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SB18 • 2025

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Last action
2026-07-06
Official status
Signed by Governor
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.

What This Bill Does

  • AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.
  • This Act repeals the existing Chapter 23 of Title 5 and replaces it with the “Delaware Money Transmission and Virtual Currency Modernization Act.” This Act modernizes the State’s regulatory framework for money transmission and addresses the emergence of virtual currency.
  • The Act allows the State Bank Commissioner to coordinate with other states in the licensing and supervision of money transmitters, utilizing the NMLS system.
  • The Act establishes new safety and soundness standards, including a tiered net worth requirement based on total assets and updates surety bond requirements scaled to a licensee’s average daily money transmission liability.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-07-06 Delaware General Assembly

    Signed by Governor

  2. 2026-06-24 Delaware General Assembly

    Passed By Senate. Votes: 21 YES

  3. 2026-06-18 Delaware General Assembly

    Amendment HA 2 to SB 18 - Introduced and Placed With Bill

  4. 2026-06-18 Delaware General Assembly

    Amendment HA 1 to SB 18 - Stricken in House

  5. 2026-06-18 Delaware General Assembly

    Amendment HA 2 to SB 18 - Passed In House by Voice Vote

  6. 2026-06-18 Delaware General Assembly

    Passed By House. Votes: 38 YES 3 ABSENT

  7. 2026-06-04 Delaware General Assembly

    Amendment HA 1 to SB 18 - Introduced and Placed With Bill

  8. 2026-05-19 Delaware General Assembly

    Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 9 On Its Merits

  9. 2026-05-13 Delaware General Assembly

    Not Worked in Committee

  10. 2026-05-06 Delaware General Assembly

    Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

  11. 2026-05-05 Delaware General Assembly

    Amendment SA 1 to SB 18 - Passed By Senate. Votes: 21 YES

  12. 2026-05-05 Delaware General Assembly

    Passed By Senate. Votes: 20 YES 1 NOT VOTING

  13. 2026-05-04 Delaware General Assembly

    Amendment SA 1 to SB 18 - Introduced and Placed With Bill

  14. 2026-04-22 Delaware General Assembly

    Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 2 Favorable, 4 On Its Merits

  15. 2026-04-16 Delaware General Assembly

    Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

Official Summary Text

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO MONEY TRANSMISSION.
This Act repeals the existing Chapter 23 of Title 5 and replaces it with the “Delaware Money Transmission and Virtual Currency Modernization Act.” This Act modernizes the State’s regulatory framework for money transmission and addresses the emergence of virtual currency. The Act allows the State Bank Commissioner to coordinate with other states in the licensing and supervision of money transmitters, utilizing the NMLS system. The Act establishes new safety and soundness standards, including a tiered net worth requirement based on total assets and updates surety bond requirements scaled to a licensee’s average daily money transmission liability.

The Act standardizes receipt requirements for both fiat and virtual currency transactions, provides a 10-day refund window for certain transmissions, and establishes specific disclosure rules for payroll processing services. This Act provides a 6-month window for general compliance and a 1-year period for licensees to meet new net worth and p