The bill proposes amendments to the fee structure for licenses administered by the Division of Banks, specifically concerning money transmitters, check sellers, and foreign transmittal agencies. It establishes a new annual license fee of $1,000 for money transmitters, replacing the existing fees for check sellers and foreign transmittal agencies, which were also set at $1,000 per year for check sales and $1,000 for the initial location of foreign transmittal agencies, with an additional $200 for each extra location. The amendments are part of a broader effort to modernize Massachusetts law governing money transmission services, consolidating the licensure process under a new statutory framework outlined in M.G.L. c. 169B.

The bill aims to enhance consumer protection in money transfers and align Massachusetts regulations with national standards. The Division of Banks estimates that the changes will result in a combined revenue increase of $250,000 in the first two years of implementation. The joint regulation process by the Executive Office for Administration and Finance and the Division of Banks is expected to conclude by December 5, 2025, following a public hearing scheduled for October 7, 2025.