ColoradoModel Money Transmission Modernization Act
What it does
The act repeals the current "Money Transmitters Act" and replaces it with the model "Money Transmission Modernization Act" (MTMA). The act adopts the MTMA in part. The act updates outdated or inconsistent regulations relating to money transmitters and money transmission services, including:
More detail
Clarifying the definition of "control" of a licensee and introducing a rebuttable presumption of control; Enabling Colorado's participation in multistate licensing initiatives; Codifying the agent-to-payee exemption to licensure; Revising prudential standards required for licensing and ongoing monitoring, such as tangible net worth and permissible investment calculations; Establishing an irrevocable, standby letter of credit as a permissible investment; and Expanding the enforcement actions available in case of nonperformance by a money transmitter.(Note: This summary applies to this bill as enacted.)
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Apr 18Governor Jared Polis SignedBecame Law
- Apr 8Signed by the President of the Senate
- Apr 8Sent to the GovernorTo Governor
- Apr 7Signed by the Speaker of the House
- Mar 24Senate Third Reading Passed - No AmendmentsPassed Senate
- Vote recorded BILL. Result: pass.Upper
- Mar 21Senate Second Reading Passed - No AmendmentsMinor
- Mar 18Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the WholeMinor
- Mar 12Introduced In Senate - Assigned to FinanceMinor
- Mar 7House Third Reading Passed - No AmendmentsPassed House
- Vote recorded BILL. Result: pass.Lower
- Mar 6House Third Reading Laid Over Daily - No Amendments
- Mar 5House Second Reading Special Order - Passed with Amendments - Committee
- Mar 3House Committee on Finance Refer Amended to House Committee of the WholeMinor
- Feb 10Introduced In House - Assigned to FinanceIntroduced