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It seems really odd to me that AirBnb is being included in this list. 57. Defendant Airbnb, Inc. allows its customers to rent the homes of other custom
by stevenwei 13y ago
It seems really odd to me that AirBnb is being included in this list.
57. Defendant Airbnb, Inc. allows its customers to rent the homes of other
customers for varying durations, in lieu of a hotel. To process each
transaction it holds onto the customer’s funds, and remits those funds
to the property owner at the conclusion of the stay, minus its fee.
Well, okay, but wouldn't this apply to every company that acts as a marketplace between buyers and sellers?
Is the point of this to show the absurdity of the scope of the Money Transmission Act?
- dangrossman 13y agoIn most marketplaces, the buyer pays the seller. In this marketplace, the buyer pays the marketplace and the marketplace pays the seller. Any business that engages in the transfer of funds between people is a money transmitter and needs a license. Escrow service has always been regulated.