Section 2. License Required.--(a) No person shall:
(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 the following:
(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 of a self-hosted wallet, unless the individual with control of the controllable electronic records as outlined under 13 Pa.C.S. Div. 12 (relating to controllable electronic records) in the self-hosted wallet transmits virtual currency as part of a third-party service on behalf of another individual in exchange for a fee or other consideration associated with the transmission.
(2 amended June 27, 2025, P.L.9, No.7)
Compiler's Note: Section 16 of Act 129 of 2016, which amended section 2, provided that the amendment shall not apply to a transaction which was conducted prior to the effective date of section 16.