"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_transmitterWhat are the two free states?
Thanks
I would not consider them "free" states as they still have federal regulations, just not additional, state level regulations.
Fed rules don't apply until the commerce crosses state lines. If all activity is done within the state the Fed can't say anything.