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SB 18

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.

153rd General Assembly (2025-2026) Introduced by Bill Bush and 4 co-sponsors

Delaware SB 18 updates money transmission laws to strengthen licensing, consumer protections, and regulatory oversight for money transmitters.

Signed by Governor
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WeVote Research Nonpartisan
Bill Summary · SB 18

Summary of SB 18 (Session 153, Delaware)

Overview

  • Title: AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION
  • Jurisdiction: Delaware
  • Session: 153
  • Introduced: 2026-04-16
  • Assigned To: Senate Banking, Business, Insurance & Technology Committee
  • Sponsors: Brian Pettyjohn, Spiros Mantzavinos, Bryan Townsend, Bill Bush (co-sponsors)

Purpose and Intent

SB 18 seeks to modify Delaware’s regulatory framework for money transmission activities housed within Title 5 of the Delaware Code. The bill aims to update, clarify, or strengthen provisions governing money transmitters to align with current industry practices and regulatory standards. The exact statutory amendments are not specified in the summary provided, but the bill’s subject matter indicates reforms to licensure, supervision, consumer protections, and possibly compliance requirements for money transmission businesses operating in Delaware.

Key Provisions (anticipated areas typically addressed in money transmission amendments)

Note: The precise text of SB 18 is not provided here; the following outlines common components such bills address. Refer to the bill’s final language for exact provisions.

  • Licensing and Registration: Requirements for money transmitters to obtain and maintain state licensure, including initial application standards, background checks, and ongoing compliance obligations.
  • Capital and Net worth Requirements: Financial standards or solvency criteria that licensees must meet to ensure financial stability.
  • Consumer Protection Standards: Rules to safeguard consumers, such as dispute resolution procedures, disclosures, and fee transparency.
  • Compliance and Supervision: Ongoing regulatory oversight, examinations, reporting obligations, anti-money laundering (AML) programs, and suspicious activity reporting (SAR) requirements.
  • Fees and Assessments: Authorization of licensing fees, annual renewal fees, and potential assessment mechanisms to fund regulatory activities.
  • Roles and Responsibilities: Defining which state department or agency administers the program, including enforcement authority, penalties, and remedial actions for violations.
  • Technology and Payment Platforms: Provisions related to digital money transmission, electronic funds transfers, prepaid access, or integration with fintech platforms.
  • Exemptions and Definitions: Clarifications of what constitutes money transmission, exempt activities, and possible transitional provisions for existing licensees.

Who Would be Affected

  • Money Transmitters: Businesses engaged in the transfer of funds or value (including digital or electronic transfers) within or through Delaware.
  • Financial Service Providers: Fintechs, payment processors, remittance services, and related entities that perform or facilitate money transmission.
  • Consumers: Delaware residents and businesses using money transmission services.
  • Regulated Entities: Existing licensees and entities currently operating under Delaware money transmission law, as well as new applicants seeking licensure.

Procedural and Timeline Considerations

  • Committee Assignment: The bill was referred to the Senate Banking, Business, Insurance & Technology Committee upon introduction (2026-04-16).
  • Next Steps: If advanced, the bill would proceed through committee hearings, potential amendments, and floor votes in the Senate and then the House, followed by any gubernatorial actions for enactment.
  • Effective Date: Any enacted provisions would specify an effective date, which may include phased in date(s) or effective upon a later regulatory rulemaking timeline. The exact dates will be stated in the final bill text.

Practical Implications

  • For licensees, SB 18 could necessitate adjustments to compliance programs, capital or net worth planning, and enhanced consumer disclosures.
  • For regulators, the bill may expand oversight authority, reporting requirements, and enforcement tools.
  • For consumers, clearer protections and transparent practices in money transmission services are typical outcomes of such amendments.

If you would like, I can tailor this summary to a specific audience (e.g., business owners, policy analysts, or general readers) or incorporate the bill’s exact language and section-by-section provisions once the final text is available.

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

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