AN ACT CONCERNING DEFINITIONS APPLICABLE TO THE MONEY TRANSMISSION STATUTES AND SOLICITATIONS AND ADVERTISEMENTS BY MONEY TRANSMISSION LICENSEES.

HB 6991 updates key definitions for money transmission laws to clarify regulatory scope, primarily affecting licensed money transmitters and their digital services. It explicitly defines "money transmission" to include digital wallets and virtual currency kiosks, and creates new terms like "digital wallet" (storing payment credentials electronically) and "existing customer" (requiring three prior transactions at a kiosk). The bill also clarifies "control" for corporate oversight and distinguishes "new" versus "existing" customers for kiosk transactions. These definitions ensure consistent application of existing laws to modern payment technologies without creating new requirements.