House Bill 5409

To require an application for a check cashing service license or renewal of such license to contain the name and address of each manager and authorized agent of the applicant, if the applicant is a limited liability company; to require a check cashing service licensee to obtain the Banking Commissioner's approval prior to changing the location specified on its license or changing the days and hours of operation of a limited check cashing service facility; to require said commissioner to find that each manager and authorized agent of a limited liability company applicant is in all respects properly qualified and of good character before said commissioner can issue a check cashing service license to such applicant; to require check cashing service licensees to notify said commissioner of any change in the information provided in its application for licensure or renewal application; to provide for the automatic suspension of a check cashing service facility license or location transfer approval if the check used to pay the fee for such license or approval is dishonored; to add definitions for the terms "'monetary value'' and ''stored value'' and to amend the definitions of ''money transmission'' and ''outstanding'' to include issuers of stored value; to require an application for a money transmission license or Connecticut payment instrument issuer license or renewal of such licenses to contain the name and residence address of the managers of such applicant, if such applicant is a limited liability company, and to require such applicant to include the history of material litigation and criminal conviction of the managers for the five-year period prior to the date of the application; to require money transmission licensees and Connecticut payment instrument issuer licensees to notify said commissioner of any change in the information provided in its application for licensure or renewal application; to prohibit the Banking Commissioner from issuing a money transmission license or Connecticut payment instrument issuer license unless the applicant has paid the required investigation and license fee; to provide for the automatic suspension of a renewal of a money transmission license or Connecticut payment instrument issuer license if the check used to pay any fee for such license renewal is dishonored; to require a money transmission licensee to obtain a surety bond based upon its level of business of money or monetary value transmitted or received, whichever amount is greater; to specify that a surety company may cancel the surety bond required to be maintained by a money transmission licensee or Connecticut payment instrument issuer licensee at any time with thirty days prior written notice to the licensee and said commissioner; to provide for the automatic suspension of a money transmission license or Connecticut payment instrument issuer license if the surety bond required to be maintained by such licensee is cancelled; to require a money transmission licensee to maintain permissible investments equal to its outstanding stored value; to require a money transmission licensee that issues stored value to have at all times a net worth of at least five hundred thousand dollars or a higher amount as determined by the Commissioner; to permit any cooperative, coordinating or information-sharing agreement the Commissioner enters into with any other state or federal supervisory agency concerning the examination or other supervision of money transmitters and Connecticut payment instrument issuers to include provisions concerning the assessment and sharing of fees for such examinations and supervision; and to make other technical and conforming changes.

In the House of Representatives

• BA

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 19 – Mar 24

1. Feb 19Introduced and sent to Banking Committee
2. Feb 20Heard in Banking Committee
3. Mar 4Banking Committee recommended it
4. Mar 24Passed the House of Representatives

In the Senate Mar 25 – Mar 31

1. Mar 25Arrived in the Senate
2. Mar 31Passed the Senate

To the Governor Apr 7 – Apr 16

1. Apr 7Numbered Public Act 04-14
2. Apr 14Sent to the Secretary of the State
3. Apr 16Signed by the Governor