Money Service Business Act of 2008

To amend section 5318 of title 31, United States Code, to eliminate regulatory burdens imposed on insured depository institutions and money services businesses and enhance the availability of transaction accounts at depository institutions for such business, and for other purposes.

7/22/2008--Passed House amended. Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains an account if such institution has on file specified mandatory self-certifications submitted by the money transmitting business.
Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful.
Shields such institution from liability for the non-compliance of a money transmitting business and its agents with federal anti-money laundering requirements.
Prescribes requirements for self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements (including its agents).
Directs the Secretary of the Treasury to prescribe implementing regulations.


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Sponsor

• Rep. Carolyn Maloney [D, NY-14]
• and 3 Co-Sponsors
  • Rep. Spencer Bachus [R, AL-6]
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Barney Frank [D, MA-4]
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Committees

• Senate Banking, Housing, and Urban Affairs
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.4049

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
November 01, 2007		July 22, 2008

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All Bill Actions

• Jul 23, 2008: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jul 22, 2008. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
• Jul 22, 2008: DEBATE - The House proceeded with forty minutes of debate on H.R. 4049.
• Jul 22, 2008: Considered under suspension of the rules.
• Jul 22, 2008: Mrs. Maloney (NY) moved to suspend the rules and pass the bill, as amended.
• Added to calendar on Jun 24, 2008: Ordered to be Reported (Amended) by Voice Vote..
• Jun 24, 2008: Committee Consideration and Mark-up Session Held.
• Nov 01, 2007: Referred to the House Committee on Financial Services.
• Introduced on Nov 01, 2007.

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Related Issue Areas:

• Money laundering
• Liability (Law)
• Law
• Government paperwork
• 12 more
• Government information
• Fines (Penalties)
• Financial institutions
• Executive departments
• Department of the Treasury
• Criminal justice
• Crime prevention
• Business
• Banks and banking
• Bank records
• Administrative procedure
• Finance

Data from the Congressional Research Service

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In the News

July 22, 2008 House of Representatives Passes HR 4049, 'Money Services Business ...

HR 4049 was introduced last fall by Rep. Carolyn Maloney (D-NY), Chair of the Financial Institutions and Consumer Credit Subcommittee of the House Financial ...

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Source: Biloxi Sun Herald,  USA

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Blog Coverage

October 01, 2008 Virtual Money Card News - 10/01/2008

It has gotten so dire in the US that Congress is now considering HR 4049, the Money Services Business Act of 2007. This bill passed the House of Representatives on July 22, 2008, and is now headed to the US Senate for deliberation, ...

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August 11, 2008 The Money Service Business Act 2007

HR 4049 110th CONGRESS 1st Session HR 4049 To amend section 5318 of title 31, United States Code, to eliminate regulatory burdens imposed on insured depository institutions and money services businesses and enhance the availability of ...

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Source: Free MSB Advice

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August 07, 2008 HEADLINES 1. NACHA Extends the International ACH Payment Category ...

House Passes HR 4049 "Money Services Business Act of 2007": This is an important piece of legislation working it's way through Congress that would effectively lift the liability from banks in serving the MSB industry. ...

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Source: Payment Daily News Digest

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