Wyoming Money Transmitters Act-exemption.

Plain English Breakdown

Checked against official source text during the last sync.

Wyoming Money Transmitters Act - Exemption

This act amends the Wyoming Money Transmitter Act to exempt certain individuals and businesses from needing a license if they do not meet the federal definition of a money services business.

What This Bill Does

• Adds an exemption to the Wyoming Money Transmitter Act for people who conduct low-level money transmission activities under $1,000 per day.
• Defines low-level money transmission as exchanging currency, cashing checks, issuing and redeeming traveler's checks, and providing prepaid access products.
• Requires these individuals or businesses not to be considered a 'money services business' by the federal government.

Who It Names or Affects

• People who conduct small-scale money transmission activities in Wyoming.
• Businesses that do not meet the federal definition of a money services business.

Terms To Know

Money Services Business

A term used by the federal government to describe businesses involved in certain types of financial transactions, including money transmission.

FinCEN

The Financial Crimes Enforcement Network, a U.S. government agency that regulates and monitors financial transactions for compliance with anti-money laundering laws.

Limits and Unknowns

• It is unclear how many businesses will qualify for this exemption.
• The act does not specify what happens if someone exceeds the $1,000 limit on any given day.

Official Summary Text

Bill Summary - 20LSO-0180
Bill No.:

SF0046

Effective:

Immediately

LSO No.:

20LSO-0180

Enrolled Act No.:

SEA No. 0021

Chapter No.:

52

Prime Sponsor:

Joint Minerals, Business & Economic Development Interim Committee

Catch Title:

Wyoming Money Transmitters Act-exemption.

Subject:

Wyoming Money Transmitters Act.

Summary/Major Elements:

Under current law, any person engaged in the business of money transmission must be licensed under the Wyoming Money Transmitters Act (WMTA). Money transmission includes selling or issuing payment instruments or stored value and receiving money or monetary value in any amount for transmission to another location.

The act creates an exemption to the WMTA for persons that do not meet the definition of a "money services business" under the Code of Federal Regulations and accordingly, are not required to register with the federal Financial Crimes Enforcement Network (
FinCen
). The exemption will apply to persons who conduct certain
low level
money transmission activities in an amount equal to or less than one thousand dollars ($1,000.00) on any day, including exchanging currency, cashing checks, issuing, selling and redeeming traveler's checks, and providing prepaid access products.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

20LSO-0180

ORIGINAL Senate

File No
.
SF0046

ENROLLED ACT NO. 21,

SENATE

SIXTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING
2020 Budget Session

AN ACT relating to trade and commerce; amending the Wyoming Money Transmitter Act to provide an exemption; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 40
‑
22
‑
104(a) by creating a new paragraph (viii) is amended to read:

40
‑
22
‑
104.

Exemptions; applicability.

(a)

This act shall not apply to:

(viii)

A person engaged in the business of money transmission under this act that does not meet the definition of a money services business under 31 C.F.R. 1010.100(ff), as amended as of January 1, 2020.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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