Bill > HB05211

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.