Pennsylvania HB 881: An Act amending the act of June 18, 1982 (P.L.549, No.159), entitled "An act providing for the administration of certain Commonwealth farmland within the Department of Agriculture," further providing for agricultural land conservation assistance grant program.

Bill Text

PRIOR PRINTER'S NO. 913 PRINTER'S NO. 1461
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 881
Session of
2025
INTRODUCED BY CONKLIN, BURGOS, NEILSON, GIRAL, HILL-EVANS,
KENYATTA, PIELLI, SANCHEZ, K.HARRIS AND WEBSTER,
MARCH 11, 2025
AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES,
APRIL 22, 2025
AN ACT
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.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The title of the act of September 2, 1965
(P.L.490, No.249), referred to as the Money Transmission
Business Licensing Law, is amended to read:
AN ACT
Providing for the licensing and regulation of the business of
transmitting money, virtual currency 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
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duties upon the Department of Banking and Securities; and
imposing penalties.
Section 2. The definitions of "agent" and "transmittal
instrument" in section 1 of the act are amended and the section
is amended by adding a definition DEFINITIONS to read:
Section 1. Definitions.--Unless the context clearly
indicates otherwise, the following words when used in this act
shall have the following meanings:
"Agent" means any person that provides money transmission or
virtual currency transmission services on behalf of another
person.
* * *
"SELF-HOSTED WALLET" MEANS A DIGITAL MEDIUM OR WALLET IN
WHICH THE USER HAS DIRECT CONTROL OF THE CONTROLLABLE ELECTRONIC
RECORDS AS OUTLINED UNDER 13 PA.C.S. DIV. 12 (RELATING TO
CONTROLLABLE ELECTRONIC RECORDS).
* * *
"Transmittal instrument" means any check, draft, money order,
personal money order, debit card, stored value card, electronic
transfer or other method for the payment of money or virtual
currency or transmittal of credit or virtual currency, other
than a merchandise gift certificate or instrument with a similar
purpose sold in the regular course of business by a vendor of
personal property or services in a closed loop system or hybrid
closed loop system.
"Virtual currency" means as follows:
(1) The term includes a digital representation of value
that:
(i) Is used as a medium of exchange, unit of account or
store of value.
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(ii) Is not money, unless the virtual currency was adopted
or authorized by a domestic or international government as a
medium of exchange, whether denominated in cash.
(2) The term does not include:
(i) A transaction in which a merchant grants, as part of an
affinity or rewards program, value that cannot be taken from or
exchanged with the merchant for money, bank credit or virtual
currency.
(ii) A digital representation of value issued by or on
behalf of a publisher and used solely within an online game,
game platform or family of games sold by the same publisher or
offered on the same game platform.
Section 3. The act is amended by adding a section to read:
Section 1.1. Short Title.--This act shall be known and may
be cited as the Money Transmission and Virtual Currency
Transmission Business Licensing Law.
Section 4. Sections 2, 3(1), 4(a)(1) and (c)(5) introductory
paragraph, 6 heading and (a)(2) and (3) and (b.1), 11(a),
11.1(1), (2), (3) and (4) and 12(b) and (c)(2), (3) and (6) of
the act are amended to read:
Section 2. License Required.--(a) No person shall [engage]:
(1) Engage in the business of transmitting money by means of
a transmittal instrument for a fee or other consideration with
or on behalf of an individual without first having obtained a
license from the department.
(2) Engage in the business of transmitting virtual currency
by means of a transmittal instrument for a fee or other
consideration with or on behalf of an individual without first
having obtained a license from the department.
(b) This act does not apply to [money] THE FOLLOWING:
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(1) MONEY transmission or virtual currency transmission
between business entities in connection with commercial
contracts, unless the contracts involve money transmission or
virtual currency transmission for personal or household purposes
involving individuals.
(2) THE USE