Senate panel releases money transfer licensing bill
Dec 18, 2024
BOSTON (SHNS) - With two weeks left in the two-year term, a key Senate committee released five bills Tuesday, including measures related to blood donations, a National Guard museum in Salem, and money transmission apps.
The domestic money transmissions bill that received a favorable report from the Senate Ways and Means Committee updates Division of Banks regulations around apps like Venmo and Cash App focused on licensing and compliance, according to a poll memo from Chair Michael Rodrigues. The redraft is based on a bill the House passed in July (H 4840), originally filed by Financial Services Committee Co-Chair James Murphy.
The redrafted bill would require service providers to obtain a license from the state commissioner of banks, require quarterly reports on licensees' "financial condition," and allow the commissioner to revoke licenses for "non-compliance, fraud or unsafe practices."
Banker & Tradesman reported earlier this year that Massachusetts is an outlier among states by not updating its domestic money transmission regs.
The House and Senate have probably a handful of sessions remaining before the term ends on Tuesday, Dec. 31, with a new Legislature scheduled to be sworn in on Jan. 1. The governor gets up to 10 days to act on any bill that reaches her desk, and bills not acted upon after the session ends are considered pocket-vetoed.
Legislation establishing an "official military museum of the Commonwealth" in Salem, the birthplace of the Massachusetts National Guard, was also endorsed by Senate Ways and Means (S 2335).
The Senate panel released a bill (S 2192) setting up a commission to study the feasibility of creating a Cabo Verdean Cultural Center in Boston "to represent the over 200 years history of Cabo Verdeans in the Commonwealth." If approved, the commission would report findings and recommendations by Dec. 31, 2026.
Another redrafted bill (S 1372) advancing ahead of Thursday's Senate session allows organizations registered as blood establishments with U.S. Food and Drug Administration to maintain a blood bank they are approved by the state Department of Public Health commissioner and the Public Health Council.
The fifth bill that advanced out of Ways and Means is an amalgamation of land conveyances that includes transfers in Stoneham, Foxborough, Bolton, and Framingham (H 4965).
The Stoneham measure authorizes the transportation secretary to convey a parcel to Wakefield Investments, Inc. for the purposes of reconstruction. The Framingham language authorizes the state, in consultation with the Trial Court Administrator, to convey adjacent parcels of land "acquired for the purpose of erecting a building for the first district court of southern Middlesex for nominal consideration to the city of Framingham.