Re: What are the two unregulated "Money Transmitter" states? (USA)

Quote from: Chaang Noi (Goat) ช้างน้อย on July 21, 2013, 02:08:37 AM

"Forty-eight US states regulate money transmitters although the laws vary from one state to the other.[3] Most of the states[4] require a surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement."

http://en.wikipedia.org/wiki/Money_transmitter

What are the two free states?

Thanks

Did you do that just to direct us to an MSB lawyer with virtual currency know-how? http://moneytransmitterlicense.blogspot.com/ Cheesy

Lot of the links are broken. All 50 states listed, so dunno which two don't have MSB laws... Kansas and NY don't seem to have a pinpoint on the state-by-state map...

https://www.paypal-media.com/licenses
Paypal has licenses for everywhere but South Carolina and NY.

So, looking like definitely NY (which seems really, really unlikely - but I guess possible), and either South Carolina or Kansas.

ETA: http://www.shajlaw.com/newyorkmoneyservicebusinesslicense.html Paypal must have some way to get around MSB in NY, but I'm pretty sure I counted 48 states and 2 non-states in PP's list, which'd indicate there's only one state without MSB license requirements.

From map on first page linked:
South Carolina: Currently no regulation
WY and NY definitely have regulation, though.
ETA2: It looks like KS does have MSB requirements, but are apparently very difficult to find Cheesy

ETA3: SC definitely has something on the books... I'm getting tired of combing through bureaucratic crap at this point, though.