Substitute House Bill No. 7082, also known as Public Act No. 25-66, revises the money transmission statutes to modernize regulations surrounding virtual currency and enhance consumer protection. The bill repeals Section 36a-596 and introduces new definitions, including "digital wallet" and "money transmission," which now explicitly includes digital wallets and mobile applications. It also clarifies existing definitions related to virtual currency transactions, such as "existing customer" and "new customer," and introduces terms like "passive investor." The bill mandates that licensees maintain permissible investments equal to their outstanding money transmissions and hold an equivalent amount of virtual currency owed to customers, ensuring these assets are treated as property interests of claimants against the licensee.

Additionally, the bill outlines the responsibilities of licensees and their authorized delegates, clarifying that authorized delegates do not need a license but must hold proceeds in trust for the licensee. It enhances consumer protection by requiring clear disclosures about the risks of virtual currency transactions and mandates that licensees provide detailed transaction receipts. The legislation also introduces new restrictions on handling virtual currency, establishes maximum transaction limits, and emphasizes the need for customer identification and support. Furthermore, it sets guidelines for handling requests from minors regarding money-sharing application accounts, ensuring data security and consumer rights while allowing for proper authentication processes. Overall, the bill aims to strengthen regulatory oversight and consumer protection in the evolving landscape of money transmission and virtual currency.

Statutes affected:
Raised Bill:
BA Joint Favorable:
File No. 318:
File No. 933:
Public Act No. 25-66: