.svg)
The Model Money Transmission Modernization Act (MTMA) is a set of nationwide standards and requirements that were approved by the Conference of State Bank Supervisors (CSBS) in August 2021. The MTMA has been developed by industry and state experts with the aim of being implemented uniformly at the state level. Furthermore, the MTMA institutes a process for licensing money transmitters, which includes a thorough screening of owners, officers, and directors. The legislation also lists exemptions from money transmitter licensing requirements, outlines safety and soundness prerequisites (such as surety bonds, permissible investments, and net worth), mandates customer disclosures, and regulates recordkeeping and reporting.
Several states have adopted all or certain provisions of the MTMA and countless other states have introduced legislation that, if passed, would adopt the MTMA and implement it into the state's money transmission legislation. At the time of writing, 22 states have adopted the MTMA in its entirety, although only Maine, Minnesota, and Vermont have included the provisions regarding virtual currency; eight states have partially adopted the MTMA; and three states have legislation pending.
Key:
Adopted: The state has adopted the MTMA in its entirety.
Partially Adopted: The state has adopted portions of the MTMA.
Legislation Pending: Legislation regarding full or partial adoption of the MTMA is currently pending in the state legislature.
The map below outlines state-level adoption of the MTMA. If this map is not displaying, please click here.
Index:
State | Adoption Status | Reference |
Alabama | N/A | N/A |
Alaska | Legislation pending | |
Arizona | Adopted | Money Transmission Act, Title 6, Chapter 12, Arizona Revised Statutes |
Arkansas | Partially adopted; added provisions regarding control, definitions, net worth, permissible investments, and surety bonds. | Uniform Money Services Act, Title 23, Subtitle 2, Chapter 55, Arkansas Code Annotated |
California | Partially adopted; added provisions regarding exemptions, net worth, key individuals, and letters of credit for permissible investments. | |
Colorado | Adopted (effective August 6, 2025) | Colorado Money Transmission Modernization Act, House Bill 1201 |
Connecticut | Partially adopted; added provisions regarding definitions for control persons, key individuals, and passive investors. | Money Transmission Act, Title 36a, Chapter 668, Part V, General Statutes of Connecticut |
Delaware | N/A | N/A |
Florida | N/A | N/A |
Georgia | Partially adopted; added provisions regarding definitions for control, passive investor exemptions from control person requirements, criminal background check procedures for individuals living outside the United States, and acquisition of control. | Title 7, Chapter 1, Article 4, Official Code of Georgia Annotated |
Hawaii | Adopted | Money Transmitters Modernization Act, Volume 11, Chapter 489D, Hawaii Revised Statutes |
Idaho | Legislation pending | |
Illinois | Adopted (effective January 1, 2026); certain payroll processing service providers will be required to comply with the act by January 1, 2025. | Uniform Money Transmission Modernization Act of 2024 (Senate Bill 3412) |
Indiana | Adopted | Money Transmission Modernization Act, Title 28, Article 8, Chpater 4.1, Indiana Code |
Iowa | Adopted | Uniform Money Transmission Modernization Act, Chapter 533C, Iowa Code |
Kansas | Adopted - effective January 1, 2025 | |
Kentucky | N/A | N/A |
Louisiana | N/A | N/A |
Maine | Adopted (includes virtual currency provisions) | Maine Money Transmission Modernization Act (S.P. 905 - L.D. 2112) |
Maryland | Partially adopted; added provisions regarding definitions, control persons, key individuals, acquisition of control, and prudential standards (surety bond, permissible investments). | Title 9, Subtitle 3, Chapter 14, Code of Maryland Regulations |
Massachusetts | Adopted (effective January 1, 2025) | |
Michigan | N/A | N/A |
Minnesota | Adopted (includes virtual currency provisions) | Minnesota Money Transmission Modernization Act, Chapter 53B, Minnesota Statutes |
Mississippi | Adopted (effective July 1, 2025) | Mississippi Money Transmission Modernization Act (House Bill 1428) |
Missouri | Adopted - effective August 28, 2024 | Money Transmission Modernization Act of 2024 (Senate Bill 1359) |
Montana | N/A | N/A |
Nebraska | Legislation Pending | |
Nevada | Adopted | |
New Hampshire | Adopted | |
New Jersey | N/A | N/A |
New Mexico | N/A | N/A |
New York | N/A | N/A |
North Carolina | N/A | N/A |
North Dakota | Adopted | |
Ohio | N/A | N/A |
Oklahoma | N/A | N/A |
Oregon | N/A | N/A |
Pennsylvania | N/A | N/A |
Rhode Island | Partially adopted; added provisions regarding tangible net worth, permissible investments, passive investors, and the requirement to submit an audited financial statement with license application. | Banking Bulletin 2022-1, Banking Bulletin 2022-2, House Bill 7282 |
South Carolina | Adopted | |
South Dakota | Adopted | Title 51A, Chapter 17, South Dakota Codified Laws; Senate Bill 58 (effective July 1, 2024) |
Tennessee | Adopted | Money Transmission Modernization Act, Title 45, Chapter 7, Tennessee Code |
Texas | Adopted | Money Services Modernization Act, Title 3, Subchapter E, Chapter 152, Financial Code |
Utah | Partially adopted; added provisions regarding control. | |
Vermont | Adopted (includes virtual currency provisions) | |
Virginia | Adopted (effective July 1, 2026) | |
Washington | N/A | |
West Virginia | Partially adopted; added provisions regarding control, key individuals, passive investor, multistate examinations, acceptance of exam reports from other states, licensing process, tangible net worth requirements, and permissible investments, including the use of letters of credit. | |
Wisconsin | Adopted - effective January 1, 2025 | Model Money Transmission Modernization Law (Senate Bill 668) |
Wyoming | N/A | N/A |
