On Jun. 13, NH LEG passed bill related to money transmitter licenses.
NH LEG passed bill HB 1241 relative to the regulation of money transmitters and relative to license applications and renewals for certain consumer credit entities.
Document dated Jun. 13, 2024, received from NH LEG Jun. 18, summarized Jun. 21.
Bill Provisions
Repealed and reenacted NH Revised statutes, NH LEG XXXVI-399-G, Licensing of Money Transmitters, which adopts the Model money transmission modernization act.
Adjusts processes for consumer credit entities to align with model money transmission.
Encourages the IA for the public deposit investment pool to place funds held by the public deposit investment pool into bank deposits with eligible chartered banks.
Bill included chapter rule exemptions, commissioner supervision and examination rules, and licensing requirements for renewal, suspension, and application.
Amended NH LEG I-6:45-II and NH LEG I-6:46 so public deposit investment pool will be operated under contract with a private IA, proposals established by State treasurer.
Disclosure policy will include safekeeping practices and disclosure of percentage of collateralized funds, and disclosure of the funds invested or deposited within the State.
Legislative History
On Dec. 1, 2023, bill introduced in the House; on Mar. 28, 2024, bill passed in House.
On Apr. 2, 2024, bill introduced in Senate; on May 23, 2024, bill passed in Senate.
On May 29, 2024, House reported it non-concurred with Senate amendments to bill.
On Jun. 12, 2024, Senate adopted conference report; on Jun. 13, House also adopted.
Effectiveness
If approved, sections 1 through 5 will take effect 60 days after passage, section 9 will take effect on Dec. 30, 2030, and remainder of this act takes effect upon its passage.
Aug. 2024 NH LEG Governor Approval
On Aug. 27, 2024, NH LEG reported bill signed by governor, Ch. 368, effective Nov. 22.
