Monday, March 23, 2015

Press Release: Rep. Jon Hardister Files Bill to Streamline Money Transmitter Laws

March 23, 2015

For Immediate Release

Raleigh, NC - Earlier this week Rep. Jon Hardister filed HB 289 - NC Money Transmitter Act - along with Rep. Steve Ross (R - Alamance) and Rep. Charles Jeter (R - Mecklenburg).

The bill would streamline state laws applied to money transmitter services, which haven't been updated since 2001. Since then, the money transmitter industry has evolved to include more online and virtual services. The result of this evolution has made it necessary to update and streamline laws related to the money transmitter industry.

"This bill would streamline state laws pertaining to the money transmitter industry," Hardister said. "Updating these laws, which hasn't been done since 2001, will provide money transmitter businesses with clear guidelines, making it easier for them to operate. It will also reduce regulatory burdens while providing basic rules to protect consumers."

The bill would convert annual licensing requirement for money transmitter businesses into a perpetual license, which would eliminate an unnecessary regulation. It would also establish that annual assessments must be covered by the money transmitter industries, and not by banks, which would provide the industry with predictable cost for budgeting.

"It is important that we update our laws for modern times and ensure that our regulatory burden is limited," Hardister said. "This bill will help to accomplish this goal."