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LD1197 • 2025

An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets

An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Senator Joseph Baldacci
Last action
2025-05-28
Official status
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets

An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets Sponsor: Senator Joseph Baldacci Reference committee: Health Coverage, Insurance and Financial Services Latest committee action: Reported Out; ONTP

What This Bill Does

  • An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets Sponsor: Senator Joseph Baldacci Reference committee: Health Coverage, Insurance and Financial Services Latest committee action: Reported Out; ONTP

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2025-05-28 Senate

    Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

  2. 2025-05-27 Committee

    Reported Out; ONTP

  3. 2025-05-08 Committee

    Work Session Held

  4. 2025-05-08 Committee

    Voted; ONTP

  5. 2025-05-01 Committee

    Work Session Held; TABLED

  6. 2025-03-20 House

    The Bill was REFERRED to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES . In concurrence. ORDERED SENT FORTHWITH.

  7. 2025-03-20 Committee

    Referred to Committee on Health Coverage, Insurance and Financial Services.

Official Summary Text

An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets
Sponsor:
Senator Joseph Baldacci
Reference committee:
Health Coverage, Insurance and Financial Services
Latest committee action:
Reported Out; ONTP

Current Bill Text

Read the full stored bill text 
Printed on recycled paper
132nd MAINE LEGISLATURE
FIRST REGULAR SESSION-2025
Legislative Document No. 1197
S.P. 486 In Senate, March 20, 2025
An Act to Update the Maine Money Transmission Modernization
Act by Removing Provisions of Law Regarding Unhosted Wallets
(EMERGENCY)
Reference to the Committee on Health Coverage, Insurance and Financial Services
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator BALDACCI of Penobscot.
Cosponsored by Representative BOYER of Poland and
Representative: MOONEN of Portland.

Page 1 - 132LR1243(01)
1Emergency preamble. Whereas, acts and resolves of the Legislature do not
2 become effective until 90 days after adjournment unless enacted as emergencies; and
3Whereas, certain licensees under the Maine Money Transmission Modernization Act
4 are subject to the requirements for unhosted wallets upon renewal of their licenses
5 beginning January 1, 2025; and
6Whereas, the lack of clarity regarding the regulation of unhosted wallets under the
7 Maine Money Transmission Modernization Act threatens marketplace stability for Maine's
8 digital asset businesses and consumers; and
9Whereas, in the judgment of the Legislature, these facts create an emergency within
10 the meaning of the Constitution of Maine and require the following legislation as
11 immediately necessary for the preservation of the public peace, health and safety; now,
12 therefore,
13Be it enacted by the People of the State of Maine as follows:
14Sec. 1. 32 MRSA §6100-OO, sub-§8, as enacted by PL 2023, c. 662, §2, is
15 repealed.
16Sec. 2. 32 MRSA §6100-OO, sub-§14, as enacted by PL 2023, c. 662, §2, is
17 repealed.
18Sec. 3. 32 MRSA §6100-UU, as enacted by PL 2023, c. 662, §2, is repealed.
19Emergency clause. In view of the emergency cited in the preamble, this legislation
20 takes effect when approved.
21SUMMARY
22 This bill repeals provisions of law containing requirements for unhosted wallets in the
23 Maine Money Transmission Modernization Act.
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