Wyoming Money Transmitter Act-investments.

2016
State of Wyoming
16LSO-0050
Introduced
1.2

HOUSE BILL

NO.

HB0026

Wyoming Money Transmitter Act-investments.

Sponsored by:
Representative(s) Lindholm, Miller and Pelkey and Senator(s) Case and Rothfuss

A BILL

for

AN ACT relating to the Wyoming Money Transmitter Act; amending definitions to include digital currency as a permissive investment; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 40
‑
22
‑
102(
a)(xvi)
(H), (J),
by creating a new subparagraph (K)
and
by creating
new
paragraph
s

(xxii)

and (xxiii)
is amended to read
:

40
‑
22
‑
102
.

Definitions.

(a)

As used in this act:

(xvi)

"Permissible investments" means:

(H)

Receivables which are due to a licensee from its authorized delegates or
subdelegates
which are not past due or doubtful of collection;
or

(J)

Any other investments or security device approved by the commissioner
;
.

or

(K)

D
igital currency owned by the licensee, but only to the extent of
outstanding transmission obligations received
by
the licensee in
like
kind digital currency.

(xxii)

"Digital currency" means any type of digital representation of value used as a medium of exchange, a unit of account or a store of value that is not considered a centralized currency recognized by the United States government as legal t
ender. "Digital currency" does
not include:

(A)

Stored value redeemable exclusively in goods or services limited to transactions i
nvolving a defined merchant; or

(B)

Units of value that are issued in
customer
affinity or rewards programs and that cannot be redeemed for either fiat or digital currencies.

(xxiii)

"O
utstanding transmission obligation" means
:

(A)

A
ny payment instrument or stored value issued by the licensee which has been sold in the United
States directly by the licensee
or any payment instrument or stored value issued by the licensee which has been sold by an authorized delegate
or
subdelegate

of the licensee in the United States,
which has been reported to the licensee as having been sold and which has not yet been paid
or refunded
by or for the licensee;

(B)

Any money or monetary value received by the licensee for transmission that has not been remitted to the payee or refunded to the sender.

Section
2
.

This
act is effective July 1,
201
6
.

(END)

1
HB0026