Pennsylvania 2023-2024 Regular Session

Pennsylvania Senate Bill SB1320

Introduced
9/16/24  
Refer
9/16/24  
Refer
9/18/24  
Report Pass
9/30/24  
Engrossed
10/8/24  

Caption

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.

Impact

The bill is expected to have a significant impact on the regulatory landscape of financial services in Pennsylvania. By introducing licensure for virtual currency transmission, SB1320 will ensure that any business conducting these activities complies with stringent state regulations, potentially increasing consumer protection. Additionally, this may foster a safer environment for transactions involving virtual currencies, as licensees will be required to meet specific financial criteria, including a minimum net worth and bonding requirements to cover liabilities towards users.

Summary

Senate Bill 1320, also known as the Money Transmission and Virtual Currency Transmission Business Licensing Law, seeks to amend the existing laws governing the licensing and regulation of money transmission services in Pennsylvania. This bill expands the scope of the original Money Transmission Business Licensing Law to include virtual currencies, requiring entities engaged in money or virtual currency transmissions to obtain the necessary licenses. Moreover, it aims to define important terms related to this area of law, such as 'agent' and 'transmittal instrument,' thereby clarifying the framework under which these businesses operate.

Sentiment

The general sentiment surrounding SB1320 appears to be positive, especially among regulators and proponents of consumer protection. Supporters argue that this legislation will help safeguard consumers against potential fraud and losses associated with unregulated money transmission and virtual currency activities. However, there could be concerns among financial service providers regarding the increased administrative burden and costs involved in obtaining and maintaining these licenses.

Contention

Notable points of contention related to SB1320 could arise from the potential challenges faced by small businesses or startups operating in the money transmission or virtual currency space. Critics might argue that the financial thresholds for licensing—requiring a tangible net worth of at least $500,000 and a bond of $1,000,000—could stifle innovation and limit competition by imposing burdensome barriers to entry. Overall, while the intent behind the bill is to enhance financial security, the discussions may highlight the need for careful consideration of the implications for emerging financial technologies.

Companion Bills

No companion bills found.

Previously Filed As

PA HB881

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.

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.

PA SB1170

Further providing for licensee requirements and for agents.

PA SB698

In hunting and furtaking licenses, further providing for license requirements; and, in special licenses and permits, further providing for

PA HB2354

In short title and definitions, further providing for definitions; in licenses, tags and kennels, further providing for kennels, for requirements for kennels, for revocation or refusal of kennel licenses and for health certificates for importation; and, in enforcement and penalties, further providing for rules and regulations.

PA HB2413

In short title and definitions, further providing for definitions; in licenses, tags and kennels, further providing for kennels, for requirements for kennels, for revocation or refusal of kennel licenses and for health certificates for importation; and, in enforcement and penalties, further providing for rules and regulations.

PA HB846

In short title and definitions, further providing for definitions; in licenses, tags and kennels, further providing for kennels; and imposing penalties.

PA HB2444

In preliminary provisions, further providing for definitions; in games of chance, further providing for prize limits and for sales limited, providing for pull-tab deals, further providing for distributor licenses, for registration of manufacturers, for regulations of department and for licensing of eligible organizations; in club licensees, further providing for distribution of proceeds; and, in enforcement, further providing for revocation of licenses and providing for other penalties and for licensed eligible organizations subject to audit by Auditor General.

PA HB1050

In preliminary provisions, further providing for definitions; in games of chance, further providing for prize limits and for sales limited, providing for pull-tab deals, further providing for distributor licenses, for registration of manufacturers, for regulations of department and for licensing of eligible organizations; in club licensees, further providing for distribution of proceeds; and, in enforcement, further providing for revocation of licenses and providing for other penalties.

PA SB450

In preliminary provisions, further providing for definitions; in games of chance, providing for payment and further providing for prize limits, for sales limited, for distributor licenses, for registration of manufacturers and for regulations of department; in club licensees, further providing for club licensee and for distribution of proceeds; in enforcement, further providing for revocation of licenses and for local option and repealing provisions relating to advertising; in tavern gaming, further providing for licenses, for application, for approval, for prize limits, for distribution of net revenue, for tavern games tax, for invoice, for reports and for enforcement.

Similar Bills

PA HB881

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.

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.

VA HB1822

Electric utilities; construction of certain electrical transmission lines, advanced conductors.

VA HB2003

Electric utilities; regional transmission entities; annual report.

VA SB1358

Underground transmission lines; qualifying projects.

VA HB2755

Underground transmission lines; qualifying projects.

VA SB708

Underground transmission lines; qualifying projects, pilot program.

VA SB708

Underground transmission lines; qualifying projects, pilot program.