An Act amending the act of September 2, 1965 (P.L.490, No.249), referred to as the Money Transmission Business Licensing Law, 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.

SB 1320 amends Pennsylvania's Money Transmission Business Licensing Law to explicitly include virtual currency alongside traditional money in its regulatory scope. The bill updates legal definitions and adds a requirement for licensees to operate in a safe and sound manner, ensuring their practices do not risk material loss or harm to the interests of users. It also clarifies the qualifications, fees, and security requirements that businesses must meet to obtain and maintain a license for transmitting funds. This legislation directly affects companies and individuals currently licensed to transmit money or those planning to offer virtual currency transmission services in the state.