Quote from: twobits on May 29, 2013, 09:45:55 AM

Quote from: twobits on May 26, 2013, 09:57:11 PM

I am curious why it is required to get the license in all the states that require them. Why does it not require a nexus like sales tax currently does as the Quill case decided?

This was meant as a real question. Is your skipping it a way of saying it was too dumb to merit and answer, or that you don't know the answer?

Sorry twobits! I didn't mean to skip you at all. You are correct to question why a license is required in all states. In fact, a nexus is required. Many state regulators, like in New York, have already published guidance that they believe doing business with their citizens is a sufficient nexus. From a legal perspective, this does seem to pass constitutional muster, and other states are expected to follow suit. So, speaking generally, an MSB falls under a state's regulatory jurisdiction if it actually performs money services for that state's residents, regardless of where the business is physically located. Obviously, to determine whether your business in particular needs to register in any state, I'd need to know more about your business and then take a close look at the state's regulations to apply the latter to the former.

Hope that helps.