California Legislature Passes Bill To Reform Money Transmission Act

Last week, both the California State Senate and Assembly voted unanimously to pass a bill to amend the California Money Transmission Act (MTA). According to Roger Dickinson, Chair of the Assembly’s Committee on Banking and Finance who introduced the bill in February, one of the primary goals of the amendment is to “remove barriers to market entry to start-up payment technology companies.” In addition to federal regulations like those from FinCEN, money transmitters in the US are subject to state regulations as well. California’s Department of Financial Institutions (now the Department of Business Oversight, which oversees execution of the MTA) …