Ultralight FS West Virginia DFI Order: Compliance Action Against Obopay
What Happened
Obopay, Inc., which was known as Ultralight FS, Inc. for a period after a 2013 name change in West Virginia, and also did business as Obopay USA
Practical Implications
This administrative order from the West Virginia Division of Financial Institutions against Ultralight FS (formerly Obopay) signals potential compliance risks or regulatory scrutiny for financial services firms operating in West Virginia. Counsel should review the order's specifics to assess implications for clients' operational practices and licensing requirements in the state, particularly concerning money transmission or similar activities.
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