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, which replaces the existing fees for check sellers and foreign transmittal agencies. The current fees of $1,000 per year for check sales and foreign transmittal agencies will be repealed, consolidating the licensing process under a single statutory framework as outlined in M.G.L. c. 169B. This change aims to modernize Massachusetts law governing money transmission services and enhance consumer protection in the marketplace.

The Division of Banks, in collaboration with the Executive Office for Administration and Finance, anticipates a revenue increase of approximately $250,000 in the first two years following the implementation of these amendments. The public hearing for these changes is scheduled for October 7, 2025, with the goal of completing the amendment process by December 5, 2025. The new licensing framework is designed to streamline the regulation of money transmission services in the Commonwealth, aligning Massachusetts with national standards.