MADISON – Representative Jerry O’Connor (R- Fond du Lac) released the following statement on Governor Evers signing Senate Bill 668- the Money Transmission Modernization Act- into law.
“Today I am proud to announce that Gov. Evers signed SB 668, the Money Transmission Modernization Act. The purpose of the MTMA is to streamline the Department of Financial Institutions (DFI) licensing administration of eight licensee groups based on a model law developed by the Conference of State Bank Supervisors.
The change in technology, the speed of transactions, the multi-state activities, and the constantly changing business models require a higher level of sophistication and specificity to be used in the regulatory process. This new law includes:
1) Adopting the Money Transmitter Modernization Act (MTMA).
This provides industry with a more common set of standards by which they are licensed and regulated.
2) Requiring the use of the Nationwide Multistate Licensing System and Registry (NMLS).
This will increase efficiencies for businesses who hold licenses in multiple states and enable consumers to obtain more information on licensees than the DFI’s website currently provides
3) Standardizing the licensing and license renewal process.
The new law provides greater protections for consumers using money transmitters by requiring licensing of more money transmitters, requiring compliance with federal regulations, and increasing bond amounts.
4) Codifying current practice with respect to loan companies and debt collectors.
By eliminating licensing of solicitors and collectors, the MTMA reduces the regulatory burden and costs for industry and increases efficiencies for the division.
As a former bank president and chairman of the Wisconsin Bankers Association and Community Bankers of Wisconsin, I am proud to have worked collaboratively with lawmakers and stakeholders to craft an important law that will keep Wisconsin’s financial institutions financially successful and effectively regulated. The Governor’s signing also marks the 17th bill I have authored or co-authored to be signed into law this session. I thank Secretary Cheryl Olson Collins and Assistant Deputy Secretary Catherine Haberland of the Department of Financial Institutions, Sen. Knodl, Rep. Murphy, and Rep. Macco for their efforts to craft this effective bill. Finally, thank you to Gov. Evers for signing SB 668 into law today.”
