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Can you summarize 209 CMR 45?
Division of Banks and Loan Agencies > The licensing and regulation of money services businesses
Short Summary
The document, 209 CMR 45.00, governs the licensing and regulation of money services businesses in Massachusetts. It establishes procedures and requirements for obtaining and renewing licenses in the money services business industry. The document applies to various entities, including applicants, authorized agents, check cashers, check sellers, licensees, mobile units, and persons. It provides definitions for key terms and exemptions for certain activities that do not require licensure. The document outlines the application process, including the submission of detailed information supporting general requirements such as financial responsibility, character and fitness, and business experience. It also specifies additional requirements for foreign transmittal agency and check seller licenses, such as the execution of bonds or the deposit of surety bonds, cash, or securities. The document does not mention specific penalties for non-compliance or violations. Overall, it provides a comprehensive guide for individuals or entities seeking to obtain or renew a license in the money services business industry in Massachusetts.
Whom does it apply to?
Applicants, authorized agents, check cashers, check sellers, licensees, mobile units, and persons
What does it govern?
Licensing and regulation of money services businesses
What are exemptions?
Certain activities that do not require licensure by the Division as a Foreign Transmittal Agency
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Massachusetts