ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fourth Legislature

Second Regular Session

 


HB 2852: money transmitters; exemptions; authorized delegates

Sponsor:  Representative Bolick, LD 20

Committee on Regulatory Affairs

Overview

Exempts a person who has a written agreement with a financial institution for money transfer services from licensure.

History

A money transmitter (Transmitter) is defined as a person who conducts business in this state, including a check casher and a foreign money exchanger, who does any of the following:

1)    Sells or issues payment instruments;

2)    Engages in the business of:

a)    Receiving money for transmission of or transmitting money;

b)    Exchanging payment instruments or money into any form of money or payment instruments; and

c)    Receiving money for the purpose of paying obligor's bills, invoices or accounts; and

3)    Meets the definition of a financial institution found in federal code (A.R.S. § 6-1201).    

Provisions

1.    ☐ Prop 105 (45 votes)	     ☐ Prop 108 (40 votes)      ☐ Emergency (40 votes)	☐ Fiscal NoteExempts a person who provides Transmitter services for a financial institution from needing a Transmitter license if: 

a)    The agency relationship between the person and the financial entity is established through a written agreement; and 

b)    The financial entity remains responsible for providing the Transmitter services to its customers.  (Sec. 1)

2.    Removes the requirement that a contract between an authorized delegate and a Transmitter licensee contain a current copy of the Transmitters of Money statute.  (Sec. 2)

3.    Makes technical and conforming changes.  (Sec. 1, 2)

4.     

5.     

6.    ---------- DOCUMENT FOOTER ---------

7.    Initials JR              Regulatory Affairs

8.     

9.    ---------- DOCUMENT FOOTER ---------