Multistate MSB Licensing Agreement Update

The Multistate MSB Licensing Agreement (MMLA) program is currently undergoing a second pilot program. The results thus far have been promising. The first pilot program had a duration of four months with three companies participating. Between the three companies, 27 licenses were issued, three exemptions were granted, and there are two potential licenses remaining.

The second pilot program began in early October 2018 with 15 companies participating. At this point, seven Phase 1 certifications have been issued and seven licenses approved. This pilot is ongoing.

The MMLA is an agreement between participating states to streamline the licensing process for money services business companies wishing to operate in multiple states. The process is two phases with one state conducting a Phase 1 review and issuing a Phase 1 certification. The certification is accepted by participating states, leaving a Phase 2 review to be conducted by those states.

Contact Cindy Fazio at (360) 902-8800 or Devon Phelps at (360) 664-7894 for more information about the MMLA.