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ME LD1197
Bill
AI Summary
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Repeals three sections of the Maine Money Transmission Modernization Act (32 MRSA §6100-OO, sub-§8 and sub-§14, and §6100-UU) that established requirements for unhosted wallets
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Designated as emergency legislation, taking effect immediately upon approval rather than the standard 90-day waiting period
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Addresses regulatory uncertainty affecting digital asset businesses and consumers in Maine regarding unhosted wallet requirements
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Licensees under the Act were subject to unhosted wallet requirements upon license renewal beginning January 1, 2025; this bill eliminates those requirements
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Sponsored by Senator Baldacci of Penobscot with bipartisan cosponsorship from Representatives Boyer (Poland) and Moonen (Portland)
Legislative Description
An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets
Financial Practices
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/28/2025