Bill > SB134

This bill amends Kentucky's laws relating to money transmitters. The key provisions are: 1. It adds definitions for "medium of exchange" and "virtual currency", and removes the definition for "monetary value". It also modifies the definition of "money transmission" to include the transmission of "another medium of exchange" rather than just "monetary value". 2. It makes technical corrections and conforming changes to other sections of the law related to money transmitters. 3. It modifies the licensing periods and renewal deadlines for money transmitters. Licenses issued between January 1 and October 31 will now expire on December 31 of the same year, while licenses issued between November 1 and December 31 will expire on December 31 of the following year. The annual renewal deadline is also changed from September 20 to December 31. The overall purpose of this bill is to update Kentucky's money transmitter regulations to address the evolving nature of financial transactions, including the use of virtual currencies and other new forms of "medium of exchange".