostly used for bank card-based payments Giro (banking) , also known as direct deposit
The general radiotelephone operator license (GROL) is a license granted by the U.S. Federal Communications Commission (FCC) that is required to operate certain radio equipment. It is required for any person who adjusts, maintains, or internally repairs FCC licensed radiotelephone transmitters in the aviation, maritime, and international fixed ...