On August 23, New Hampshire Governor Chris Sununu signed HB 1241 (the “Act”) into law, creating new money transmitter licensing requirements, and adjusting renewal procedures for certain consumer credit entities. The Act adopts the Money Transmission Modernization Act (MTMA) to incorporate aspects of the CSBS’s model law which aims to create a single set of nationwide money transmitter standards and requirements, according to this press release. Among other things, the Act outlines the license application process, which includes background checks and audited financial statements, describes grounds for license suspension, outlines procedures for handling consumer complaints, and mandates the timely transmission and refund of money received for transmission. Sections 1 through 5 will become effective October 22, Section 9 will be effective December 30, 2030, and all other sections are effective August 23.
