CHAPTER 45
HB 522-FN - FINAL VERSION
2023 SESSION
23-0730
09/04
HOUSE BILL 522-FN
AN ACT relative to money transmitters.
SPONSORS: Rep. Hunt, Ches. 14; Rep. McAleer, Carr. 2
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill adds exemptions from the Model Money Transmission Modernization Act to New Hampshire's money transmitter law.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23-0730
09/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
AN ACT relative to money transmitters.
Be it Enacted by the Senate and House of Representatives in General Court convened:
45:1 New Paragraphs; Exemptions from the Requirement of Money Transmitter Licensure. Amend RSA 399-G:3 by inserting after paragraph VII the following new paragraphs:
VIII. An operator of a payment system to the extent it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.
IX. A person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, provided that:
(a) There exists a written agreement between the payee and the agent directing the agent to collect and process payments from payors on the payee’s behalf;
(b) The payee holds the agent out to the public as accepting payments for goods or services on the payee’s behalf; and
(c) Payment for the goods or services is treated as received by the payee upon receipt by the agent so that the payor’s obligation is extinguished and there is no risk of loss to the payor if the
agent fails to remit the funds to the payee.
X. A person that acts as an intermediary by processing payments between an entity that has directly incurred an outstanding money transmission obligation to a sender, and the sender’s designated recipient, provided that the entity:
(a) Is properly licensed or exempt from licensing requirements under this chapter;
(b) Provides a receipt, electronic record, or other written confirmation to the sender
identifying the entity as the provider of money transmission in the transaction; and
(c) Bears sole responsibility to satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to
transmit the funds to the sender’s designated recipient.
XI. Money transmission by the United States Postal Service or by an agent of the United States Postal Service.
XII. A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. Sections 1-25, as amended or recodified from time to time, or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.
XIII. A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.
XIV. A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer.
XV. An individual employed by a licensee, authorized delegate, or any person exempted from the licensing requirements of this chapter when acting within the scope of employment and under the supervision of the licensee, authorized delegate, or exempted person as an employee and not as an independent contractor.
XVI. A person expressly appointed as a third party service provider to or agent of an entity exempt under RSA 399-G:3, I, solely to the extent that:
(a) Such service provider or agent is engaging in money transmission on behalf of and pursuant to a written agreement with the exempt entity that sets forth the specific functions that the service provider or agent is to perform; and
(b) The exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations upon receipt of the purchaser’s or holder’s currency or monetary value by the service provider or agent.
XVII. For purposes of this section, “outstanding money transmission obligations” shall be established and extinguished in accordance with applicable state law and shall mean:
(a) Any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws; or
(b) Any currency received for transmission by the licensee or an authorized delegate in the United States from a person located in the United States that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws.
XVIII. For purposes of paragraph XVII, “in the United States” shall include, to the extent applicable, a person in any state, territory, or possession of the United States; the District of Columbia; the Commonwealth of Puerto Rico; or a U.S. military installation that is located in a foreign country.
45:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 19, 2023
Effective Date: July 18, 2023