Utah Enacts Money Transmitter Act

Mortgage Servicing Money Service / Money Transmitters Agency Rule-Making & Guidance

On March 27, Utah Governor Gary Herbert signed S.B. 24, which modifies provisions related to persons and entities subject to the jurisdiction of Utah’s Department of Financial Institutions (DFI), amends the state’s Mortgage Lending and Servicing Act, and enacts the Money Transmitter Act. The Money Transmitter Act establishes new licensing requirements and grants rulemaking authority to the DFI to (i) prohibit practices that are misleading, unfair, or abusive, (ii) promote full disclosure of the terms and conditions of agreements between a customer and a money transmitter, and (iii) assure uniform application of applicable state or federal laws and regulations.