CT HB05211

Bill

CT HB05211

An Act Concerning Virtual Currency And Money Transmission.

Introduced
02/22/2024

In Committee
05/03/2024

Crossed Over
05/03/2024

Passed
05/31/2024

Dead

Signed/Enacted/Adopted
06/06/2024

Introduced Session

2024 General Assembly

Bill Summary

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.

AI Summary

This bill: 1) Redefines "permissible investment" and defines "receipt" in the money transmission statutes. 2) Deems certain persons, such as those who own, operate, solicit, market, advertise or facilitate virtual currency kiosks in Connecticut, to be engaged in the business of money transmission and requires such persons to be licensed. 3) Requires money transmission licensees to maintain a detailed plan and accounting regarding winding down operations and to meet certain conditions, such as providing notice and remitting funds, in order to terminate their businesses. 4) Establishes a maximum 15% fee that owners or operators of virtual currency kiosks may charge for a transaction and eliminates the requirement for new customers to cancel and receive a refund for certain fraudulent virtual currency transactions. 5) Requires money transmission licensees, or their authorized delegates, to provide receipts to senders with specific information. 6) Specifies that the Banking Commissioner may adopt regulations, forms and orders governing the business use of nonfungible tokens by regulated entities and individuals.

Committee Categories

Business and Industry

Sponsors (14)

Andre Baker (D), Eric Berthel (R), Billy Buckbee (R), Hubert Delany (D), Tom Delnicki (R), Pat Dillon (D), Marty Foncello (R), Jaime Foster (D), Carol Hall (R), Greg Howard (R), Pat Miller (D), Kara Rochelle (D), Farley Santos (D), Travis Simms (D),

Other Sponsors (1)

Banking Committee (Joint)

Last Action

Signed by the Governor (on 06/06/2024)

Official Document

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05211&which_year=2024

Version:

Document Type	Source Location
State Bill Page	https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05211&which_year=2024
BillText	https://www.cga.ct.gov/2024/ACT/PA/PDF/2024PA-00146-R00HB-05211-PA.PDF
Bill Analysis for HB-5211, as amended by House "A"	https://www.cga.ct.gov/2024/BA/PDF/2024HB-05211-R01-BA.PDF
Fiscal Note for HB-5211, As Amended by House "A" (LCO 5038)	https://www.cga.ct.gov/2024/FN/PDF/2024HB-05211-R01-FN.PDF
House Schedule A LCO# 5038 (J)	https://www.cga.ct.gov/2024/amd/H/pdf/2024HB-05211-R00HA-AMD.pdf
House LCO Amendment #5038 (J)	https://www.cga.ct.gov/2024/lcoamd/pdf/2024LCO05038-R00-AMD.pdf
Fiscal Note for Amendment LCO 5038 (No Fiscal Impact)	https://www.cga.ct.gov/2024/fna/pdf/2024HB-05211-R00LCO05038-FNA.pdf
House LCO Amendment #4919 (J)	https://www.cga.ct.gov/2024/lcoamd/pdf/2024LCO04919-R00-AMD.pdf
Fiscal Note for Amendment LCO 4919 (No Fiscal Impact)	https://www.cga.ct.gov/2024/fna/pdf/2024HB-05211-R00LCO04919-FNA.PDF
Bill Analysis For File Copy 178	https://www.cga.ct.gov/2024/BA/PDF/2024HB-05211-R000178-BA.PDF
Fiscal Note For File Copy 178	https://www.cga.ct.gov/2024/FN/PDF/2024HB-05211-R000178-FN.PDF
BillText	https://www.cga.ct.gov/2024/TOB/H/PDF/2024HB-05211-R01-HB.PDF
BillText	https://www.cga.ct.gov/2024/TOB/H/PDF/2024HB-05211-R00-HB.PDF

Bill > HB05211

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (14)

Other Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary