2024 Banking and Related Legislation
Each year, the Department of Banking (DOB) conducts an active legislative program coordinated by the Government Relations and Consumer Affairs Division. Below are highlights of the agency and related bills that passed.
Please note that the hyperlinks for the bills lead to the Connecticut General Assembly website. These links provide you with copies of the Public Acts.
Department of Banking Proposals
Public Act 24-146 - HB 5211, An Act Concerning Virtual Currency and Money Transmission
Public Act 24-146 makes the following changes:
- Creates new definitions differentiating new and existing customers and expands the definition of permissible investments;
- Creates a process by which virtual currency kiosk customers can receive refunds directly from the kiosk operator when the customer falls victim to fraudulent virtual currency transactions;
- Caps the total amount of service fees and commission charges at 15% per transaction;
- Establishes daily maximum transaction limits of $2,500 for new customers and $5,000 for existing customers;
- Directs money transmitters to have a plan and accounting for winding down operations, which the bill outlines (e.g., records of sufficient finances and procedures for disbursing funds);
- Requires operators to employ compliance controls, policies and procedures;
- Requires consumer protection related disclosures during the kiosk transactions;
- Requires the production of receipts to customers following transactions with certain transactional information;
- Prohibits money transmitters from ending their businesses until certain notices and information are provided to the commissioner and consumers, funds have been distributed, and the commissioner has accepted the transmitter’s request to surrender its license; and
- Explicitly adds nonfungible tokens (a.k.a. NFTs) to the list of examples of digital assets the department may regulate.
Effective Date: October 1, 2024