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Senate Finance advances House Bill 12-01 to modernize money-transmission rules
Summary
The Senate Finance Committee voted unanimously to send House Bill 12-01, a measure adopting a model Money Transmission Modernization Act, to the Committee of the Whole. Sponsors and regulators said the bill would align Colorado with other states and streamline licensing; ADP opposed an amendment that exempts certain payroll processors.
DENVER — The Senate Finance Committee voted unanimously to move House Bill 12-01, a measure to replace Colorado’s current money-transmission law with a version of the Uniform Money Transmission Modernization Act, to the Committee of the Whole after a public hearing and witness testimony.
Senator Liston, prime sponsor, said House Bill 12-01 would modernize Colorado law to reflect recent growth in money-transmission services and align the state with a model law adopted by other jurisdictions. "By enacting this model legislation, Colorado would be joining 27 other states who have already done so," Liston said during his opening remarks.
The bill’s supporters — including State Bank Commissioner Ken Bolt and industry witnesses — told the committee the measure standardizes definitions, reduces duplicative regulation for companies that operate in multiple states, and preserves consumer protections such as net-worth, bonding and permissible-investment requirements.
State Bank Commissioner Ken Bolt said the bill "streamlines regulatory standards by standardizing…
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