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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 Division will be available as a technical resource to the committee as it considers related bills this session.
Gallagher said the legislation culminated in “the successful enactment of chapter 312 of the acts of 2024, which the governor signed on January 1.” She added the division is “working very hard to promulgate the regulations and get it implemented.”
Committee members who spoke at the hearing thanked the commissioner for her advocacy during the prior session. The Division of Banks’ next steps, as described in testimony, are administrative: drafting proposed regulations and engaging with lawmakers and stakeholders as those rules are developed.
The committee did not take any formal action or vote during the hearing; Gallagher’s remarks were delivered as part of a series of agency and stakeholder introductions at the committee’s organizational and informational session.
Provenance: Commissioner Gallagher introduced the topic and closed her remarks with thanks and an offer to answer questions.
"The successful enactment of chapter 312 of the acts of 2024 ... we're working very hard to promulgate the regulations and get it implemented," Mary Gallagher said (remarks beginning at transcript block start 731.43 and concluding at 845.52).
