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Mass. Division of Banks says new money-transmission law is enacted; rulemaking next step
Summary
Mary Gallagher, commissioner of the Massachusetts Division of Banks, thanked the committee for passage of Chapter 312 of the Acts of 2024 and said the agency is working on regulations to implement the law.
Mary Gallagher, commissioner of the Massachusetts Division of Banks, told the Joint Committee on Financial Services on April 1 that the legislature’s multiyear effort to modernize the state’s money-transmission law has been completed and the agency is now focused on implementing regulations.
Why it matters: The change brings Massachusetts “into line with the rest of the country,” Gallagher said, and the…
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