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Opinion Summary of Selected Opinion 97-218

Date: 10/06/1997
Organization: Division of Banks
Docket Number: 97-218

This opinion was issued in the fourth quarter of 1997.

Table of Contents

Licensing Requirements Of Foreign Transmittal Agencies

Under Mass. Gen. Laws chapter 169, any person or entity, with certain limited exceptions, intending to engage in or be financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, must execute and deliver to the state treasurer a bond in a sum equal to twice the average weekly amount of money or its equivalent transmitted as determined by the Commissioner of Banks or $50,000, whichever is greater, in order to obtain a foreign transmittal agency license. Such entities are subject to all the provisions of Mass. Gen. Laws chapter 169 as well as its implementing regulations at 209 CMR 44.00