Bill > SB18

This bill repeals the existing Chapter 23 of Title 5 of the Delaware Code concerning money transmission and replaces it with a new, comprehensive chapter titled the "Delaware Money Transmission and Virtual Currency Modernization Act." The new chapter establishes a licensing framework for entities engaged in money transmission, which includes activities like selling or issuing payment instruments, selling stored value, and receiving money for transmission. It defines key terms such as "money transmission," "virtual currency," and "authorized delegate" (a person licensed to conduct money transmission on behalf of a licensee). The bill outlines requirements for obtaining a license, including background checks and financial stability, and sets standards for maintaining a license, such as net worth and surety bond requirements. It also addresses the acquisition of control of a licensee and changes in key personnel, and details record-keeping, reporting, and disclosure obligations for licensees. Furthermore, the bill introduces specific regulations for virtual currency businesses, defining terms like "virtual currency" and "virtual-currency business activity," and establishing licensing and disclosure requirements for these activities to protect consumers and ensure regulatory oversight. The new chapter aims to modernize the regulation of money transmission and virtual currency to better protect the public, coordinate with other states, and accommodate innovative business practices.