Public Act 25-66 (Substitute HB 7082), An Act Concerning Various Revisions to the Money Transmission Statutes, State Payments and Investments in Virtual Currency and Minors' Money Sharing Application Accounts
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Substitute House Bill No. 7082
Public Act No. 25-66
AN ACT CONCERNING VARIOUS REVISIONS TO THE MONEY
TRANSMISSION STATUTES, STATE PAYMENTS AND
INVESTMENTS IN VIRTUAL CURRENCY AND MINORS' MONEY
SHARING APPLICATION ACCOUNTS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 36a-596 of the general statutes is repealed and the
following is substituted in lieu thereof (Effective October 1, 2025):
As used in sections 36a-595 to 36a-614, inclusive, unless the context
otherwise requires:
(1) "Advertise" or "advertising" has the same meaning as provided in
section 36a-485.
(2) "Authorized delegate" means a person designated by a person
licensed pursuant to sections 36a-595 to 36a-612, inclusive, to provide
money transmission services on behalf of such licensed person.
(3) "Control" means (A) the power to vote, directly or indirectly, at
least twenty-five per cent of the outstanding voting shares or voting
interests of a licensee or person in control of a licensee, (B) the power to
elect or appoint a majority of key individuals or executive officers,
managers, directors, trustees or other persons exercising managerial
Substitute House Bill No. 7082
authority of a person in control of a licensee, or (C) the power to exercise,
directly or indirectly, a controlling influence over the management or
policies of a licensee or person in control of a licensee. For purposes of
this subdivision, (i) a person is presumed to exercise a controlling
influence when the person holds the power to vote, directly or
indirectly, at least ten per cent of the outstanding voting shares or voting
interests of a licensee or person in control of a licensee, (ii) a person
presumed to exercise a controlling influence can rebut such
presumption if the person is a passive investor, and (iii) to determine
the percentage of control, a person's interest shall be aggregated with
the interest of any other immediate family member, including the
person's spouse, parent, child, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law and any other
person who shares the person's home.
(4) "Control person" means any individual in control of a licensee or
applicant, any individual who seeks to acquire control of a licensee or a
key individual.
(5) "Digital wallet" means any electronic or digital functionality that
(A) stores stored value or virtual currency for a consumer, including,
but not limited to, in encrypted or tokenized form, and (B) transmits,
routes or otherwise processes such stored value or virtual currency to
facilitate a consumer payment transaction.
[(5)] (6) "Electronic payment instrument" (A) means a card or other
tangible object (i) for the transmission of money or monetary value or
payment of money, (ii) which contains a microprocessor chip, magnetic
stripe or other means for the storage of information, (iii) that is
prefunded, and (iv) for which the value is decremented upon each use,
and (B) does not include a card or other tangible object that is
redeemable by the issuer in the issuer's goods or services.
[(6)] (7) "Existing customer" means a consumer who (A) is engaging
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in a virtual currency transaction [at a virtual currency kiosk in the state]
with a licensee, (B) has performed not fewer than three virtual currency
transactions with the [owner or operator of such virtual currency kiosk]
licensee, and (C) has been registered as a customer of such [owner or
operator] licensee for more than seventy-two hours.
[(7)] (8) "Holder" means a person, other than a purchaser, who is
either in possession of a payment instrument and is the named payee
thereon or in possession of a payment instrument issued or endorsed to
such person or bearer or in blank. "Holder" does not include any person
who is in possession of a lost, stolen or forged payment instrument.
[(8)] (9) "Key individual" means any individual ultimately
responsible for establishing or directing policies and procedures of the
licensee, including, but not limited to, an executive officer, manager,
director or trustee.
[(9)] (10) "Licensee" means any person licensed or required to be
licensed pursuant to sections 36a-595 to 36a-612, inclusive.
[(10)] (11) "Main office" has the same meaning as provided in section
36a-485.
[(11)] (12) "Monetary value" means a medium of exchange, whether
or not redeemable in money.
[(12)] (13) "Money transmission" means engaging, directly or through
an authorized delegate, in the business of issuing or selling payment
instruments or stored value, receiving money or monetary value for
current or future transmission or the business of transmitting money or
monetary value within the United States or to locations outside the
United States by any and all means including, but not limited to,
payment instrument, wire, facsimile, electronic transfer, [or] virtual
currency kiosk or digital wallet, including, but not limited to, a digital
wallet utilized in connection with a consumer payment mobile
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application.
[(13)] (14) "New customer" means a consumer who (A) is engaging in
a virtual currency transaction [at a virtual currency kiosk in the state]
with a licensee, (B) has performed fewer than three virtual currency
transactions with the [owner or operator of such virtual currency kiosk]
licensee, and (C) has been registered as a customer of such [owner or
operator] licensee for less than seventy-two hours.
[(14)] (15) "Outstanding" means (A) in the case of a payment
instrument or stored value, that (i) such instrument or value is sold or
issued in the United States, (ii) a report of such instrument or value has
been received by a licensee from its authorized delegates, and (iii) such
instrument or value has not yet been paid by the issuer, and (B) for all
other money transmissions, the value reported to the licensee for which
the licensee or any authorized delegate has received money or its
equivalent value from the customer for transmission, but has not yet
completed the money transmission by delivering the money or
monetary value to the person designated by the customer.
[(15)] (16) "Passive investor" means a person that (A) does not have
the power to elect a majority of key individuals or executive officers,
managers, directors, trustees or other persons exercising managerial
authority of a person in control of a licensee, (B) is not employed by and
does not have any managerial duties of the licensee or person in control
of a licensee, (C) does not have the power to exercise, directly or
indirectly, a controlling influence over the management or policies of a
licensee or person in control of a licensee, and (D) attests to
subparagraphs (A), (B) and (C) of this subdivision in the form and
manner prescribed by the commissioner.
[(16)] (17) "Payment instrument" means a check, draft, money order,
travelers check or electronic payment instrument that evidences either
an obligation for the transmission of money or monetary value or
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payment of money, or the purchase or the deposit of funds for the
purchase of such check, draft, money order, travelers check or electronic
payment instrument.
[(17)] (18) "Permissible investment" means (A) (i) cash in United
States currency, including, but not limited to, demand deposits, savings
deposits and funds in demand deposit and savings deposit accounts
held for the benefit of a licensee's customers in an insured depository
institution, and (ii) cash equivalents, including, but not limited to, (I)
automated clearing house items in transit to a licensee or payee, (II)
international wires in transit to a payee, (III) cash in transit via armored
car, (IV) cash in smart safes, (V) cash in locations owned by licensees,
(VI) transmission receivables that are funded by debit cards or credit
cards and owed by any bank, and (VII) money market mutual funds
rated "AAA" or the equivalent by S & P Global, Incorporated, in the "S
& P Global Ratings" or by any other rating service recognized by the
commissioner, (B) time deposits, as defined in section 36a-2, or other
debt instruments of a bank, (C) bills of exchange or bankers acceptances
which are eligible for purchase by member banks of the Federal Reserve
System, (D) commercial paper of prime quality, (E) interest-bearing
bills, notes, bonds, debentures or other obligations issued or guaranteed
by (i) the United States or any of its agencies or instrumentalities, or (ii)
any state, or any agency, instrumentality, political subdivision, school
district or legally constituted authority of any state if such investment is
of prime quality, (F) interest-bearing bills or notes, or bonds, debentures
or preferred stocks, traded on any national securities exchange or on a
national over-the-counter market, if such debt or equity investments are
of prime quality, (G) receivables due from authorized delegates
consisting of the proceeds of the sale of payment instruments which are
not past due or doubtful of collection, (H) gold, and (I) any other
investments approved by the commissioner. Notwithstanding the
provisions of this subdivision, if the commissioner at any time finds that
an investment of a licensee is unsatisfactory for investment purposes,
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the investment shall not qualify as a permissible investment.
[(18)] (19) "Prime quality" of an investment means that it is within the
top four rating categories in any rating service recognized by the
commissioner unless the commissioner determines for any licensee that
only those investments in the top three rating categories qualify as
prime quality.
[(19)] (20) "Purchaser" means a person who buys or has bought a
payment instrument or who has given money or monetary value for
current or future transmission.
[(20)] (21) "Receipt" means a paper record, electronic record or other
written confirmation of a money transmission transaction.
[(21)] (22) "Stored value" means monetary value that represents a
claim against the issuer of such monetary value and is evidenced by an
electronic or digital record. For the purposes of this subdivision,
["electronic record"] "electronic or digital record" means information
that is stored in an electronic medium and is retrievable in perceivable
form.
[(22)] (23) "Travelers check" means a payment instrument for the
payment of money that contains a provision for a specimen signature of
the purchaser to be completed at the time of a purchase of the
instrument and a provision for a countersignature of the purchaser to
be completed at the time of negotiation.
[(23)] (24) "Unique identifier" has the same meaning as provided in
section 36a-485.
[(24)] (25) "Virtual currency" means any type of digital unit that is
used as a medium of exchange or a form of digitally stored value or that
is incorporated into payment system technology. Virtual currency shall
be construed to include digital units of exchange that (A) have a
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centralized repository or administrator, (B) are decentralized and have
no centralized repository or administrator, or (C) may be created or
obtained by computing or manufacturing effort. Virtual currency shall
not be construed to include digital units that are used (i) solely within
online gaming platforms with no market or application outside such
gaming platforms, or (ii) exclusively as part of a consumer affinity or
rewards program, and can be applied solely as payment for purchases
with the issuer or other designated merchants, but cannot be converted
into or redeemed for fiat currency.
[(25)] (26) "Virtual currency address" means an alphanumeric
identifier representing a destination for a virtual currency transfer that
is associated with a virtual currency wallet.
(27) "Virtual currency control services vendor" means a person who
controls virtual currency under an agreement with another person who,
on behalf of a third person, assumes control of virtual currency.
[(26)] (28) "Virtual currency kiosk" means an electronic terminal
acting as a mechanical agent of the owner or operator to enable the
owner or operator to facilitate the exchange of virtual currency for fiat
currency or other virtual currency, including, but not limited to, by (A)
connecting directly to a separate virtual currency exchanger that
performs the actual virtual currency transmission, or (B) drawing upon
the virtual currency in the possession of the owner or operator of the
electronic terminal.
[(27)] (29) "Virtual currency wallet" means a software application or
other mechanism providing a means for holding, storing and
transferring virtual currency.
Sec. 2. Section 36a-603 of the general statutes is repealed and the
following is substituted in lieu thereof (Effective October 1, 2025):
(a) Each licensee shall at all times maintain permissible investments
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having a value, computed in accordance with generally accepted
accounting principles, at least equal to the aggregate amount of its
outstanding money transmissions in this state, provided the value of
receivables due from authorized delegates consisting of the proceeds of
the sale of payment instruments that are not past due or doubtful of
collection shall not exceed thirty per cent of the permissible investments
held by the licensee and receivables due from any one person shall not
exceed ten per cent of the value of permissible investments held by the
licensee.
(b) Each licensee that engages in the business of money transmission
in this state by receiving, transmitting, storing or maintaining custody
or control of virtual currency on behalf of another person shall at all
times hold virtual currency of the same type and amount owed or
obligated to such other person. As used in subsection (a) of this section,
outstanding money transmissions does not include any virtual currency
held pursuant to this subsection, and "value" means the lower of book
or market value, except that with regard to debt obligations which the
licensee as a matter of policy retains until maturity, "value" means the
greater of book or market value unless the commissioner orders that for
some or all investments of a particular licensee, "value" means the lower
of book or market value.
(c) Permissible investments and virtual currency held pursuant to
subsection (b) of this section, even if commingled with other assets of
the licensee, shall be deemed by operation of law to be (1) property
interests of any claimants against the licensee, on a pro rata basis and in
the type and amount of virtual currency to which such claimants are
entitled, without regard to the time when (A) such claimants became
entitled to such virtual currency, or (B) the licensee obtained control of
such virtual currency, (2) held in trust for the benefit of any claimants
against the licensee to serve the faithful performance of the obligations
of the licensee and the licensee's authorized delegates with respect to
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the licensee's money transmission business in this state in the event of
the bankruptcy of the licensee, and [shall be] (3) immune from
attachment by creditors or judgment creditors.
Sec. 3. Subsection (a) of section 36a-607 of the general statutes is
repealed and the following is substituted in lieu thereof (Effective October
1, 2025):
(a) [A] Except as provided in subdivision (2) of subsection (f) of
section 36a-613, as amended by this act, a licensee may conduct its
business at one or more locations within this state as follows:
(1) The business may be conducted by the licensee or through or by
means of such authorized delegates as the licensee may periodically
designate or appoint on the system in such form and manner as required
by the commissioner. The licensee shall pay any associated processing
fees imposed by the system. The licensee shall notify the commissioner
on the system of all authorized delegates that act on its behalf. An
authorized delegate may not engage in the business of money
transmission in this state on behalf of a licensee through or by means of
any person who is not identified on the system as an authorized
delegate of the licensee.
(2) No license under sections 36a-595 to 36a-612, inclusive, shall be
required of any authorized delegate.
(3) Each authorized delegate shall, from the moment of receipt, hold
the proceeds of a sale or delivery of a licensee's money transmissions in
this state in trust for the benefit of such licensee.
(4) A licensee shall be liable for the loss caused to any purchaser or
holder of the licensee's payment instruments or stored value sold in this
state by the failure of an authorized delegate to forward to the licensee
the amount due from the proceeds of a sale or delivery of the licensee's
payment instruments or stored value, or money or monetary value
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received for transmission.
(5) The licensee shall enter into a contract with each of its authorized
delegates that requires the authorized delegate to operate in full
compliance with sections 36a-595 to 36a-612, inclusive, and provides
that appointment of the authorized delegate is not effective during any
period when the license of the licensee has been suspended. The licensee
shall provide each authorized delegate with policies and procedures
sufficient to ensure compliance with sections 36a-595 to 36a-612,
inclusive.
(6) An authorized delegate shall remit all money owing to the licensee
in accordance with the terms of the contract between the licensee and
the authorized delegate.
(7) An authorized delegate shall not provide money transmission
services in this state outside the scope of activity permissible under the
contract between the authorized delegate and the licensee.
Sec. 4. Section 36a-613 of the general statutes is repealed and the
following is substituted in lieu thereof (Effective October 1, 2025):
(a) [The owner or operator of a virtual currency kiosk] Each licensee
that engages in the business of money transmission in this state by
receiving, transmitting, storing or maintaining custody or control of
virtual currency shall, in establishing a relationship with a customer and
prior to entering into an initial virtual currency transaction for, on behalf
of or with the customer, disclose in clear, conspicuous and legible
writing in the English language all material risks associated with virtual
currency generally, including, but not limited to, the following:
(1) A disclosure, which shall be acknowledged by the customer,
provided separately from the disclosures provided pursuant to
subdivisions (2) to (9), inclusive, of this subsection and written
prominently and in bold type, stating the following: "WARNING:
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LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS
MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL
CURRENCY ARE IRREVERSIBLE.";
(2) Virtual currency is not backed or insured by the government and
accounts and value balances are not subject to Federal Deposit
Insurance Corporation, National Credit Union Administration or
Securities Investor Protection Corporation protections;
(3) Some virtual currency transactions shall be deemed to be made
when recorded on a public ledger, which may not be the date or time
when the customer initiates the virtual currency transaction;
(4) The value of virtual currency may be derived from the continued
willingness of market participants to exchange fiat currency for virtual
currency, which may result in the permanent and total loss of the value
of a particular virtual currency, if the market for that virtual currency
disappears;
(5) The volatility and unpredictability of the price of virtual currency
relative to fiat currency may result in a significant loss over a short
period of time;
(6) Any bond maintained by the [owner or operator] licensee for the
benefit of the customers of such [owner or operator] licensee may not be
sufficient to cover all losses incurred by such customers; and
(7) Virtual currency transactions are irreversible and are used by
persons seeking to defraud customers, including, but not limited to, a
person impersonating a customer's loved one, threatening jail time,
stating that a customer's identity has been stolen, insisting that a
customer withdraw money from the customer's bank account and
purchase cryptocurrency or alleging a customer's personal computer
has been hacked.
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(b) [The owner or operator of a virtual currency kiosk] Each licensee
that engages in the business of money transmission in this state by
receiving, transmitting, storing or maintaining custody or control of
virtual currency shall, when opening an account for a new customer and
prior to entering into an initial virtual currency transaction for, on behalf
of or with such customer, disclose in clear, conspicuous and legible
writing in the English language, using not less than twenty-four point
sans-serif-type font, all relevant terms and conditions associated with
the products, services and activities of the [owner or operator] licensee
and virtual currency generally, including, but not limited to, the
following:
(1) The customer's liability for unauthorized virtual currency
transactions;
(2) The customer's right to stop payment of a preauthorized virtual
currency transfer and the procedure used to initiate a stop-payment
order;
(3) Under what circumstances the [owner or operator] licensee will,
absent a court or government order, disclose information concerning the
customer's account to third parties;
(4) The requirement that the [owner or operator] licensee
communicate to the customer what customer information may be
disclosed to third parties;
(5) [The] For any transaction that utilizes a virtual currency kiosk, the
customer's right to receive a physical, printed receipt for a virtual
currency transaction at the time of the transaction; and
(6) Upon any change in the rules or policies of the [owner or operator]
licensee, the customer's right to consent to such changed rules or policies
prior to performing any transaction after such change.
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(c) [The owner or operator of a virtual currency kiosk] Each licensee
that engages in the business of money transmission in this state by
receiving, transmitting, storing or maintaining custody or control of
virtual currency shall, prior to each [transaction in] virtual currency
transaction for, on behalf of or with a customer, disclose to such
customer in clear, conspicuous and legible writing in the English
language, using not less than twenty-four point sans-serif-type font, the
terms and conditions of the virtual currency transaction, including, but
not limited to, the following:
(1) The amount of the transaction;
(2) Any fees, expenses and charges borne by the customer, including,
but not limited to, applicable exchange rates;
(3) The type and nature of the virtual currency transaction;
(4) A warning that, once executed, the virtual currency transaction
may not be undone, if applicable;
(5) [A] For any transaction that utilizes a virtual currency kiosk, the
applicable daily virtual currency transaction limit [in accordance with]
established pursuant to subsection [(g)] (h) of this section; and
(6) The difference in the sale price of the virtual currency versus the
current market price.
(d) [The owner or operator of a virtual currency kiosk] Each licensee
that engages in the business of money transmission in this state by
receiving, transmitting, storing or maintaining custody or control of
virtual currency shall ensure that each customer acknowledges receipt
of all disclosures required under this section.
(e) (1) [The owner or operator of a virtual currency kiosk] Each
licensee that engages in the business of money transmission in this state
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by receiving, transmitting, storing or maintaining custody or control of
virtual currency shall, upon the completion of any virtual currency
transaction, provide to the customer a receipt containing the following
information:
(A) The name of, and contact information for, the [owner or operator]
licensee, including, but not limited to, the [owner or operator's]
licensee's business address and a customer service telephone number
established by the [owner or operator] licensee to answer questions and
register complaints;
(B) The name of the customer;
(C) The type, value, date and precise time of such virtual currency
transaction, and each virtual currency address;
(D) The amount of such virtual currency transaction expressed in
United States currency;
(E) The full unique transaction hash or identification number;
(F) The public virtual currency address of the customer;
(G) The unique identifier;
(H) Any fee charged, including, but not limited to, any fee charged
directly or indirectly by the [owner or operator] licensee or a third party
involved in such virtual currency transaction;
(I) The exchange rate, if applicable;
(J) Any tax collected by the [owner or operator] licensee for such
virtual currency transaction;
(K) A statement of the liability of the [owner or operator] licensee for
nondelivery or delayed delivery;
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(L) A statement of the refund policy of the [owner or operator]
licensee;
(M) The name and telephone number of the Department of Banking
and a statement disclosing that the [owner or operator's] licensee's
customers may contact the department with questions or complaints
about the [owner or operator's] licensee's virtual currency [kiosk]
services; and
(N) Any additional information the Banking Commissioner may
require.
(2) The receipt required under subdivision (1) of this subsection:
(A) Shall be provided in (i) a retainable form, (ii) the English
language, and (iii) the language principally used by the [owner or
operator of the virtual currency kiosk] licensee to advertise, solicit or
negotiate, either orally or in writing; and
(B) May be provided electronically, [if] provided, if the transaction
utilizes a virtual currency kiosk, the customer requests or agrees to
receive an electronic receipt.
(f) A licensee that engages in the business of money transmission in
this state by receiving, transmitting, storing or maintaining custody or
control of virtual currency shall not:
(1) Sell, transfer, assign, lend, hypothecate, pledge or otherwise use
or encumber virtual currency stored, held, controlled, maintained by, or
under the custody or control of, such licensee on behalf of a person,
except for the sale, transfer of ownership or assignment of such virtual
currency at the direction of such person; or
(2) Directly or indirectly use or engage any other person, including,
but not limited to, a virtual currency control services vendor, to store or
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hold custody or control of virtual currency for or on behalf of a
customer, unless such other person is (A) licensed pursuant to sections
36a-595 to 36a-612, inclusive, (B) a federally insured federal bank, out-
of-state bank, Connecticut bank, Connecticut credit union, federal credit
union or out-of-state credit union that is exempt from licensure under
section 36a-609, or (C) approved by the Banking Commissioner to store
or hold custody or control of virtual currency for or on behalf of a
customer.
[(f)] (g) The total amount of any fee and commission charged by an
owner or operator of a virtual currency kiosk for a virtual currency
transaction shall not exceed fifteen per cent of the amount of the virtual
currency transaction.
[(g)] (h) There are established the following maximum daily virtual
currency kiosk transaction limits:
(1) Two thousand dollars for each new customer of a virtual currency
kiosk; and
(2) Five thousand dollars for each existing customer of a virtual
currency kiosk.
[(h)] (i) The owner or operator of a virtual currency kiosk shall allow
a new customer, upon the request of the new customer, to cancel and
receive a full refund for any fraudulent virtual currency transactions
that occurred not later than seventy-two hours after the new customer
registered as a customer of such owner or operator if, not later than
thirty days after the last virtual currency transaction that occurred
during such seventy-two hour period, the new customer:
(1) Contacts such owner or operator and a government or law
enforcement agency to inform such owner or operator and government
or law enforcement agency of the fraudulent nature of such virtual
currency transaction; and
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(2) Files a report with a government or law enforcement agency
memorializing the fraudulent nature of such virtual currency
transaction.
[(i)] (j) Each owner or operator of a virtual currency kiosk shall:
(1) Obtain a copy of a government-issued identification card that
identifies each customer of such owner or operator;
(2) Maintain restrictions that prevent more than one customer of such
owner or operator from using the same virtual currency wallet;
(3) Be able to prevent designated virtual currency wallets from being
used at any virtual currency kiosk owned or operated by such owner or
operator;
(4) Use an established third party that specializes in performing
blockchain analyses to preemptively perform such analyses to identify
and prevent high risk or sanctioned virtual currency wallets from being
used by customers at virtual currency kiosks owned or operated by such
owner or operator;
(5) Define, in such owner or operator's policies and procedures, a
risk-based method of monitoring customers of such owner or operator
on a post-transaction basis;
(6) Offer, during the hours of operation of the virtual currency kiosks
owned or operated by such owner or operator, live customer support
by telephone from a telephone number prominently displayed at or on
such virtual currency kiosks;
(7) Identify and speak by telephone with any new customer over sixty
years of age prior to such new customer completing such new
customer's first virtual currency transaction with such owner or
operator. During such communication, which shall be recorded and
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retained by such owner or operator, the owner or operator shall (A)
reconfirm any attestations made by such new customer at a virtual
currency kiosk owned or operated by such owner or operator, (B)
discuss the transaction, and (C) discuss types of fraudulent schemes
relating to virtual currency. Such owner or operator's approval of the
transaction shall be dependent upon such owner or operator's
assessment of such communication;
(8) Identify and speak by telephone with any new customer
attempting to perform a virtual currency transaction that exceeds an
amount that has been predesignated by such owner or operator as a
large transaction amount before such transaction may be completed.
During such communication, which shall be recorded and retained by
such owner or operator, the owner or operator shall (A) positively
identify such new customer, (B) review such new customer's stated
purpose of the transaction, and (C) discuss types of fraudulent schemes
relating to virtual currency. Such owner or operator's approval of the
transaction shall be dependent upon such owner or operator's
assessment of such communication;
(9) Designate and employ a chief compliance officer who shall:
(A) Be qualified to coordinate and monitor a compliance program to
ensure compliance with this section and all other applicable federal and
state laws, rules and regulations;
(B) Be employed on a full-time basis by such owner or operator; and
(C) Not own more than twenty per cent of the virtual currency kiosk
owner or operator that employs such officer; and
(10) Use full-time employees to fulfill such owner or operator's
compliance responsibilities under federal and state laws, rules and
regulations.
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Sec. 5. (NEW) (Effective October 1, 2025) Neither the state nor any
political subdivision of the state shall (1) accept or require payment in
the form of virtual currency for an amount due to the state or the
political subdivision, or (2) purchase, hold, invest in or establish a
reserve of virtual currency. For purposes of this section, "virtual
currency" has the same meaning as provided in section 36a-596 of the
general statutes, as amended by this act.
Sec. 6. Subsection (c) of section 36a-611 of the general statutes is
repealed and the following is substituted in lieu thereof (Effective October
1, 2025):
(c) (1) The unique identifier of any person licensed under section 36a-
600 shall be clearly shown on all solicitations and advertisements,
including any business card used to solicit money transmission business
and Internet web site, and any other documents as established by rule,
regulation or order of the commissioner, and shall be clearly stated in
all audio solicitations and advertisements. The solicitations or
advertisements of any person licensed under section 36a-600 (A) shall
not include any statement that such person is endorsed in any way by
this state, except that such solicitations and advertisements may include
a statement that such person is licensed in this state; (B) shall not include
any statement or claim that is deceptive, false or misleading; (C) except
as provided in subdivision (3) of this subsection, shall not include any
statement or claim that funds deposited with such person are eligible
for Federal Deposit Insurance Corporation protections; (D) shall
otherwise conform to the requirements of sections 36a-595 to 36a-612,
inclusive, any regulations issued thereunder and any other applicable
law; and [(D)] (E) shall be retained for two years from the date of use of
such solicitation or advertising.
(2) Notwithstanding the provisions of subdivision (1) of this
subsection, an advertisement or solicitation on a third-party Internet
web site need not include the unique identifier of a person licensed
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under section 36a-600, provided such advertisement or solicitation
contains a link to a solicitation, advertisement or Internet web site that
clearly shows the unique identifier of such person.
(3) The solicitations or advertisements of a person licensed under
section 36a-600 may include a statement or claim that funds deposited
with such person are eligible for Federal Deposit Insurance Corporation
protections if (A) such funds are placed in a deposit account at a
depository institution insured by the Federal Deposit Insurance
Corporation in a manner that qualifies such funds for deposit insurance
coverage under applicable federal law; and (B) such statement or claim
(i) clearly identifies such insured depository institution; (ii) accurately
describes the extent and conditions of such coverage; and (iii) does not
suggest or imply that such person or any nondeposit product, virtual
currency or digital asset is insured by the Federal Deposit Insurance
Corporation.
Sec. 7. (NEW) (Effective October 1, 2025) (a) For the purposes of this
section:
(1) "Authenticate" means to use reasonable means and make a
commercially reasonable effort to determine whether a request to
exercise any right afforded under subsection (c) of this section has been
submitted by, or on behalf of, the minor who is entitled to exercise such
right;
(2) "Consumer" has the same meaning as provided in section 42-515
of the general statutes;
(3) "Licensee" has the same meaning as provided in section 36a-596 of
the general statutes, as amended by this act;
(4) "Minor" means any consumer who is younger than eighteen years
of age;
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(5) "Money sharing application" means an Internet-based service or
application that is (A) owned or operated by a licensee, (B) used by a
consumer in this state, and (C) primarily intended to allow users to send
and receive money. "Money sharing application" does not include any
Internet-based service or application that is owned or operated by a
person that is exempt from the provisions of sections 36a-597 to 36a-607,
inclusive, of the general statutes, as amended by this act, and sections
36a-611, as amended by this act, and 36a-612 of the general statutes
pursuant to section 36a-609 of the general statutes; and
(6) "Personal data" has the same meaning as provided in section 42-
515 of the general statutes.
(b) On and after October 1, 2025, no licensee shall allow an individual
to sponsor, open or establish a money sharing application account for or
on behalf of a minor unless such licensee has (1) received an attestation
from such individual attesting that such individual is such minor's
parent or legal guardian, and (2) (A) received a copy of such individual's
motor vehicle operator's license or other valid government-issued
identification card, or (B) verified the identity of such individual in
accordance with the provisions of the Bank Secrecy Act, 31 USC 5311 et
seq., as amended from time to time, and the regulations promulgated
thereunder.
(c) (1) Not later than thirty business days after a licensee receives a
request from a minor or such minor's parent or legal guardian to delete
such minor's money sharing application account with such licensee, the
licensee shall delete such minor's money sharing application account
and cease processing such minor's personal data except where the
preservation of such minor's money sharing application account or
personal data is otherwise permitted or required by applicable law,
including, but not limited to, sections 42-515 to 42-525, inclusive, of the
general statutes. A licensee may extend such thirty-business-day period
by an additional thirty business days if such extension is reasonably
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necessary considering the complexity and number of the minor's,
parent's or legal guardian's requests, provided the licensee informs the
minor or such minor's parent or legal guardian, as applicable, within the
initial thirty-business-day response period of such extension and the
reason for such extension.
(2) Any request made pursuant to subdivision (1) of this subsection
may include a request by the minor or such minor's parent or legal
guardian to provide to the minor or such minor's parent or legal
guardian, as applicable, all data associated with the money sharing
application account that is the subject of such request. Such data shall
include, but need not be limited to, an itemization of each transaction
associated with such account and the identity of the person who opened
such account. A licensee shall provide such data to the minor or such
minor's parent or legal guardian, as applicable, within the timeframe
established by the provisions of subdivision (1) of this subsection.
(3) A licensee shall establish, and shall describe in a notice provided
to consumers that have a money sharing application account with such
licensee, one or more secure and reliable means for submitting a request
pursuant to this subsection. A licensee that provides a mechanism for a
minor or the minor's parent or legal guardian to initiate a process to
delete such minor's money sharing application account shall be deemed
to be in compliance with the provisions of this subdivision.
(d) If a licensee is unable to authenticate a request submitted
pursuant to subsection (c) of this section, the licensee shall (1) not be
required to comply with such request, and (2) provide a notice to the
minor, parent or legal guardian who submitted such request disclosing
that such licensee (A) is unable to authenticate such request, and (B) will
not be able to authenticate such request until such minor, parent or legal
guardian provides the additional information that is reasonably
necessary to authenticate such request.
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Governor's Action:
Approved June 30, 2025
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