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Subcommittee approves repeal of outdated money-services regulations tied to 2024 model law
Summary
The subcommittee approved document 5,363 to repeal most existing money-services regulations that were superseded by Act 218 of 2024 and to retain limited language on fee retention for incomplete applications.
The House Regulations Administrative Procedures Artificial Intelligence Cybersecurity Committee and the Education Administrative Subcommittee voted to approve document 5,363, a rewrite of the state’s money-services regulations that largely repeals rules superseded by Act 218 of 2024 (the model money transmission modernization act).
Louis Cody, senior assistant attorney general representing the Attorney General’s Office, told the panel that the Money Services Act was updated in 2024 and the regulations originally adopted to implement the statute are now incorporated into that act. "These were the original regs that we had adopted to put the act in place initially. And these are now incorporated in the current version of the act, and so are no longer necessary. So to that extent, we are repealing and revising," Cody said.
Cody said the remaining regulatory language in document 5,363 addresses retention of fees for incomplete application files. Representative Bridal made the motion to approve document 5,363; a voice vote followed and the motion carried.
The subcommittee’s approval advances the proposed repeal and targeted revisions for further action consistent with the committee’s rulemaking process.
