Senate Bill No. 1338, effective October 1, 2025, introduces regulations for minors' access to money sharing application accounts, specifically for licensed money transmitters. The bill prohibits any licensee from allowing an individual to sponsor or open an account for a minor without a notarized statement confirming their status as the minor's parent or legal guardian. It also requires that licensees delete a minor's account within 15 business days of receiving a deletion request, with certain exceptions. Key terms such as "money sharing application" and "minor" are defined, and violations are classified as unfair trade practices, enforceable only by the Attorney General, thus ensuring no private right of action is created.

Additionally, the bill outlines new procedures for the deletion of minors' accounts and the handling of their personal data. Licensees must cease processing a minor's personal data within 15 business days of a deletion request, with the definition of "personal data" excluding de-identified and publicly available information. Licensees are exempt from these requirements if other laws require the preservation of data. The bill also mandates secure methods for submitting deletion requests and requires licensees to inform minors and guardians about these methods in a privacy notice. Importantly, it clarifies that it does not create a private right of action or grounds for class action under the Connecticut Unfair Trade Practices Act (CUTPA).