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Who is subject to the MTSA?
Beginning January 1, 2007, all entities providing money transmission services must obtain the appropriate license from DIFS and comply with the provisions of the MTSA. The phrase “money transmission services” is defined to mean the selling or issuing of payment instruments or closed-loop prepaid access or prepaid access devices or vehicles or the receiving of money or monetary value for transmission. The term does not include the provision solely of delivery, online or telecommunications services or network access. A payment instrument is defined as any electronic or written check draft, money order, travelers check, or other wire, electronic or written instrument or order for the transmission or payment of money. The term does not include any credit card voucher, letter of credit, or tangible object redeemable by the issuer in goods or services.