HB 1241 (2024)
Rewrite laws regulating money transmitters, add requirements for public deposit investment pool
Revises the regulation and licensure of money transmitters by the Banking Department. This bill was a request of the Banking Department.
The House amended the bill to replace New Hampshire’s existing money transmitter laws with the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act.
The Senate also added requirements for the public deposit investment pool. In particular, the amended bill requires 30% of funds to be insured or collateralized deposits and requires the pool to achieve and maintain the highest attainable rating for stable value local government investment pools.
Lastly, the Senate amended the bill to add back provisions of SB 328. That bill requires ticket resellers to clearly disclose any fees. However, a conference committee of representatives and senators removed that part of the bill.
