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7 states to streamline licensing process for money service businesses

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7 states to streamline licensing process for money service businesses

The Tennessee Department of Financial Institutions approved an agreement with six other states to simplify the licensing process for money service businesses.

The other states, which include Georgia, Kansas, Illinois, Massachusetts, Texas and Washington state, began participating in the program on Feb. 6. They will collaborate to partially recognize licenses under each other's jurisdictions, eliminating the need for MSBs to comply with different licensing requirements in multiple states.

The Tennessee Department of Financial Institutions said the new program will help "transform the licensing process, harmonize supervision, and engage fintech companies."