Law360, New York (April 23, 2010, 12:48 PM EDT) -- Several legislative initiatives introduced in the U.S. House of Representatives are aimed at the widely diverse money services business. Ranging from check-cashing, currency exchange, funds transmittal and stored value products to issuing or selling travelers checks and money orders, MSBs cover a wide variety of financial services.
Rep. Carolyn Maloney, D-N.Y., has reintroduced a bill that passed the House in 2008, but was never introduced in the Senate. The Money Services Business Act of 2009 is pending before the House Financial Services Committee.
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