Bill > SB01338

This bill establishes new requirements for money sharing applications (internet-based services that allow users to send and receive money) regarding accounts for minors under 18 years old. Starting October 1, 2025, licensees cannot allow anyone to create a money sharing application account for a minor without first receiving a notarized statement from the minor's parent or legal guardian. The bill requires licensees to delete a minor's account within 15 business days of receiving a deletion request from the minor, their parent, or legal guardian, with the option to extend this period by an additional 15 business days if necessary. The request can also include a request for all account data, such as transaction details and account opening information. Licensees must provide secure methods for submitting these requests and can only process the request after authenticating the requestor's identity. If a licensee cannot authenticate the request, they must notify the requestor about what additional information is needed. Violations of these provisions will be considered an unfair trade practice and will be enforced exclusively by the Attorney General, with no provision for private legal action.

Business and Industry

Banking Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01338&which_year=2025