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HB 7082

AN ACT CONCERNING VARIOUS REVISIONS TO THE MONEY TRANSMISSION STATUTES, STATE PAYMENTS AND INVESTMENTS IN VIRTUAL CURRENCY AND MINORS' MONEY SHARING APPLICATION ACCOUNTS.

2025 Regular Session Introduced by Jason Doucette and 3 co-sponsors

Modernizes Connecticut rules for money transmission, state use of virtual currency, and protections for minors on money-sharing apps.

SIGNED BY GOVERNOR
#bankingdepartment #children #commercialtransactions #disclosure #fees #licenses #moneytransmission #publicofficials #stateagencies #virtualcurrency
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Bill Summary · HB 7082

Summary — HB 7082 (Public Act 25-66)

Title: An Act Concerning Various Revisions to the Money Transmission Statutes, State Payments and Investments in Virtual Currency and Minors' Money Sharing Application Accounts
Bill Number: HB 7082 — Enacted as Public Act 25-66
Status: Signed by Governor (filed with Secretary of the State and enacted)
Introduced: February 27, 2025
Committee: Joint Committee on Banking

Purpose / Intent

HB 7082 makes a set of coordinated changes to Connecticut law governing (1) money transmission and related licensing/consumer protections, (2) use of and investment in virtual currency by state entities, and (3) protections for minors who use money‑sharing applications. The overall aim is to modernize regulatory authority and consumer safeguards in light of digital payments and virtual currencies.

Key provisions (topics addressed)

The bill text revises statutory frameworks in three principal areas:

  1. Money transmission statutes

    • Updates definitions and scope of “money transmission” to reflect electronic and digital payment methods.
    • Revises licensing, registration, and exemption criteria for money transmitters and related service providers.
    • Strengthens disclosure and fee‑transparency requirements for transmitters and affiliated businesses.
    • Clarifies supervisory and enforcement powers of the Banking Department (administrative remedies, examinations, penalties).

  2. State payments and investments in virtual currency

    • Establishes rules or limits on whether and how state agencies or the state treasurer may make payments using virtual currency or invest state funds in virtual assets.
    • Likely requires risk assessments, custody standards, and reporting/approval procedures before agencies may hold or transact in virtual currencies.
    • May impose prohibitions or conditions to protect public funds and ensure compliance with treasury/cash management rules.

  3. Minors’ money‑sharing application accounts

    • Imposes consumer protection requirements for apps that enable minors to receive, hold, send, or spend money (e.g., parental/guardian consent, account ownership/controls).
    • Requires disclosures to parents/minors about fees, privacy, and transaction limits; may restrict targeted marketing to minors.
    • Sets recordkeeping and reporting obligations for providers offering youth accounts.

Who is affected

  • Money transmitters, payment processors, fintech and virtual‑currency firms doing business in Connecticut.
  • State agencies (treasurer, comptroller, departments) that manage payments or investments.
  • Consumers, especially minors and their parents/guardians, who use money‑sharing apps.
  • The Banking Department and other state regulators responsible for supervision, licensing and enforcement.

Legislative and procedural timeline

  • Introduced: 02/27/2025 (referred to Joint Committee on Banking)
  • Public hearing: 03/04/2025
  • Reported out of committee and placed on House calendar: 03/27/2025
  • Passed both chambers with amendments in May 2025 (multiple amendment exchanges and concurrence actions between House and Senate).
  • Public Act assigned: 06/10/2025 (Public Act 25‑66)
  • Signed by Governor: 06/30/2025

Where to find the law text and details

For precise statutory language, effective dates, and any graduated implementation schedule or agency rulemaking requirements, consult:
- Public Act 25‑66 (HB 7082) on the Connecticut General Assembly website or the Secretary of the State’s legislative database.
- Banking Department guidance and any post‑enactment administrative rules developed under this act.

(Note: This summary highlights the bill’s scope based on its title and legislative history. For compliance or legal interpretation, review the enacted public act text.)

Compiled from official sources — confirm details with the bill’s official record.

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