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LD 1110

An Act To Require Remittance Fees For Money Transmissions

132nd Legislature (2025-2026) Introduced by Steve Bishop and 7 co-sponsors

Maine bill requiring regulated caps on money remittance fees died in committee after industry and regulatory concerns outweighed consumer protection arguments.

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
#electronicfundtransfers #financialpractices #remittancefees
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Bill Summary · LD 1110

Legislative bill overview

LD 1110 would have established regulatory requirements for remittance fees charged by money transmission services in Maine. The bill aimed to govern how much money transmitters could charge customers for sending money domestically or internationally. It died in committee after the Financial and Insurance Services Committee voted "Ought Not to Pass" (ONTP) on April 9, 2025.

Why is this important

Money transmission fees significantly impact low-income individuals and immigrant communities who rely on these services to send funds to family members. Fee regulation could reduce costs for vulnerable populations, but the bill's failure suggests Maine policymakers prioritized industry flexibility over consumer cost protection on this issue.

Potential points of contention

  • Industry burden vs. consumer protection: Money transmitters argued regulatory compliance adds costs that may ultimately increase fees; consumer advocates countered that competition already exists and caps prevent exploitation
  • Federal vs. state authority: Questions exist about whether individual states should regulate remittance fees when federal frameworks already address money transmission licensing
  • Market access concerns: Stricter fee regulations might discourage smaller transmitters from operating in Maine or reduce service options in rural areas

Compiled from official sources — confirm details with the bill’s official record.

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