HB05211 - An Act Concerning Virtual Currency And Money Transmission.
Banking, Travis Simms, Jaime S. Foster
Last updated 7 months ago
15 Co-Sponsors
To: (1) Redefine "permissible investment" and define "receipt" in the money transmission statutes; (2) deem certain persons to be engaged in the business of money transmission and require such persons to be licensed; (3) require money transmission licensees to maintain a plan and accounting regarding winding down operations and to meet certain conditions in order to terminate such licensees' businesses; (4) establish a maximum fee that owners or operators of virtual currency kiosks may charge for a specific service and eliminate a certain requirement for customers to cancel and receive a refund for certain virtual currency transactions; (5) require money transmission licensees, or such licensees' authorized delegates, to provide receipts to senders; and (6) specify that the Banking Commissioner may adopt, amend and rescind regulations, forms and orders governing the business use of nonfungible tokens.
STATUS
Passed
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