The Secretary's Letter discusses issues such as the definition of which transactions fall under the scope of the Act, consumer protections, standards for licensees, bonding requirements, manner of operation, regulatory reporting, and penalties. Issues include:
- Requires licensee tangible net worth of at least $500,000;
- Clearly defines the department's expectations of applicants for licensure and renewal;
- Clarifies bonding requirement of licensees;
- Specifies that licensees' businesses must be operated in a "safe and sound manner";
- Specifies that licensees must file regulatory reports to NMLS; and
- Increases penalties for violations of the Act.
Secretary Wiessmann's letter can be found online at: http://tinyurl.com/za3k2zx [PDF]. Act 129 of 2016 can be found online at: http://tinyurl.com/zhfp2fb [PDF].
Businesses licensed under the Act are urged to read the Secretary's Letter, reminded that the letter does not constitute legal advice, and advised to seek guidance from their own counsel and trade associations. Owners and legal representatives of Pennsylvania money transmission businesses can contact the department's Licensing Office with questions at (717) 787-3717 or ra-AskLicensing@pa.gov.
Media contact: Ed Novak, 717-783-4721
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/secretary-wiessmann-advises-businesses-on-amendments-to-money-transmission-business-licensing-law-300382085.html
SOURCE Pennsylvania Department of Banking and Securities