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Pennsylvania House of Representatives
04/16/2024 06:01 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20150&cosponId=17769
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: March 16, 2015 04:23 PM
From: Representative Ryan E. Mackenzie
To: All House members
Subject: Pennsylvania's Money Transmitters Act Update and Modernization
 
I am preparing to introduce legislation that will update and modernize Pennsylvania’s Money Transmitters Act. The act has not been comprehensively amended since 1977, and the Department of Banking and Securities has suggested a number of amendments to update the statute.

My legislation will:
  • Update the definitions and terminology used in the statute.
  • Improve the licensing procedures and make departmental authority consistent with the statutes governing other businesses that must be licensed by the department.
  • Strengthen consumer protections, including updating bond amounts and requiring that a licensee’s agents be registered.
  • Focus the scope of the act’s coverage and exclude purely business-to-business transactions.
I hope that you will join me by cosponsoring this legislation.
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Introduced as HB850