On April 16, the Colorado General Assembly enacted HB 25-1201, which repeals the state’s current Money Transmitters Act and replaces it with the Money Transmission Modernization Act (the “Act”), which is based on the model law developed by industry and legal experts to modernize the regulation of the money transmission industry. The Act sets forth revised licensing requirements, application procedures, suspension and revocation provisions, reporting mandates, provisions relating to changes of key individuals, and prudential standards. The Act further empowers the state banking board to coordinate with other state regulators through multistate licensing processes, participate in networked supervision, and enforce actions against violators if license-holders engage in fraud, misrepresentation, anti-money laundering, or gross neglect.