SECRETARY'S LETTERS - MONEY TRANSMITTERS
Secretary’s Letters are not intended as and do not constitute legal advice. Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details. It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.
Secretary's Letter on Money Transmitters (PDF)
On November 3, 2016, Governor Wolf signed into law as Act 129 of 2016. The provisions of the Act become effective 60 days after the November 3 enactment. Therefore, all licensees must be compliant with the provisions of Act 129 by the January 2, 2017 effective date.
Secretary's Letter on Cybersecurity (PDF)
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.
Advisory to Nonprofit and Religious Communities About Unlicensed Money Transmitters (PDF)
Secretary’s Letter about the possible risks to nonprofit and religious organizations, members, and stakeholders through the use of unlicensed electronic payment service companies for the purpose of collecting charitable donations.
Mortgage Reform Laws (PDF)
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”).
Blocking Property and Prohibiting Transactions (PDF)
Secretary's Letter regarding President Bush's Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.
Year 2000 Problems (PDF)
Secretary's Letter regarding the consideration and correction of potential Year 2000 problems.