State Money Transmitter Law Compliance for Debt Relief Operations
Washington, DC (PRWEB) May 02, 2011
National Policy Group will host a complimentary two-part Webinar on Tuesday, May 10 and May 17, 2011 at 3:00 PM (ET) on the subject of “State Money Transmitter Law Compliance for Debt Relief Operations”.
“This is a unique program for debt relief agencies and related organizations that receive and disburse consumer funds to understand their compliance obligations as transmitters of money”, said Mark Guimond, President of National Policy Group in Washington, D.C. “This is critical information for agencies and their third-party servicers that is not available through any other source.”
Mark Guimond has been part of the crafting, amending and enactment of more than 30 state bills and rules related to the debt relief industries. One of Guimond’s most visible recent federal accomplishments was the deferred enforcement of the Telemarketing Sales Rule (TSR) for tax debt resolution service providers.
“Many debt relief agencies receive money from consumers and transmit those funds to a creditor for the purpose of paying the consumers’ bills, invoices, or accounts. This is, generally, the very definition of a money transmitter”, added Guimond.
The Webinars will review the official state responses to help resolve the question of the need for debt relief agencies to obtain state money transmitter licenses. The Webinars will disclose the origin of the following statements in addition to many more:
- “…credit counseling agencies would be subject to licensing as a money transmitter under the Act…”
- “…the [department] sees no reason to impose additional regulation on the credit counseling industry by also licensing under the [money transmitter] Act.”
- “…licensed debt management companies do not need a…money [transmitter] license…”
- “I am not certain that a separate company that works in conjunction with the debt management services company to effect the transmission of funds, should enjoy that same exemption, so those separate companies should plan to obtain transmitter licenses…”
- “… a [money transmitter] license would be necessary…”
- “…the entities or individuals involved in the activities described in your letter would need to be licensed…”
HOW TO REGISTER FOR THE WEBINARS
There is no charge to attend the Webinars on “State Money Transmitter Law Compliance for Debt Relief Operations”. To attend, simply register at the following URLs (cut and paste into your browser for easier use):
If you have any questions or require any additional information about the Webinars, please e-mail National Policy Group at Info@NationalPolicyGroup.com.
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