Money Service Business Act of 2008
Latest action · Jul 23, 2008 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 1, 2007
- Passed HouseJul 22, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains an account if such institution has on file specified mandatory self-certifications submitted by the money transmitting business.
Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful.
Shields such institution from liability for the non-compliance of a money transmitting business and its agents with federal anti-money laundering requirements.
Prescribes requirements for self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements (including its agents).
Directs the Secretary of the Treasury to prescribe implementing regulations.
Cosponsors 3
Members who signed on, in the order they did. All signed on Nov 1, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Barney Frank | Original | Nov 1, 2007 |
| R-IL | Judy Biggert | Original | Nov 1, 2007 |
| R-AL | Spencer Bachus | Original | Nov 1, 2007 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Nov 1, 2007Markup Jun 24, 2008 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 23, 2008 |
Actions 10
Everything that happened, newest first.
- Jul 23, 2008Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 22, 2008Mrs. Maloney (NY) moved to suspend the rules and pass the bill, as amended.
- Jul 22, 2008Considered under suspension of the rules. (consideration: CR H6775-6777)
- Jul 22, 2008DEBATE - The House proceeded with forty minutes of debate on H.R. 4049.
- Jul 22, 2008Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6775-6776)
- Jul 22, 2008Motion to reconsider laid on the table Agreed to without objection.
- Jun 24, 2008Committee Consideration and Mark-up Session Held.
- Jun 24, 2008Ordered to be Reported (Amended) by Voice Vote.
- Nov 1, 2007Introduced in House
- Nov 1, 2007Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H6775–H6777Text printed H6775 | Carolyn B. Maloney D-NY, Christopher Shays R-CT, Sheila Jackson Lee D-TX | Jul 22, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Congressional Budget Office cost estimates 2
- Jul 16, 2008H.R. 4049, Money Service Business Act of 2008<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 24, 2008</p>
- Jul 16, 2008H.R. 4049, Money Service Business Act of 2008Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 24, 2008
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R46486 | Telegraphs, Steamships, and Virtual Currency: An Analysis of Money Transmitter Regulation Archived | Report | Aug 20, 2020 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend section 5318 of title 31, United States Code, to eliminate regulatory burdens imposed on insured depository institutions and money services businesses and enhance the availability of transaction accounts at depository institutions for such business, and for other purposes.
- Short Titles as Introduced
- Money Service Business Act of 2007
- Short Titles as Passed House
- Money Service Business Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Jul 23, 2008Referred in Senate
- Jul 22, 2008Engrossed in House
- Nov 1, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
