H.R. 4331 (111th): Money Services Business Compliance Facilitation Act of 2009

Dec 16, 2009 (111th Congress, 2009–2010)
Died (Referred to Committee)
Spencer Bachus III
Representative for Alabama's 6th congressional district
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Last Updated
Dec 16, 2009
12 pages

This bill was introduced on December 16, 2009, in a previous session of Congress, but was not enacted.

Introduced Dec 16, 2009
Referred to Committee Dec 16, 2009
Full Title

To amend title 31, United States Code, to establish the Office of Money Services Business Compliance within the Department of the Treasury for the purpose of assuring compliance with subchapter II of chapter 53 of such title by money services businesses and such other duties as the Secretary of the Treasury may delegate, and for other purposes.


No summaries available.

2 cosponsors (1D, 1R) (show)

House Financial Services

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Money Services Business Compliance Facilitation Act of 2009 - Establishes within the Department of the Treasury the Office of Money Services Business Compliance (Office), whose Director shall assure compliance by money services businesses with federal recordkeeping requirements governing monetary instruments transactions.
Requires a money services business to register annually with the Office.
States that this Act shall not be construed as limiting or pre-empting any state law or regulation or order concerning the regulation and oversight of the money service business industry, or agents of money services businesses, for purposes of consumer protection, safety and soundness, or the prevention of money laundering or the financing of terrorism.
Authorizes the Director to approve the registration of an organization as a self-regulatory organization (SRO) to carry out the Director's duties with respect to the money services businesses the SRO represents.
Authorizes the Director to establish minimum requirements for: (1) rules established by an SRO for its members; (2) enforcement by an SRO; and (3) requirements established by a SRO for withdrawal of membership of any noncomplying member, monetary penalties, and the removal of officers and employees of a noncomplying member business.
Empowers the Director to issue cease and desist orders for violations of this Act and its attendant regulations.
Requires the Director to report recommendations to Congress regarding an appropriate long-term funding model to ensure the independence of the Office.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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