To express the sense of the Congress that States should establish uniform laws on the regulation of check cashing services, money order issuers, and other nonbank money transmitters for the purpose of preventing money laundering and protecting the payment system, to require the Secretary of the Treasury to conduct a study to make appropriate recommendations on such efforts, and for other purposes.
Money Laundering Prevention and Payment System Protection Act of 1990 - Expresses the sense of the Congress that the States should: (1) establish a uniform regulatory scheme for non-depository institutions engaged in money transactions (such as check cashing services, money orders, and travelers checks; and (2) develop a model statute to regulate such services (including licensing standards and civil and criminal penalties for noncompliance).
Requires the Secretary of the Treasury to report to the Congress the results of a study of the progress made by the States in developing and enacting such a model statute.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Forwarded by Subcommittee to Full Committee.
Subcommittee Consideration and Mark-up Session Held.
Subcommittee Hearings Held.
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