Pennsylvania 2025-2026 Regular Session

Pennsylvania House Bill HB881

Introduced
3/11/25  
Refer
3/11/25  
Refer
4/22/25  
Report Pass
4/23/25  
Engrossed
4/23/25  

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 proposed changes will have significant implications for state laws by introducing new definitions and requirements for businesses operating in the money transmission space. Licenses will be required for transmitting not only traditional monetary instruments but also virtual currencies. The bill outlines strict requirements regarding the financial stability and conduct of licensees, demanding a tangible net worth of at least $500,000 and adherence to both state and federal financial regulations. This is expected to enhance consumer trust and reduce the risk of fraud within these emerging financial services.

Summary

House Bill 881 seeks to amend the existing Money Transmission Business Licensing Law in Pennsylvania, expanding the scope of the legislation to include regulations on virtual currency and self-hosted wallets. The bill emphasizes the necessity for businesses engaging in the transmission of money or virtual currency to be properly licensed by the Department of Banking and Securities. This amendment aims to foster a more comprehensive regulatory framework that addresses modern financial technologies while ensuring that consumers are adequately protected when they use these services.

Sentiment

The sentiment surrounding HB881 appears to be generally supportive among those advocating for stronger consumer protection and regulation of emerging financial technologies. Stakeholders, including financial agencies and consumer advocacy groups, view the expanded licensing as a necessary step to mitigate risks associated with money transmission and virtual currency transmission. However, there may also be concerns regarding the regulatory burden this may impose on smaller businesses trying to adapt to the new requirements.

Contention

Notable points of contention include the potential impact on smaller businesses that may struggle to meet the new financial threshold and regulatory requirements outlined in the bill. Critics may argue that the strict licensing provisions could inadvertently stifle innovation in the financial technology sector. The bill also raises questions about how it would interact with already existing state and federal regulations surrounding financial transactions, which could lead to complex compliance challenges for businesses operating in this space.

Companion Bills

No companion bills found.

Previously Filed As

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 HB2295

In cigarette sales and licensing, further providing for definitions, for licensing of retailers and for transfer of licenses.

PA SB469

In fishing licenses, providing for law enforcement; and, in hunting and furtaking licenses, further providing for resident license and fee exemptions and for license costs and fees.

PA SB209

In firearms and other dangerous articles, further providing for licenses, providing for liability insurance and further providing for sale or transfer of firearms.

PA HB1972

Further providing for definitions, for license, for written disclosure of financial interest and for bond; providing for fees, for requirements and prohibitions and for separate pre-contract disclosure; and further providing for contract and for revocation, etc., of license.

PA SB1074

Further providing for definitions, for license, for written disclosure of financial interest and for bond; providing for fees, for requirements and prohibitions and for separate pre-contract disclosure; and further providing for contract and for revocation, etc., of license.

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 HB2365

In preliminary provisions, further providing for definitions; in Pennsylvania Game Commission, further providing for junior hunter projects; in hunting and furtaking, further providing for prima facie evidence of hunting and repealing provisions relating to trapping exception for certain persons; in hunting and furtaking licenses, further providing for license requirements, for eligibility for license and for unlawful acts concerning licenses; and, in special licenses and permits, further providing for permit fees.

PA HB1917

In fishing licenses, providing for indigenous Americans fishing licenses; and, in hunting and furtaking licenses, further providing for resident license and fee exemptions.

PA SB533

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

Similar Bills

No similar bills found.