Section 11.1. Licensee Requirements.--A licensee shall:
(1) Operate in a safe and sound manner, ensuring that its practices and the practices of its agents, if applicable, do not create the likelihood of material loss, insolvency or dissipation of assets, or otherwise materially prejudice the interest of individuals who use the licensee's services to transmit money or virtual currency. ((1) amended June 27, 2025, P.L.9, No.7)
(2) Comply with all applicable Federal or State laws and rules pertaining to the business of money transmission or virtual currency transmission, including 12 U.S.C. Ch. 21 (relating to financial recordkeeping) and 31 U.S.C. Ch. 53 (relating to monetary transactions). ((2) amended June 27, 2025, P.L.9, No.7)
(3) Register all of its agents who engage in the business of money transmission or virtual currency transmission involving individuals who are located in this Commonwealth. ((3) amended June 27, 2025, P.L.9, No.7)
(4) On a date determined by the department, file a report setting forth such information as the department shall require concerning the money transmission or virtual currency transmission business conducted by the licensee. Licensees who fail to file the required report by the date required by the department may be subject to a penalty of one hundred dollars ($100) for each day after the due date until the report is filed. ((4) amended June 27, 2025, P.L.9, No.7)
(5) Provide the department with written notice within ten days of any change in status, including address, ownership, directors, officers, contact information and the reason for the change.
(6) Maintain at all times the bond and tangible net worth required by this act.
(11.1 added Nov. 3, 2016, P.L.1002, No.129)
Compiler's Note: Section 16 of Act 129 of 2016, which added section 11.1, provided that the addition shall not apply to a transaction which was conducted prior to the effective date of section 16.