HB1700 (2012) Detail

Repealing licensing requirements for money transmitters.


HB 1700-FN – AS INTRODUCED

2012 SESSION

12-2266

08/10

HOUSE BILL 1700-FN

AN ACT repealing licensing requirements for money transmitters.

SPONSORS: Rep. Manuse, Rock 5; Rep. Bowers, Sull 3; Rep. Lambert, Hills 27; Rep. Warden, Hills 7; Rep. Infantine, Hills 13; Sen. White, Dist 9

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill repeals the licensing requirements for money transmitters under RSA 399-G.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

12-2266

08/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twelve

AN ACT repealing licensing requirements for money transmitters.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Money Transmitters; Repeal. RSA 399-G, relative to licensing requirements for money transmitters, is repealed.

2 Money Transmitters Repealed; Cross Reference. Amend the introductory paragraph of RSA 383:11 to read as follows:

The bank commissioner shall, each fiscal year, charge and collect from the institutions, the condition and management of which he or she is required to examine under the provisions of RSA 383:9, and which he or she supervises under the provisions of RSA 361-A, RSA 397-A, RSA 397-B, RSA 399-A, and RSA 399-D, [and RSA 399-G,] the total amount appropriated for the bank commissioner’s department. Said sum shall be collected as follows:

3 Effective Date. This act shall take effect December 31, 2012.

LBAO

12-2266

10/03/11

HB 1700-FN - FISCAL NOTE

AN ACT repealing licensing requirements for money transmitters.

FISCAL IMPACT:

      The Banking Department states this bill will decrease state restricted revenue by $52,475 in FY 2012 and each year thereafter. There is no fiscal impact on county and local revenue or state, county and local expenditures.

METHODOLOGY:

    The Banking Department states this bill repeals the licensing requirements for money transmitters under RSA 399-G. The Department states there are 1,499 authorized delegates that would no longer need to pay the $25 licensing fee, decreasing state restricted revenue by $37,475 (1,499 authorized delegates * $25 licensing fee). In addition there are 30 money transmitter companies that would no longer need to pay the $500 licensing fee, decreasing state restricted revenue by $15,000 (30 licensed money transmitter companies * $500 licensing fee). The total impact on state restricted revenues is a decrease of $52,475 in FY 2012 and each year thereafter.

    The Banking Department is self-funded, and pursuant to RSA 383 covers all its costs and expenses through fees, fines and assessments.

Links

HB1700 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

HB1700 Revision: 21966 Date: Jan. 9, 2012, midnight

Docket