Memo: Money Transmission Modernization Act (Public Chapter 115 of 2023), effective 2024-01-01
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To: Money Transmitter Companies From: Nicole Chamblee Date: October 6, 2023 Subject: Money Transmission Modernization Act Public Chapter 115 of the Acts of 2023 (the Tennessee Money Transmission Modernization Act or MTMA) replaces all of Title 45, Chapter 7 of the Tennessee Code relative to money transmitters regulated by the Department of Financial Institutions. The purpose of this memo is to provide current Tennessee money transmitter licensees and prospective money transmitter applicants with high level information, a link to the MTMA and notice of its effective date. The MTMA, which goes into effect on January 1, 2024, is comprehensive legislation aimed at modernizing regulatory standards to ensure the safety and soundness of the money transmitter industry while supporting business innovation and economic progress in Tennessee. Among other changes, this new law updates key definitions related to money transmission activity, outlines exemptions and licensing requirements, and updates prudential standards for money transmitter licensees. Any questions or concerns may be directed to the Department’s Compliance Division by email at [email protected]. Public Chapter 115 is available at https://publications.tnsosfiles.com/acts/113/pub/pc0115.pdf. Tennessee Tower, 13th Floor • 312 Rosa L. Parks • Nashville, TN 37243 Tel: 615-741-2236 • Fax: 615-741-2883 • http://www.tn.gov/tdfi