If you have not had the opportunity to attend the webinar put on by National Policy Group on State Money Transmitter Law Compliance, you should.
The free webinar covers issues surrounding the money transmitter law that impact credit counseling groups.
The question the webinar posed is if credit counseling agencies need to be licensed as a money transmitter in those states that had such laws and if licensed, does the credit counseling need to still be licensed as a money transmitter.
There was not one clear answer across the states and the focus on compliance is just hammered home with multiple examples.
It was made clear that simply being exempt from some registration or regulations as a nonprofit group it still requires a nonprofit credit counseling agency to become a registered money transmitter, as in states like Oklahoma or South Dakota.
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