HB 3442
Exempts from the requirement to obtain a money transmission license a person that assists with or facilitates payment for goods or services under the terms of a contract with a payee if the person does not engage in money transmission and if payment to the person satisfies or otherwise extinguishes a payor's obligation to the payee.
Jurisdiction
Oregon
Session
2025 Regular Session
Committee
Commerce and Consumer Protection
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill exempts certain businesses from needing a money transmission license. Specifically, it covers individuals or companies that assist with or facilitate payments for goods or services under a contract, as long as they don’t engage in money transmission themselves and the payment fulfills the payor’s obligation. This exemption applies to entities like escrow agents and authorized delegates of licensed companies.
Key provisions
- Exempts individuals/companies assisting with payment facilitation under contracts.
- Exemption applies if the assisting party doesn’t engage in money transmission.
- Payment satisfies the payor’s obligation to the payee.
- Covers escrow agents licensed under ORS 696.511.
- Includes authorized delegates of licensed companies.
- Applies to entities regulated under 31 U.S.C. 5311 to 5332.
- Allows the Director of Consumer and Business Services to modify or waive the requirement.
- Provides for temporary suspension of the requirement during rulemaking.
Who is affected
- Businesses facilitating payments
- Individuals assisting with payment processing
- Escrow agents
- Financial institutions
- Payees
Notable changes
- Expands the definition of who is exempt from money transmission licensing.
- Clarifies the conditions under which the exemption applies.
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