New Jersey S70 revises the "New Jersey Money Transmitters Act" to enhance consumer protections and increase reporting and record-keeping requirements.
New Jersey S70 amends the "New Jersey Money Transmitters Act" to strengthen consumer protections and increase reporting and record-keeping requirements for money transmitters. The bill mandates that licensees prominently display their license information at their locations and requires authorized delegates to do the same. It broadens the consent for record inspections to include state and federal law enforcement representatives. Licensees must now keep records for five years instead of three and file quarterly reports with the commissioner.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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