Bill
Bill > SB202
PA SB202
Further providing for title of act and for definitions; providing for short title; and further providing for license required, for exemptions, for qualifications for a license, for fee, financial statement and security, for liability of licensees, for licensee requirements and for agents.
summary
Introduced
01/29/2025
01/29/2025
In Committee
03/31/2025
03/31/2025
Crossed Over
03/26/2025
03/26/2025
Passed
Dead
Introduced Session
Potential new amendment
2025-2026 Regular Session
Bill Summary
Amending the act of September 2, 1965 (P.L.490, No.249), entitled "An act providing for the licensing and regulation of the business of transmitting money or credit for a fee or other consideration by the issuance of money orders, by the sale of checks or by other methods; conferring powers and duties upon the Department of Banking and Securities; and imposing penalties," further providing for title of act and for definitions; providing for short title; and further providing for license required, for exemptions, for qualifications for a license, for fee, financial statement and security, for liability of licensees, for licensee requirements and for agents.
AI Summary
This bill updates the Money Transmission Business Licensing Law to include virtual currency transmission, expanding the existing regulatory framework to address emerging digital financial technologies. The bill introduces a comprehensive definition of "virtual currency" as a digital representation of value used as a medium of exchange, while also specifying certain exclusions like rewards program credits and in-game currencies. It requires businesses engaging in virtual currency transmission to obtain a license from the Department of Banking and Securities, similar to existing requirements for traditional money transmission. The legislation introduces new provisions such as defining a "self-hosted wallet" and establishing conditions under which such wallets might require licensing. The bill also updates qualifications for obtaining a license, including maintaining a minimum net worth of $500,000, providing a $1 million surety bond, and demonstrating financial responsibility and integrity. Additionally, the bill mandates that licensees operate safely, comply with federal and state laws, register agents, and maintain detailed reporting requirements. The changes aim to provide regulatory oversight for virtual currency businesses while creating a structured framework for their operation, with the new provisions taking effect 60 days after the bill's passage.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (9)
Chris Gebhard (R)*,
Lisa Baker (R),
Cris Dush (R),
Dan Laughlin (R),
Tracy Pennycuick (R),
Kristin Phillips-Hill (R),
Lynda Schlegel-Culver (R),
Pat Stefano (R),
Sharif Street (D),
Last Action
First consideration (on 04/08/2025)
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