Daily Archives: February 1, 2019

APPROVED Checkpoint: UCCC licenses and notifications

APPROVED Checkpoint, InsightsBy APPROVED Licensing February 1, 2019

There are 11 states that have enacted some form of the Uniform Consumer Credit Code (UCCC), a model law that regulates all aspects of consumer credit — from advertising to collection. UCCCs include a licensing and/or notification requirement and, depending on the scope of activities engaged in, as well as available exemptions, some companies may…

Virtual currency is not considered “money” in Pennsylvania; platforms do not need money transmitter license

InsightsBy APPROVED Licensing February 1, 2019

The Pennsylvania Department of Banking and Securities recently published guidance stating that virtual currency, including “Bitcoin,” is not considered “money” under the state’s Money Transmitter Act (MTA). According to the guidance, only “fiat currency,” or currency issued by the U.S. government is considered “money” under the MTA and that to transmit money under the MTA, (i) fiat…