Public Hearing Notice  Public hearing relative to 209 CMR 44.00, 45.00, and 48.00

Pursuant to the provisions of Section 3(a)(2) of Massachusetts General Laws chapter 169B, as set forth in SECTION 3 of Chapter 312 of the Acts of 2024 (Chapter 312) and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, October 7, 2025 at 10:30 a.m. at which comments will be received by the Division of Banks (Division) relative to the following regulations.

A hybrid public hearing will be held on Tuesday, October 7, 2025 at 10:30 a.m. at One Federal Street, 6^th Floor, Gold Room, Boston, Massachusetts.  The link providing information regarding the hearing will be posted by Monday, October 6, 2025 by 12:00 noon, and will be available at www.mass.gov/dob/.  While it is not necessary to pre-register to provide oral testimony, anyone who emails their intention to provide oral testimony at the hearing in advance will receive preference in the order of testimony provided.  Such optional notice must include the person’s name, telephone number, and email address and should be sent to dob.comments@mass.gov via email.

Chapter 312 establishes a single statutory framework for the licensing, examination, and regulation of all money transmitters, covering both foreign and domestic transmissions, as well as check sellers, in the Commonwealth by the Division of Banks (Division), pursuant to the establishment of new M.G.L. c. 169B.  With regard to licensure, Chapter 312 repeals the enabling statutes for the Division’s licensure of check sellers at M.G.L. c. 167F, § 4 and the licensure of foreign transmittal companies at M.G.L. c. 169, replacing the statutes with new M.G.L. c. 169B regarding the licensure of money transmitters, including foreign and domestic transmissions as well as check sellers, into one license for money transmitters.

• 209 CMR 44.00: The Licensing and Regulation of Money Transmitters – Proposed Promulgation

The purpose of proposed regulation 209 CMR 44.00: The Licensing and Regulation of Money Transmitters is to establish procedures and requirements for the licensing and supervision of money transmitters under the provisions of M.G.L. c. 169B, as established by Chapter 312 of the Acts of 2024, An Act Relative to the Regulation of Money Transmission by the Division of Banks (Chapter 312).  Chapter 312, which was signed into law on 1/1/25, establishes a single statutory framework for the licensing, examination, and regulation by the Division of Banks (Division) for all money transmitters, including both foreign and domestic money transmissions, in Massachusetts under newly established M.G.L. c. 169B.   Proposed regulation 209 CMR 44.00 et seq. would include provisions relative to the licensing and supervision of money transmitters under Chapter 312.

• 209 CMR 45.00: The Licensing and Regulation of Money Services Businesses – Proposed Amendments

The purpose of 209 CMR 45.00: The Licensing and Regulation of Money Services Businesses is to establish procedures and requirements for the licensing, regulation and supervision of licensees under the provisions of check sellers pursuant to M.G.L. c. 167F, § 4; foreign transmittal agencies under M.G.L. c. 169; and check cashers pursuant to M.G.L. c. 169A.  Chapter 312 repeals the statutory authority for check sellers at M.G.L. c. 167F, § 4 and foreign transmittal agencies under M.G.L. c. 169. As noted above, the authority under Chapter 312 for money transmitters will now be under M.G.L.  c. 169B and its proposed regulation at 209 CMR 44.00 et seq.  The proposed amendments to 209 CMR 45.00 et seq. would delete the current provisions relative to foreign transmittal agencies and check sellers.   The proposed amendments would also change the title of 209 CMR 45.00 et seq. to 209 CMR 45.00: The Licensing and Regulation of Check Cashers.

• 209 CMR 48.00: Licensee Record Keeping – Proposed Amendments

The purpose of 209 CMR 48.00: Licensee Record Keeping is to establish procedures and requirements for record keeping by the Division’s licensees.  The proposed amendments to 209 CMR 48.00 et seq. would update this regulation to remove references to check sellers and foreign transmittal agencies and to include money transmitters in accordance with the provisions of Chapter 312.

Written comments may be submitted to the Division on the proposed regulation and amendments until Tuesday, October 14, 2025 at 5:00 p.m. to dob.comments@mass.gov. Copies of the proposed regulation and amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, at www.mass.gov/dob/.

Additional changes may be made based on comments received at the public hearing or during the comment period.

To request interpretive services, please submit your request at least three (3) business days prior to the public hearing to Jennifer DeWitt at 617-956-1549 or jennifer.dewitt@mass.gov.

If there are any questions, please contact the Division’s Legal Unit at 617-956-1520.