H.R. 4049: Money Service Business Act of 2008

110th Congress · introduced 2007-11-01 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2007-11-01 · official record
Who proposed it: Rep. Maloney, Carolyn B. [D-NY-14] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Money Service Business Act of 2008

Plain summary

Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains an account if such institution has on file specified mandatory self-certifications submitted by the money transmitting business. Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful. Shields such institution from liability for the non-compliance of a money transmitting business and its agents with federal anti-money laundering requirements. Prescribes requirements for self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements (including its agents). Directs the Secretary of the Treasury to prescribe implementing regulations.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Money Service Business Act of 2008

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Maloney, Carolyn B. [D-NY-14] · 3 cosponsors

Cost estimate: CBO cost estimate: H.R. 4049, Money Service Business Act of 2008 (2008-07-16); CBO cost estimate: H.R. 4049, Money Service Business Act of 2008 (2008-07-16)

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr4049.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr4049 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110