legal and regultrory environment for text payments

[doug02346]

What is the name of your state (only U.S. law)? MA
I am working on a new text billing start-up. If successful it will result in a new business model (not like http://text2pay.com) and perhaps even the need for new legal regulations. I need to know what regulatory obstacles I will face and if the governing laws of paying bills via a text message are regulated by each state, or some specific government agency such as the FCC or FTC.

Thank you,

Cordially,

Doug

 

[FlyingRon]

This is way beyond the self help. Even if you do not maintain funds on account (which would raise you to the level of banking regulation) there are lots of issues with payment processing.
You would need real legal advice.

 

[tranquility]

I'd say legal, accounting and tax advice are a core competency to the business. If not for that, what is this?

I agree with FlyingRon completely. Not only would an enterprise need a lot of experts up front, but also will need continuing representation all the way along. This does not seem like something which can legally be done without a LOT of capitalization.

 

[doug02346]

Would either one of you be able to recommend a legal firm in Boston?

 

[sandyclaus]

Would either one of you be able to recommend a legal firm in Boston?

Sorry, we don't do referrals. You could call the Boston Bar Association for a referral.