While it may not stop every fraud, regulators use high-profile cases to justify more oversight. Being licensed also demonstrates proactive compliance—beneficial if you ever face a complaint or inquiry.
Contractual disclaimers do not override state law. If your business model falls within “receiving funds for transmission”, disclaimers won’t exempt you from MTL.
States view it as consumer protection, especially in industries handling large sums. While fees can be high, the legislative intent is to ensure accountability and financial safeguards.
No, membership in itself isn’t a shield. However, it significantly improves your ability to stay informed, adapt quickly, and engage in collective lobbying efforts.
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This page was last updated on February 19, 2025.
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