Companies that accept and wire money for customers to shorten the life of auto loans qualify as money services businesses, the U.S. Treasury Department said Monday. Loan acceleration services generally operate by making an additional monthly debit from a customer's account in order to more quickly payoff an outstanding loan. The money is held in an account at a third-party financial institution and sent monthly to a creditor on the customer's behalf, shortening the term of the installment loan. Because the companies accept and transmit funds through financial institutions, loan acceleration services are money transmitters responsible for maintaining Bank Secrecy...
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