The proposed bill amends the Money Transmission Business Licensing Law to include regulations for the transmission of virtual currency alongside traditional money transmission. Key changes include the addition of "virtual currency" to the title of the act and the definitions section, which now specifies that agents can provide both money and virtual currency transmission services. The bill also introduces a new short title, the "Money Transmission and Virtual Currency Transmission Business Licensing Law," and outlines the requirements for obtaining a license to engage in these activities, including financial qualifications and compliance with applicable laws.

Additionally, the bill clarifies that no license is required for certain transactions between business entities and updates the financial requirements for license applicants, including a tangible net worth of at least $500,000 determined by audited financials. It emphasizes the responsibilities of licensees regarding the transmission of both money and virtual currency, including liability for payments and the need to register agents involved in these transactions. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 913 (Mar 11, 2025): P.L.490, No.249
Printer's No. 1461 (Apr 22, 2025): P.L.490, No.249
Printer's No. 0913: P.L.490, No.249