Public Hearing Notice  Public hearing relative to proposed amendments to 801 CMR 4.02: Rates

Pursuant to the provisions of Section 4(c)(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 joint public hearing will be held on Tuesday, October 7, 2025 at 10:00 a.m. at which comments will be received by the Executive Office for Administration and Finance and the Division of Banks (Division) relative to the establishment of fees for money transmitters under Chapter 312.

A hybrid public hearing will be held on October 7, 2025 at 10:00 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.

The purpose of 801 CMR 4.02 – 209 Division of Banks and Loan Agencies is to set forth the respective fees and assessments for state-chartered banks and state-chartered credit unions, as well as the provisions relative to the Division of Banks’ licensees and registrants.  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.

The proposed amendments would repeal the current fees set forth at 801 CMR 4.02: 209 Division of Banks and Loan Agencies:

(39)      Check Sales     Annual License            1,000   per year

(40)      Foreign Transmittal Agencies

           (a)        Annual License                        1,000   per year for initial licensed location

           (b)        License for Additional Location     200  per year for each additional licensed location

The proposed amendments would add the following fee to 801 CMR 4.02: 209 Division of Banks and Loan Agencies:

(39)      Money Transmitters      Annual License 1,000   per year

Written comments may be submitted to the Division on the proposed fees until Tuesday, October 14, 2025 at 5:00 p.m. to dob.comments@mass.gov.  Copies of the proposed fees 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.