[ref] State Laws RE: Money Transmitters (ie, Paypal, Stripe)
Feb 21, 2014 10:49:33 GMT -6
PickyChicky likes this
Post by Deleted on Feb 21, 2014 10:49:33 GMT -6
Guide to State Money Transmitter Requirements for PayPal, Google, Amazon and Other Online Payment Services. Online payment processors such as PayPal, Amazon and Google are generally regulated at the state level where they are classified as MONEY TRANSMITTERS.
Alabama 334-242-2372
Alabama Securities Commission asc.state.al.us/securities_act_title_7.htm
Alaska 907-269-4594
Alaska DCCED Division of Banking & Securities commerce.alaska.gov/dnn/dbs/home_DNNredirect.aspx
Holding Time: 10 business days
Arizona 602-771-2844
Arizona Dept of Financial Institutions www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=6
Arkansas 501-324-8671
Arkansas Securities Department
California 415-263-8511
California Department of Financial Institutions
Holding period: 10 business days
Colorado 303-894-7838
Colorado Division of Banking cdn.colorado.gov/cs/Satellite?c=Page&childpagename=DORA-DB/DORALayout&cid=1251614735965&pagename=CBONWrapper
Connecticut 860-240-8283
Connecticut Department of Banking www.cga.ct.gov/2011/pub/chap668.htm#Sec36a-595.htm
Delaware 302-739-4235
Delaware Office of the State Bank Commissioner delcode.delaware.gov/title5/c023/index.shtml
Five days for money tranmitted abroad
District of Columbia 202-442-7821
Department of Insurance, Securities and Banking
Florida 850-410-9840
Florida Office of Financial Regulation statutes.laws.com/florida/TitleXXXIII/chapter560/PARTII/560_208
Holding Period: 10 business days
Georgia 770-986-1656
Georgia Dept. of Banking and Finance dbf.georgia.gov/sites/dbf.georgia.gov/files/imported/vgn/images/portal/cit_1210/59/14/143846205PinkBook_ver8-22-2011.pdf
None, but five day remittance requirement for agents that contract with transmitters
$1,000 fine for failing to respond to a customer complaint
Hawaii 808-586-2814
Hawaii Division of Financial Institutions cca.hawaii.gov/dfi/
Holding Period: 10 business days
Idaho 208-332-8080
Idaho Department of Finance finance.idaho.gov/StatutesAndRules.aspx
Illinois 312-793-2176
Illinois Dept of Financial and Professional Regulation www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=1201&ChapterID=20
Holding Period: Three business days
Indiana 317-232-5849
Indiana Department of Financial Institutions www.in.gov/legislative/ic/code/title28/ar8/ch4.html
Iowa 515-281-4014
Iowa Division of Banking
Kansas 785-296-2266
Office of State Bank Commissioner, Division of Banking
Kentucky 800-223-2579 x243
Kentucky Department of Financial Institutions www.lrc.ky.gov/Statutes/index.aspx
Louisiana 225-922-2595
Louisiana Office of Financial Institutions
Maine 207-624-8527
Maine Department of Professional and Financial Regulation, Office of Consumer Credit Regulation www.mainelegislature.org/legis/statutes/32/title32sec6103.html
Maryland 410-230-6094
Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation
Massachusetts 617-956-1549
Massachusetts Division of Banks malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter169
Holding Period: Seven days for transmission to foreign countries
Michigan 877-999-6442
Michigan Office of Financial and Insurance Regulation
Minnesota 651-282-9855
Department of Commerce, Division of Banking and Finance www.revisor.mn.gov/statutes/?id=53b
Holding Period: Five days for wire transmissions
Not a member of the Money Transmitter Regulators Association
Mississippi 800-844-2499
Department of Banking and Consumer Finance www.dbcf.state.ms.us/documents/cons_finance/7515MoneyTranAct2011.pdf
Missouri 573-751-3242
Missouri Division of Finance
Montana 406-841-2918
Division of Banking and Financial Institutions banking.mt.gov/content/Escrow/Escrow_Statute
Hold Period: Five business days upon availability of funds for withdrawal
Not a member of the Money Transmitter Regulators Association; PayPal is registered in this state as an escrow business
Nebraska 877-471-3445
Nebraska Department of Banking and Finance www.ndbf.ne.gov/legal/socact.shtml
Not a member of the Money Transmitter Regulators Association
Nevada 702-486-4120 x244
Nevada Department of Business and Industry, Division of Financial Institutions fid.state.nv.us/Index.htm
PayPal, Amazon not registered, but Google Checkout and Moneybookers are
New Hampshire 603-271-3561
New Hampshire Banking Department gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-XXXVI-399-G.htm
New Jersey 609-292-7272 x50223
New Jersey Department of Banking and Insurance lis.njleg.state.nj.us/cgi-bin/om_isapi.dll?clientID=317008&Depth=2&TD=WRAP&advquery=%22money%20transmitters%22&depth=4&expandheadings=on&headingswithhits=on&hitsperheading=on&infobase=statutes.nfo&rank=&record={5422}&softpage=Doc_Frame_PG42&wordsaroundhits=2&x=32&y=10&zz=
New Mexico
Money transmitters are not regulated
New York 1-877-BANKNYS
New York State Department of Financial Services public.leginfo.state.ny.us/LAWSSEAF.cgi?QUERYTYPE=LAWS+&QUERYDATA=@slbnk0a13-B+&LIST=LAW+&BROWSER=BROWSER+&TOKEN=02250147+&TARGET=VIEW
As of July 3, 2012, PayPal and Amazon were not registered, but Google Payment Corp. was
North Carolina 919-733-3016
North Carolina Office of the Commissioner of Banks www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_53/Article_16A.html
North Dakota 701-328-9933
North Dakota Dept of Financial Institutions www.legis.nd.gov/cencode/t13c09.pdf?20140221102310
Ohio 614-644-7525
Ohio Division of Financial Institutions www.legislature.state.oh.us/bills.cfm?ID=126_HB_454
relevant portion of law begins at Sec. 1315.01
Oklahoma 405-521-2782
Oklahoma State Banking Department www.state.ok.us/~osbd/Transmit/Final%2520OFTRA%2520Rules.pdf
Oregon 503-947-7844
Oregon Department of Consumer & Business Services
Pennsylvania 717-783-2494
Pennsylvania Department of Banking and Securities www.portal.state.pa.us/portal/server.pt/community/legal/14552/money_transmitter_act/617107
Rhode Island 401-462-9532
Rhode Island Department of Business Regulation, Division of Banking law.justia.com/codes/rhode-island/2009/title-19/chapter-19-14-3/
Not a member of the Money Transmitter Regulators Association
South Carolina
Money transmitters are not regulated
South Dakota 605-773-3421
South Dakota Division of Banking legis.sd.gov/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-17
Tennessee 615-532-1021
Tennessee Department of Financial Institutions www.tn.gov/sos/rules/0180/0180-26.pdf
Texas 512-475-1280
Texas Department of Banking z2policy.ctspublish.com/texas/Z2Browser2.html?showset=txdobset
10 business days for authorized delegates to remit to license holders
An applicant for a money transmission license must provide, and a money transmission license holder must maintain at all times, security consisting of a surety bond, an irrevocable letter of credit, or a deposit instead of a bond in accordance with this section.
Utah 801-538-8830
Utah Department of Financial Institutions le.utah.gov/~2008/bills/sbillenr/sb0083.pdf
Vermont 802-828-4878
Vermont Dept of Banking, Insurance, Securities and Health Care Administration www.leg.state.vt.us/statutes/sections.cfm?Title=08&Chapter=079
Within 10 business days after being advised by the payor financial institution that a payment instrument has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the police department in the city or town where the payment instrument was cashed.
Virginia 804-371-9690
Virginia Bureau of Financial Institutions leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC06020000019000000000000
Washington 360-970-8332
Washington Department of Financial Institutions apps.leg.wa.gov/rcw/default.aspx?Cite=19.230
West Virginia 304-558-2294
West Virginia Division of Financial Institutions www.legis.state.wv.us/wvcode/Code.cfm?chap=32a&art=2#02
Holding Period: Three business days
Wisconsin 608-261-2312
Wisconsin Deptartment of Financial Institutions, Division of Banking docs.legis.wisconsin.gov/statutes/statutes/217/01
Holding Period: Five days for transmission to foreign country
Wyoming 307-777-6601
Wyoming Division of Banking
For all the states Statues and forms statutes.laws.com/
I have most of the current links.
Alabama 334-242-2372
Alabama Securities Commission asc.state.al.us/securities_act_title_7.htm
Alaska 907-269-4594
Alaska DCCED Division of Banking & Securities commerce.alaska.gov/dnn/dbs/home_DNNredirect.aspx
Holding Time: 10 business days
Arizona 602-771-2844
Arizona Dept of Financial Institutions www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=6
Arkansas 501-324-8671
Arkansas Securities Department
California 415-263-8511
California Department of Financial Institutions
Holding period: 10 business days
Colorado 303-894-7838
Colorado Division of Banking cdn.colorado.gov/cs/Satellite?c=Page&childpagename=DORA-DB/DORALayout&cid=1251614735965&pagename=CBONWrapper
Connecticut 860-240-8283
Connecticut Department of Banking www.cga.ct.gov/2011/pub/chap668.htm#Sec36a-595.htm
Delaware 302-739-4235
Delaware Office of the State Bank Commissioner delcode.delaware.gov/title5/c023/index.shtml
Five days for money tranmitted abroad
District of Columbia 202-442-7821
Department of Insurance, Securities and Banking
Florida 850-410-9840
Florida Office of Financial Regulation statutes.laws.com/florida/TitleXXXIII/chapter560/PARTII/560_208
Holding Period: 10 business days
Georgia 770-986-1656
Georgia Dept. of Banking and Finance dbf.georgia.gov/sites/dbf.georgia.gov/files/imported/vgn/images/portal/cit_1210/59/14/143846205PinkBook_ver8-22-2011.pdf
None, but five day remittance requirement for agents that contract with transmitters
$1,000 fine for failing to respond to a customer complaint
Hawaii 808-586-2814
Hawaii Division of Financial Institutions cca.hawaii.gov/dfi/
Holding Period: 10 business days
Idaho 208-332-8080
Idaho Department of Finance finance.idaho.gov/StatutesAndRules.aspx
Illinois 312-793-2176
Illinois Dept of Financial and Professional Regulation www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=1201&ChapterID=20
Holding Period: Three business days
Indiana 317-232-5849
Indiana Department of Financial Institutions www.in.gov/legislative/ic/code/title28/ar8/ch4.html
Iowa 515-281-4014
Iowa Division of Banking
Kansas 785-296-2266
Office of State Bank Commissioner, Division of Banking
Kentucky 800-223-2579 x243
Kentucky Department of Financial Institutions www.lrc.ky.gov/Statutes/index.aspx
Louisiana 225-922-2595
Louisiana Office of Financial Institutions
Maine 207-624-8527
Maine Department of Professional and Financial Regulation, Office of Consumer Credit Regulation www.mainelegislature.org/legis/statutes/32/title32sec6103.html
Maryland 410-230-6094
Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation
Massachusetts 617-956-1549
Massachusetts Division of Banks malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter169
Holding Period: Seven days for transmission to foreign countries
Michigan 877-999-6442
Michigan Office of Financial and Insurance Regulation
Minnesota 651-282-9855
Department of Commerce, Division of Banking and Finance www.revisor.mn.gov/statutes/?id=53b
Holding Period: Five days for wire transmissions
Not a member of the Money Transmitter Regulators Association
Mississippi 800-844-2499
Department of Banking and Consumer Finance www.dbcf.state.ms.us/documents/cons_finance/7515MoneyTranAct2011.pdf
Missouri 573-751-3242
Missouri Division of Finance
Montana 406-841-2918
Division of Banking and Financial Institutions banking.mt.gov/content/Escrow/Escrow_Statute
Hold Period: Five business days upon availability of funds for withdrawal
Not a member of the Money Transmitter Regulators Association; PayPal is registered in this state as an escrow business
Nebraska 877-471-3445
Nebraska Department of Banking and Finance www.ndbf.ne.gov/legal/socact.shtml
Not a member of the Money Transmitter Regulators Association
Nevada 702-486-4120 x244
Nevada Department of Business and Industry, Division of Financial Institutions fid.state.nv.us/Index.htm
PayPal, Amazon not registered, but Google Checkout and Moneybookers are
New Hampshire 603-271-3561
New Hampshire Banking Department gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-XXXVI-399-G.htm
New Jersey 609-292-7272 x50223
New Jersey Department of Banking and Insurance lis.njleg.state.nj.us/cgi-bin/om_isapi.dll?clientID=317008&Depth=2&TD=WRAP&advquery=%22money%20transmitters%22&depth=4&expandheadings=on&headingswithhits=on&hitsperheading=on&infobase=statutes.nfo&rank=&record={5422}&softpage=Doc_Frame_PG42&wordsaroundhits=2&x=32&y=10&zz=
New Mexico
Money transmitters are not regulated
New York 1-877-BANKNYS
New York State Department of Financial Services public.leginfo.state.ny.us/LAWSSEAF.cgi?QUERYTYPE=LAWS+&QUERYDATA=@slbnk0a13-B+&LIST=LAW+&BROWSER=BROWSER+&TOKEN=02250147+&TARGET=VIEW
As of July 3, 2012, PayPal and Amazon were not registered, but Google Payment Corp. was
North Carolina 919-733-3016
North Carolina Office of the Commissioner of Banks www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_53/Article_16A.html
North Dakota 701-328-9933
North Dakota Dept of Financial Institutions www.legis.nd.gov/cencode/t13c09.pdf?20140221102310
Ohio 614-644-7525
Ohio Division of Financial Institutions www.legislature.state.oh.us/bills.cfm?ID=126_HB_454
relevant portion of law begins at Sec. 1315.01
Oklahoma 405-521-2782
Oklahoma State Banking Department www.state.ok.us/~osbd/Transmit/Final%2520OFTRA%2520Rules.pdf
Oregon 503-947-7844
Oregon Department of Consumer & Business Services
Pennsylvania 717-783-2494
Pennsylvania Department of Banking and Securities www.portal.state.pa.us/portal/server.pt/community/legal/14552/money_transmitter_act/617107
Rhode Island 401-462-9532
Rhode Island Department of Business Regulation, Division of Banking law.justia.com/codes/rhode-island/2009/title-19/chapter-19-14-3/
Not a member of the Money Transmitter Regulators Association
South Carolina
Money transmitters are not regulated
South Dakota 605-773-3421
South Dakota Division of Banking legis.sd.gov/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-17
Tennessee 615-532-1021
Tennessee Department of Financial Institutions www.tn.gov/sos/rules/0180/0180-26.pdf
Texas 512-475-1280
Texas Department of Banking z2policy.ctspublish.com/texas/Z2Browser2.html?showset=txdobset
10 business days for authorized delegates to remit to license holders
An applicant for a money transmission license must provide, and a money transmission license holder must maintain at all times, security consisting of a surety bond, an irrevocable letter of credit, or a deposit instead of a bond in accordance with this section.
Utah 801-538-8830
Utah Department of Financial Institutions le.utah.gov/~2008/bills/sbillenr/sb0083.pdf
Vermont 802-828-4878
Vermont Dept of Banking, Insurance, Securities and Health Care Administration www.leg.state.vt.us/statutes/sections.cfm?Title=08&Chapter=079
Within 10 business days after being advised by the payor financial institution that a payment instrument has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the police department in the city or town where the payment instrument was cashed.
Virginia 804-371-9690
Virginia Bureau of Financial Institutions leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC06020000019000000000000
Washington 360-970-8332
Washington Department of Financial Institutions apps.leg.wa.gov/rcw/default.aspx?Cite=19.230
West Virginia 304-558-2294
West Virginia Division of Financial Institutions www.legis.state.wv.us/wvcode/Code.cfm?chap=32a&art=2#02
Holding Period: Three business days
Wisconsin 608-261-2312
Wisconsin Deptartment of Financial Institutions, Division of Banking docs.legis.wisconsin.gov/statutes/statutes/217/01
Holding Period: Five days for transmission to foreign country
Wyoming 307-777-6601
Wyoming Division of Banking
For all the states Statues and forms statutes.laws.com/
I have most of the current links.