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The bill repeals the current Money Transmitters Act and replaces
it with the Money Transmission Modernization Act (act). The new act enacts, in part, a model law developed in conjunction with the money transmitter industry.
The act reduces regulatory burden by modernizing outdated and
inconsistent regulatory requirements, including: •
Clarifying the definition of control of a licensee and introducing a rebuttable presumption of control;
•
Enabling Colorado's participation in multistate licensing initiatives;
•
Codifying the agent-to-payee exemption to licensure;
•
Revising prudential standards required for licensing and ongoing monitoring, such as tangible net worth and permissible investment calculations;
•
Establishing an irrevocable, standby letter of credit as a permissible investment; and
•
Expanding the enforcement actions available in case of nonperformance by a money transmitter.
