An Act To Update The Maine Money Transmission Modernization Act By Removing Provisions Of Law Regarding Unhosted Wallets

This bill removes specific requirements for "unhosted wallets" from Maine's Money Transmission Modernization Act. It repeals three sections of law (32 MRSA §6100-OO sub-§8, sub-§14, and §6100-UU) that previously applied to digital asset businesses. These provisions affected licensed money transmitters in Maine who offered unhosted wallets (digital wallets not managed by a service provider). The change aims to eliminate regulatory uncertainty threatening digital asset businesses and consumers. The bill takes immediate effect as an emergency measure.