APPROVED CHAPTER
APRIL 22, 2024 662
BY GOVERNOR PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FOUR
_____
S.P. 905 - L.D. 2112
An Act to Replace the Money Transmitters Act
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 26 MRSA §879, sub-§3, ¶F, as enacted by PL 2017, c. 416, §4, is amended
to read:
F. A money transmitter licensed under Title 32, chapter 80, subchapter 1 79-A; and
Sec. 2. 32 MRSA c. 79-A is enacted to read:
CHAPTER 79-A
MONEY TRANSMITTERS
SUBCHAPTER 1
SHORT TITLE AND PURPOSE
§6067. Short title
This chapter may be known and cited as "the Maine Money Transmission
Modernization Act."
§6068. Purpose
It is the intent of the Legislature that the provisions of this Act accomplish the
following:
1. Coordination. Ensure states can coordinate in all areas of regulation, licensing and
supervision to eliminate unnecessary regulatory burden and more effectively use regulator
resources;
2. Protection of public. Protect the public from financial crime;
3. Standardization. Standardize the types of activities that are subject to licensing or
otherwise exempt from licensing; and
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 4. Modernization. Modernize safety and soundness requirements to ensure customer
funds are protected in an environment that supports innovative and competitive business
practices.
SUBCHAPTER 2
DEFINITIONS
§6071. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms
have the following meanings.
1. Acting in concert. "Acting in concert" means knowingly acting together with a
common goal of jointly acquiring control of a licensee whether or not pursuant to an
express agreement.
2. Administrator. "Administrator" means the Superintendent of Consumer Credit
Protection within the Department of Professional and Financial Regulation.
3. Authorized delegate. "Authorized delegate" means a person a licensee designates
to engage in money transmission on behalf of the licensee.
4. Bank Secrecy Act. "Bank Secrecy Act" means the federal Bank Secrecy Act, 31
United States Code, Section 5311 et seq. and its implementing regulations.
5. Bureau. "Bureau" means the Department of Professional and Financial Regulation,
Bureau of Consumer Credit Protection.
6. Closed loop stored value. "Closed loop stored value" means stored value that is
redeemable by the issuer only for goods or services provided by the issuer or its affiliate or
franchisees of the issuer or its affiliate, except to the extent required by applicable law to
be redeemable in cash for its cash value.
7. Control. "Control" means:
A. The power to vote, directly or indirectly, at least 25% of the outstanding voting
shares or voting interests of a licensee or person in control of a licensee;
B. The power to elect or appoint a majority of key individuals or executive officers,
managers, directors, trustees or other persons exercising managerial authority of a
person in control of a licensee; or
C. The power to exercise, directly or indirectly, a controlling influence over the
management or policies of a licensee or person in control of a licensee.
A person is presumed to exercise a controlling influence when the person holds the power
to vote, directly or indirectly, at least 10% of the outstanding voting shares or voting
interests of a licensee or person in control of a licensee.
A person presumed to exercise a controlling influence pursuant to this subsection may rebut
the presumption of control if the person is a passive investor.
For purposes of determining the percentage of a person controlled by any other person, the
person's interest must be aggregated with the interest of any other immediate family
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member, including the person's spouse, parents, children, siblings, parents-in-law,
children-in-law and siblings-in-law, and any other person who shares that person's home.
8. Eligible rating. "Eligible rating" means a credit rating of any of the 3 highest rating
categories provided by an eligible rating service, whereby each category may include rating
category modifiers such as "plus" or "minus" for S&P Global Ratings or successor
organization, or the equivalent from any other eligible rating service. Long-term credit
ratings are considered eligible ratings if the rating is equal to or higher than "A-" by S&P
Global Ratings or successor organization, or the equivalent from any other eligible rating
service. Short-term credit ratings are considered eligible ratings if the rating is equal to or
higher than "A-2" or "SP-2" by S&P Global Ratings or successor organization, or the
equivalent from any other eligible rating service. If ratings differ among eligible rating
services, the highest rating applies when determining whether a security bears an eligible
rating.
9. Eligible rating service. "Eligible rating service" means a nationally recognized
statistical rating organization recognized by the United States Securities and Exchange
Commission and any other organization designated by the administrator by rule or order.
10. Federally insured depository financial institution. "Federally insured
depository financial institution" means a bank, credit union, savings and loan association,
trust company, savings association, savings bank, industrial bank or industrial loan
company organized under the laws of the United States or any state of the United States,
when that bank, credit union, savings and loan association, trust company, savings
association, savings bank, industrial bank or industrial loan company has federally insured
deposits.
11. In this State. "In this State," for a transaction requested in person, means at a
physical location within this State. For a transaction requested electronically or by
telephone, "in this State" means that the person requesting the transaction is at a physical
location within this State. For a transaction requested electronically or by telephone, the
provider of money transmission may determine if the person requesting the transaction is
in this State by relying on other information provided by the person regarding the location
of the residential address, if an individual, or principal place of business, if a business
entity, or other physical address location and any records associated with the person that
the provider of money transmission may have that indicate the location, including but not
limited to an address associated with an account.
12. Individual. "Individual" means a natural person.
13. Key individual. "Key individual" means an individual ultimately responsible for
establishing or directing policies and procedures of a licensee, such as an executive officer,
manager, director or trustee.
14. Licensee. "Licensee" means a person licensed under this Act.
15. Material litigation. "Material litigation" means litigation that, according to
generally accepted accounting principles in the United States, is significant to a person's
financial health and would be required to be disclosed in the person's annual audited
financial statements, reports to shareholders or similar records.
16. Monetary value. "Monetary value" means a medium of exchange, whether or not
redeemable in money.
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 17. Money. "Money" means a medium of exchange that is authorized or adopted by
the United States or a foreign government. "Money" includes a monetary unit of account
established by an intergovernmental organization or by agreement between 2 or more
governments.
18. Money transmission. "Money transmission" means:
A. Selling or issuing payment instruments to a person located in this State;
B. Selling or issuing stored value to a person located in this State; or
C. Receiving money for transmission from a person located in this State.
"Money transmission" does not include the provision solely of online or
telecommunications services or network access.
19. MSB. "MSB" means a money services business as defined in 31 Code of Federal
Regulations, Section 1010.100.
20. MSB accredited state. "MSB accredited state" means a state agency that is
accredited by the Conference of State Bank Supervisors or successor organization and the
Money Transmitter Regulators Association or successor organization for money
transmission licensing and supervision.
21. Multistate licensing process. "Multistate licensing process" means an agreement
entered into by and among state regulators relating to coordinated processing of
applications for money transmission licenses, applications for the acquisition of control of
a licensee, control determinations or notice and information requirements for a change of
key individuals.
22. NMLS. "NMLS" means the nationwide multistate licensing system and registry
developed by the Conference of State Bank Supervisors or successor organization and the
American Association of Residential Mortgage Regulators or successor organization and
owned and operated by the State Regulatory Registry LLC or successor organization, or
any successor or affiliated entity, for the licensing and registration of persons in financial
services industries.
23. Outstanding money transmission obligation. "Outstanding money transmission
obligation" means:
A. A payment instrument or stored value issued or sold by a licensee to a person
located in the United States or reported as sold by an authorized delegate of the licensee
to a person that is located in the United States that has not yet been paid or refunded
by or for the licensee, or escheated in accordance with applicable abandoned property
laws; or
B. Money received for transmission by the licensee or an authorized delegate in the
United States from a person located in the United States that has not been received by
the payee or refunded to the sender or escheated in accordance with applicable
abandoned property laws.
For purposes of this subsection, "in the United States" includes, to the extent applicable, a
state, territory or possession of the United States; the District of Columbia; the
Commonwealth of Puerto Rico; or a United States military installation that is located in a
foreign country.
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 24. Passive investor. "Passive investor" means a person that:
A. Does not have the power to elect or appoint a majority of key individuals or
executive officers, managers, directors, trustees or other persons exercising managerial
authority of a person in control of a licensee;
B. Is not employed by and does not have any managerial duties of the licensee or
person in control of a licensee;
C. Does not have the power to exercise, directly or indirectly, a controlling influence
over the management or policies of a licensee or a person in control of a licensee; and
D. Either:
(1) Attests to paragraphs A to C in a form and in a medium prescribed by the
administrator; or
(2) Commits to the passivity characteristics of paragraphs A to C in a written
document.
25. Payment instrument. "Payment instrument" means a written or electronic check,
draft, money order, traveler's check or other wire, electronic or written instrument, or
written order for the transmission or payment of money or monetary value, whether or not
negotiable. "Payment instrument" does not include stored value or an instrument that:
A. Is redeemable by the issuer only for goods or services provided by the issuer or its
affiliate or franchisees of the issuer or its affiliate, except to the extent required by
applicable law to be redeemable in cash for its cash value; or
B. Is not sold to the public but issued and distributed as part of a loyalty, rewards or
promotional program.
26. Person. "Person" means an individual, general partnership, limited partnership,
limited liability company, corporation, trust, association, joint stock corporation or other
corporate entity identified by the administrator.
27. Receiving money for transmission. "Receiving money for transmission" or
"money received for transmission" means the receipt of money or monetary value in the
United States for transmission within or outside the United States by electronic or other
means.
28. Stored value. "Stored value" means monetary value representing a claim against
the issuer evidenced by an electronic or digital record and that is intended and accepted for
use as a means of redemption for money or monetary value or payment for goods or
services. "Stored value" includes, but is not limited to, prepaid access as defined by 31
Code of Federal Regulations, Section 1010.100(ww) but does not include a payment
instrument, closed loop stored value or stored value not sold to the public but issued and
distributed as part of a loyalty, rewards or promotional program.
29. Tangible net worth. "Tangible net worth" means the aggregate assets of a licensee
excluding all intangible assets, less liabilities, as determined in accordance with generally
accepted accounting principles in the United States.
SUBCHAPTER 3
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 EXEMPTIONS
§6074. Exemptions
This Act does not apply to:
1. Operator. An operator of a payment system to the extent that it provides
processing, clearing or settlement services between or among persons exempted by this
section or licensees in connection with wire transfers, credit card transactions, debit card
transactions, stored-value transactions, automated clearinghouse transfers or similar funds
transfers;
2. Agent. A person appointed as an agent of a payee to collect and process a payment
from a payer to the payee for goods or services, other than money transmission itself,
provided to the payer by the payee, as long as:
A. There exists a written agreement between the payee and the agent directing the
agent to collect and process payments from payers on the payee's behalf;
B. The payee holds the agent out to the public as accepting payments for goods or
services on the payee's behalf; and
C. Payment for the goods and services is treated as received by the payee upon receipt
by the agent so that the payer's obligation is extinguished and there is no risk of loss to
the payer if the agent fails to remit the funds to the payee;
3. Intermediary. A person that acts as an intermediary by processing payments
between an entity that has directly incurred an outstanding money transmission obligation
to a sender and the sender's designated recipient, as long as the entity:
A. Is properly licensed or exempt from licensing requirements under this Act;
B. Provides a receipt, electronic record or other written confirmation to the sender
identifying the entity as the provider of money transmission in the transaction; and
C. Bears sole responsibility to satisfy the outstanding money transmission obligation
to the sender, including the obligation to make the sender whole in connection with any
failure to transmit the funds to the sender's designated recipient;
4. United States. The United States or a department, agency or instrumentality of the
United States or its agent;
5. United States Postal Service. Money transmission by the United States Postal
Service or by an agent of the United States Postal Service;
6. Agency. A state, county, municipal or other governmental agency or governmental
subdivision or instrumentality of a state or its agent;
7. Financial institution. A federally insured depository financial institution, bank
holding company, office of an international banking corporation, foreign bank that
establishes a federal branch pursuant to the federal International Banking Act of 1978, 12
United States Code, Section 3102, corporation organized pursuant to the federal Bank
Service Company Act, 12 United States Code, Sections 1861 to 1867 or corporation
organized under the federal Edge Act, 12 United States Code, Sections 611 to 633;
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 8. Financial organization. A supervised financial organization as defined in Title
9-A, section 1-301, subsection 38-A, as long as the supervised financial organization does
not engage in the business of issuing or selling payment instruments through an authorized
delegate that is not a supervised financial organization;
9. Electronic funds transfer. Electronic funds transfer of governmental benefits for
a federal, state, county or governmental agency by a contractor on behalf of the United
States or a department, agency or instrumentality of the United States or on behalf of a state
or governmental subdivision, agency or instrumentality of the United States;
10. Board of trade. A board of trade designated as a contract market under the federal
Commodity Exchange Act, 7 United States Code, Sections 1 to 25 or a person that, in the
ordinary course of business, provides clearance and settlement services for a board of trade
to the extent of its operation as or for such a board;
11. Futures commission merchant. A registered futures commission merchant under
the federal commodities laws to the extent of its operation as such a merchant;
12. Securities broker-dealer. A person registered as a securities broker-dealer under
federal or state securities laws to the extent of its operation as such a broker-dealer;
13. Employee. An indi