Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
DCBS proposes higher renewal fees for money transmitters and check‑cashing businesses during public hearing on Senate Bill 55 45
Summary
The Department of Consumer and Business Services held a public hearing April 23 on Senate Bill 55 45, proposing to raise renewal fees for money transmitters and check‑cashing licenses after a rule advisory committee found revenue shortfalls; agency officials said the increases are intended to preserve oversight and consumer protection.
Co‑Chairs Meek and Gomberg opened a public hearing April 23 on Senate Bill 55 45, a fee‑ratification request from the Department of Consumer and Business Services (DCBS) to raise renewal fees for non‑depository programs that regulate money transmitters and check‑cashing businesses.
DCBS Division of Financial Regulation Administrator TK Keane said the agency is proposing to raise the annual money transmitter renewal fee from $500 to $1,000 and to increase the check‑cashing two‑year license fee from $150 to $350. "We are proposing that we increase the money transmitter renewal fee from $500 to $1,000," Keane said, citing increased personnel and…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
