The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. The law was approved in full by the CSBS Board of Directors in August 2021. As we move forward, CSBS will work to ensure that implementation among states is as uniform as possible, as states may require legislation, regulation or guidance changes to adopt the provisions contained in the law. Please refer to the materials below for the model law language. 

Documents

• The Model Money Transmission Modernization Act 
• Money Transmitter Model Law FAQs
• Fintech Industry Advisory Panel Recommendations
• Model Money Transmission Act One-Page Fact Sheet
• Legislative Guide

Legislation

• South Dakota
• West Virginia