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The Model Money Transmission Modernization Act (MTMA) is a set of nationwide standards and requirements that were approved by the Conference of State Bank Supervisors (CSBS) in August 2021. The MTMA has been developed by industry and state experts with the aim of being implemented uniformly at the state level. Furthermore, the MTMA institutes a process for licensing money transmitters, which includes a thorough screening of owners, officers, and directors. The legislation also lists exemptions from money transmitter licensing requirements, outlines safety and soundness prerequisites (such as surety bonds, permissible investments, and net worth), mandates customer disclosures, and regulates recordkeeping and reporting.
Several states have adopted all or certain provisions of the MTMA and countless other states have introduced legislation that, if passed, would adopt the MTMA and implement it into the state's money transmission legislation. At the time of writing, 22 states have adopted the MTMA in its entirety, although only Maine, Minnesota, and Vermont have included the provisions regarding virtual currency; eight states have partially adopted the MTMA; and three states have legislation pending.
Key:
Adopted: The state has adopted the MTMA in its entirety.
Partially Adopted: The state has adopted portions of the MTMA.
Legislation Pending: Legislation regarding full or partial adoption of the MTMA is currently pending in the state legislature.
The map below outlines state-level adoption of the MTMA. If this map is not displaying, please click .
Index:
State | Adoption Status | Reference |
Alabama | N/A | N/A |
Alaska | Legislation pending | |
Arizona | Adopted | |
Arkansas | Adopted | |
California | Partially adopted; added provisions regarding exemptions, net worth, key individuals, and letters of credit for permissible investments. | |
Colorado | Adopted (effective August 6, 2025) | |
Connecticut | Partially adopted; added provisions regarding definitions for control persons, key individuals, and passive investors. | |
Delaware | N/A | N/A |
Florida | N/A | N/A |
Georgia | Adopted | |
Hawaii | Adopted | |
Idaho | N/A | N/A |
Illinois | Adopted (effective January 1, 2026); certain payroll processing service providers will be required to comply with the act by January 1, 2025. | |
Indiana | Adopted | |
Iowa | Adopted | |
Kansas | Adopted | |
Kentucky | N/A | N/A |
Louisiana | N/A | N/A |
Maine | Adopted (includes virtual currency provisions) | |
Maryland | Adopted | |
Massachusetts | Adopted | |
Michigan | N/A | N/A |
Minnesota | Adopted (includes virtual currency provisions) | |
Mississippi | Adopted (effective July 1, 2025) | |
Missouri | Adopted | |
Montana | N/A | N/A |
Nebraska | Adopted | (Chapter 8, Article 28, Section 8-2701) |
Nevada | Adopted | |
New Hampshire | Adopted | |
New Jersey | N/A | N/A |
New Mexico | N/A | N/A |
New York | N/A | N/A |
North Carolina | N/A | N/A |
North Dakota | Adopted | |
Ohio | N/A | N/A |
Oklahoma | N/A | N/A |
Oregon | N/A | N/A |
Pennsylvania | N/A | N/A |
Rhode Island | Partially adopted; added provisions regarding tangible net worth, permissible investments, passive investors, and the requirement to submit an audited financial statement with license application. | ,, |
South Carolina | Adopted | |
South Dakota | Adopted | ; (effective July 1, 2024) |
Tennessee | Adopted | |
Texas | Adopted | |
Utah | Partially adopted; added provisions regarding control. | |
Vermont | Adopted (includes virtual currency provisions) | |
Virginia | Adopted (effective July 1, 2026) | |
Washington | N/A | |
West Virginia | Adopted | |
Wisconsin | Adopted | |
Wyoming | N/A | N/A |
