{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1922.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1922.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1922.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1922.html"}],"law_id":78099,"edition_id":1,"section_id":78099,"structure_id":13396,"section_number":"6.2-1922","catch_line":"(Effective July 1, 2026) Definitions","history":"2025, c. 214.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Authorized delegate” means a person a licensee designates to engage in money transmission on behalf of the licensee.\n\t\t“Average daily money transmission liability” means the amount of a person’s outstanding money transmission obligations in the Commonwealth at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time. For purposes of calculating average daily money transmission liability under this chapter for any person required to do so, the given period of time shall be the quarters ending March 31, June 30, September 30, and December 31.\n\t\t“Bank Secrecy Act” means the federal Bank Secrecy Act (31 U.S.C. \u00a7 5311 et seq.) and its implementing regulations.\n\t\t“Closed loop stored value” means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value;\n\t\t“Control” means the power to (i) vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee, applicant, or person in control of a licensee or applicant; (ii) elect or appoint a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee or applicant; or (iii) exercise, directly or indirectly, a controlling influence over the management or policies of a licensee, applicant, or person in control of a licensee or applicant. A person shall be presumed to exercise a controlling influence when the person holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee, applicant, or person in control of a licensee or applicant. Such presumption is rebuttable if the person is a passive investor. For purposes of determining the percentage of a person controlled by any other person, the person’s interest shall be aggregated with the interest of any other immediate family member, including the person’s spouse, parents, children, siblings, mothers-in-law and fathers-in law, sons-in-law and daughters-in-law, brothers-in-law and sisters-in-law, and any other person who shares such person’s home.\n\t\t“Eligible rating” means a credit rating of any of the three highest rating categories provided by an eligible rating service, whereby each category may include rating category modifiers such as “plus” or “minus” for S&P, or the equivalent for any other eligible rating service. Long-term credit ratings shall be deemed eligible if the rating is equal to A- or higher by S&P, or the equivalent from any other eligible rating service. Short-term credit ratings shall be deemed eligible if the rating is equal to or higher than A-2 or SP-2 by S&P, or the equivalent from any other eligible rating service. In the event that ratings differ among eligible rating services, the highest rating shall apply when determining whether a security bears an eligible rating.\n\t\t“Eligible rating service” means any Nationally Recognized Statistical Rating Organization (NRSRO), as defined by the U.S. Securities and Exchange Commission, and any other organization designated by the Commission by regulation or order.\n\t\t“Federally insured depository financial institution” means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws of the United States or any state of the United States, when such bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company has federally insured deposits.\n\t\t“Group of persons acting in concert” means two or more persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.\n\t\t“In the Commonwealth” means at a physical location within the Commonwealth for a transaction requested in person. For a transaction requested electronically or by phone, the provider of money transmission shall determine if the person requesting the transaction is in the Commonwealth by relying on other information provided by the person regarding the location of the individual’s residential address or a business entity’s principal place of business or other physical address location, and any records associated with the person that the provider of money transmission may have that indicate such location, including an address associated with an account.\n\t\t“Individual” means a natural person.\n\t\t“Key individual” means any individual ultimately responsible for establishing or directing policies and procedures of the licensee or applicant, such as an executive officer, manager, director, or trustee.\n\t\t“Licensee” means a person licensed under this chapter.\n\t\t“Material litigation” means litigation that, according to generally accepted accounting principles, is significant to a person’s financial health and would be required to be disclosed in the person’s annual audited financial statements, report to shareholders, or similar records.\n\t\t“Monetary value” means a medium of exchange, whether or not redeemable in money.\n\t\t“Money” means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments. Notwithstanding the foregoing, “money” does not include virtual currency.\n\t\t“Money transmission” means (i) selling or issuing payment instruments to a person located in the Commonwealth, (ii) selling or issuing stored value to a person located in the Commonwealth, or (iii) receiving money for transmission from a person located in the Commonwealth. “Money transmission” includes payroll processing services and does not include the provision solely of online or telecommunications services or network access.\n\t\t“MSB-accredited state” means a state agency or a division, department, or instrumentality thereof that is accredited by the Conference of State Bank Supervisors and Money Transmitter Regulators Association for money transmission licensing and supervision.\n\t\t“Multistate licensing process” means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations, or notice and information requirements for a change of key individuals.\n\t\t“Nationwide Multistate Licensing System and Registry” or “NMLS” means the licensing and registration system operated by the State Regulatory Registry LLC.\n\t\t“Outstanding money transmission obligations” means (i) any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws or (ii) any money received for transmission by the licensee or an authorized delegate in the United States from a person located in any state that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws.\n\t\t“Passive investor” means a person that (i) does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee; (ii) is not employed by and does not have any managerial duties of the licensee or person in control of a licensee; (iii) does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and (iv) attests to clauses (i), (ii), and (iii) in a form and in a medium prescribed by the Commission or commits to the passivity characteristics of (i), (ii), and (iii) in a written document.\n\t\t“Payment instrument” means a written or electronic check, draft, money order, traveler’s check, or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable. “Payment instrument” does not include stored value or any instrument that (i) is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value or (ii) is not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Payroll processing services” means receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. “Payroll processing services” does not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate, or a professional employment organization subject to regulation under other applicable state law.\n\t\t“Person” means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the Commission.\n\t\t“Receiving money for transmission” or “money received for transmission” means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means.\n\t\t“Stored value” means monetary value representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value, or payment for goods or services. “Stored value” includes prepaid access, as that term is defined by 31 C.F.R. \u00a7 1010.100. Notwithstanding the foregoing, the term “stored value” does not include a payment instrument or closed loop stored value, or stored value not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Tangible net worth” means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles.\n\t\t“Virtual currency” means a digital representation of value that is (i) used as a medium of exchange, unit of account, or store of value and (ii) not money, whether or not denominated in money. Notwithstanding the foregoing, “virtual currency” does not include (a) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency or (b) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.","order_by":null,"text":{"0":{"id":279991,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Authorized delegate” means a person a licensee designates to engage in money transmission on behalf of the licensee.\n\t\t“Average daily money transmission liability” means the amount of a person’s outstanding money transmission obligations in the Commonwealth at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time. For purposes of calculating average daily money transmission liability under this chapter for any person required to do so, the given period of time shall be the quarters ending March 31, June 30, September 30, and December 31.\n\t\t“Bank Secrecy Act” means the federal Bank Secrecy Act (31 U.S.C. \u00a7 5311 et seq.) and its implementing regulations.\n\t\t“Closed loop stored value” means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value;\n\t\t“Control” means the power to (i) vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee, applicant, or person in control of a licensee or applicant; (ii) elect or appoint a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee or applicant; or (iii) exercise, directly or indirectly, a controlling influence over the management or policies of a licensee, applicant, or person in control of a licensee or applicant. A person shall be presumed to exercise a controlling influence when the person holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee, applicant, or person in control of a licensee or applicant. Such presumption is rebuttable if the person is a passive investor. For purposes of determining the percentage of a person controlled by any other person, the person’s interest shall be aggregated with the interest of any other immediate family member, including the person’s spouse, parents, children, siblings, mothers-in-law and fathers-in law, sons-in-law and daughters-in-law, brothers-in-law and sisters-in-law, and any other person who shares such person’s home.\n\t\t“Eligible rating” means a credit rating of any of the three highest rating categories provided by an eligible rating service, whereby each category may include rating category modifiers such as “plus” or “minus” for S&P, or the equivalent for any other eligible rating service. Long-term credit ratings shall be deemed eligible if the rating is equal to A- or higher by S&P, or the equivalent from any other eligible rating service. Short-term credit ratings shall be deemed eligible if the rating is equal to or higher than A-2 or SP-2 by S&P, or the equivalent from any other eligible rating service. In the event that ratings differ among eligible rating services, the highest rating shall apply when determining whether a security bears an eligible rating.\n\t\t“Eligible rating service” means any Nationally Recognized Statistical Rating Organization (NRSRO), as defined by the U.S. Securities and Exchange Commission, and any other organization designated by the Commission by regulation or order.\n\t\t“Federally insured depository financial institution” means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws of the United States or any state of the United States, when such bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company has federally insured deposits.\n\t\t“Group of persons acting in concert” means two or more persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.\n\t\t“In the Commonwealth” means at a physical location within the Commonwealth for a transaction requested in person. For a transaction requested electronically or by phone, the provider of money transmission shall determine if the person requesting the transaction is in the Commonwealth by relying on other information provided by the person regarding the location of the individual’s residential address or a business entity’s principal place of business or other physical address location, and any records associated with the person that the provider of money transmission may have that indicate such location, including an address associated with an account.\n\t\t“Individual” means a natural person.\n\t\t“Key individual” means any individual ultimately responsible for establishing or directing policies and procedures of the licensee or applicant, such as an executive officer, manager, director, or trustee.\n\t\t“Licensee” means a person licensed under this chapter.\n\t\t“Material litigation” means litigation that, according to generally accepted accounting principles, is significant to a person’s financial health and would be required to be disclosed in the person’s annual audited financial statements, report to shareholders, or similar records.\n\t\t“Monetary value” means a medium of exchange, whether or not redeemable in money.\n\t\t“Money” means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments. Notwithstanding the foregoing, “money” does not include virtual currency.\n\t\t“Money transmission” means (i) selling or issuing payment instruments to a person located in the Commonwealth, (ii) selling or issuing stored value to a person located in the Commonwealth, or (iii) receiving money for transmission from a person located in the Commonwealth. “Money transmission” includes payroll processing services and does not include the provision solely of online or telecommunications services or network access.\n\t\t“MSB-accredited state” means a state agency or a division, department, or instrumentality thereof that is accredited by the Conference of State Bank Supervisors and Money Transmitter Regulators Association for money transmission licensing and supervision.\n\t\t“Multistate licensing process” means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations, or notice and information requirements for a change of key individuals.\n\t\t“Nationwide Multistate Licensing System and Registry” or “NMLS” means the licensing and registration system operated by the State Regulatory Registry LLC.\n\t\t“Outstanding money transmission obligations” means (i) any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws or (ii) any money received for transmission by the licensee or an authorized delegate in the United States from a person located in any state that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws.\n\t\t“Passive investor” means a person that (i) does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee; (ii) is not employed by and does not have any managerial duties of the licensee or person in control of a licensee; (iii) does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and (iv) attests to clauses (i), (ii), and (iii) in a form and in a medium prescribed by the Commission or commits to the passivity characteristics of (i), (ii), and (iii) in a written document.\n\t\t“Payment instrument” means a written or electronic check, draft, money order, traveler’s check, or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable. “Payment instrument” does not include stored value or any instrument that (i) is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value or (ii) is not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Payroll processing services” means receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. “Payroll processing services” does not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate, or a professional employment organization subject to regulation under other applicable state law.\n\t\t“Person” means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the Commission.\n\t\t“Receiving money for transmission” or “money received for transmission” means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means.\n\t\t“Stored value” means monetary value representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value, or payment for goods or services. “Stored value” includes prepaid access, as that term is defined by 31 C.F.R. \u00a7 1010.100. Notwithstanding the foregoing, the term “stored value” does not include a payment instrument or closed loop stored value, or stored value not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Tangible net worth” means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles.\n\t\t“Virtual currency” means a digital representation of value that is (i) used as a medium of exchange, unit of account, or store of value and (ii) not money, whether or not denominated in money. Notwithstanding the foregoing, “virtual currency” does not include (a) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency or (b) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13396,"edition_id":1,"name":"Money Transmitters","identifier":"19.1","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:48","date_modified":"2026-06-26 03:44:48","permalink":{"id":266479,"object_type":"structure","relational_id":13396,"identifier":"19.1","token":"6.2\/III\/19.1","url":"\/6.2\/III\/19.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78099,"structure_id":13396,"section_number":"6.2-1922","catch_line":"(Effective July 1, 2026) Definitions","url":"\/6.2-1922\/","token":"6.2\/III\/19.1\/6.2-1922","metadata":false},{"id":82828,"structure_id":13396,"section_number":"6.2-1923","catch_line":"(Effective July 1, 2026) Exemptions","url":"\/6.2-1923\/","token":"6.2\/III\/19.1\/6.2-1923","metadata":false},{"id":71413,"structure_id":13396,"section_number":"6.2-1924","catch_line":"(Effective July 1, 2026) Implementation","url":"\/6.2-1924\/","token":"6.2\/III\/19.1\/6.2-1924","metadata":false},{"id":79717,"structure_id":13396,"section_number":"6.2-1925","catch_line":"(Effective July 1, 2026) Regulations","url":"\/6.2-1925\/","token":"6.2\/III\/19.1\/6.2-1925","metadata":false},{"id":65871,"structure_id":13396,"section_number":"6.2-1926","catch_line":"(Effective July 1, 2026) Supervision","url":"\/6.2-1926\/","token":"6.2\/III\/19.1\/6.2-1926","metadata":false},{"id":62025,"structure_id":13396,"section_number":"6.2-1927","catch_line":"(Effective July 1, 2026) Networked supervision","url":"\/6.2-1927\/","token":"6.2\/III\/19.1\/6.2-1927","metadata":false},{"id":70844,"structure_id":13396,"section_number":"6.2-1928","catch_line":"(Effective July 1, 2026) Relationship to federal law","url":"\/6.2-1928\/","token":"6.2\/III\/19.1\/6.2-1928","metadata":false},{"id":55220,"structure_id":13396,"section_number":"6.2-1929","catch_line":"(Effective July 1, 2026) License required","url":"\/6.2-1929\/","token":"6.2\/III\/19.1\/6.2-1929","metadata":false},{"id":65393,"structure_id":13396,"section_number":"6.2-1930","catch_line":"(Effective July 1, 2026) Consistent state licensing","url":"\/6.2-1930\/","token":"6.2\/III\/19.1\/6.2-1930","metadata":false},{"id":81034,"structure_id":13396,"section_number":"6.2-1931","catch_line":"(Effective July 1, 2026) Application for license","url":"\/6.2-1931\/","token":"6.2\/III\/19.1\/6.2-1931","metadata":false},{"id":68858,"structure_id":13396,"section_number":"6.2-1932","catch_line":"(Effective July 1, 2026) Information required for certain individuals","url":"\/6.2-1932\/","token":"6.2\/III\/19.1\/6.2-1932","metadata":false},{"id":64243,"structure_id":13396,"section_number":"6.2-1933","catch_line":"(Effective July 1, 2026) Issuance of license","url":"\/6.2-1933\/","token":"6.2\/III\/19.1\/6.2-1933","metadata":false},{"id":73816,"structure_id":13396,"section_number":"6.2-1934","catch_line":"(Effective July 1, 2026) License renewal","url":"\/6.2-1934\/","token":"6.2\/III\/19.1\/6.2-1934","metadata":false},{"id":63168,"structure_id":13396,"section_number":"6.2-1935","catch_line":"(Effective July 1, 2026) Maintenance of license","url":"\/6.2-1935\/","token":"6.2\/III\/19.1\/6.2-1935","metadata":false},{"id":64284,"structure_id":13396,"section_number":"6.2-1936","catch_line":"(Effective July 1, 2026) Acquisition of control","url":"\/6.2-1936\/","token":"6.2\/III\/19.1\/6.2-1936","metadata":false},{"id":70569,"structure_id":13396,"section_number":"6.2-1937","catch_line":"(Effective July 1, 2026) Change of key individual; notice and required information","url":"\/6.2-1937\/","token":"6.2\/III\/19.1\/6.2-1937","metadata":false},{"id":64010,"structure_id":13396,"section_number":"6.2-1938","catch_line":"(Effective July 1, 2026) Report of condition","url":"\/6.2-1938\/","token":"6.2\/III\/19.1\/6.2-1938","metadata":false},{"id":83608,"structure_id":13396,"section_number":"6.2-1939","catch_line":"(Effective July 1, 2026) Audited financials","url":"\/6.2-1939\/","token":"6.2\/III\/19.1\/6.2-1939","metadata":false},{"id":74501,"structure_id":13396,"section_number":"6.2-1940","catch_line":"(Effective July 1, 2026) Authorized delegate reporting","url":"\/6.2-1940\/","token":"6.2\/III\/19.1\/6.2-1940","metadata":false},{"id":76742,"structure_id":13396,"section_number":"6.2-1941","catch_line":"(Effective July 1, 2026) Reports of certain events","url":"\/6.2-1941\/","token":"6.2\/III\/19.1\/6.2-1941","metadata":false},{"id":56737,"structure_id":13396,"section_number":"6.2-1942","catch_line":"(Effective July 1, 2026) Reports required by federal law","url":"\/6.2-1942\/","token":"6.2\/III\/19.1\/6.2-1942","metadata":false},{"id":60649,"structure_id":13396,"section_number":"6.2-1943","catch_line":"(Effective July 1, 2026) Records","url":"\/6.2-1943\/","token":"6.2\/III\/19.1\/6.2-1943","metadata":false},{"id":63079,"structure_id":13396,"section_number":"6.2-1944","catch_line":"(Effective July 1, 2026) Relationship between licensee and authorized delegate; prohibited activities","url":"\/6.2-1944\/","token":"6.2\/III\/19.1\/6.2-1944","metadata":false},{"id":62969,"structure_id":13396,"section_number":"6.2-1945","catch_line":"(Effective July 1, 2026) Timely transmission","url":"\/6.2-1945\/","token":"6.2\/III\/19.1\/6.2-1945","metadata":false},{"id":64138,"structure_id":13396,"section_number":"6.2-1946","catch_line":"(Effective July 1, 2026) Refunds","url":"\/6.2-1946\/","token":"6.2\/III\/19.1\/6.2-1946","metadata":false},{"id":57065,"structure_id":13396,"section_number":"6.2-1947","catch_line":"(Effective July 1, 2026) Receipts","url":"\/6.2-1947\/","token":"6.2\/III\/19.1\/6.2-1947","metadata":false},{"id":61020,"structure_id":13396,"section_number":"6.2-1948","catch_line":"(Effective July 1, 2026) Notice","url":"\/6.2-1948\/","token":"6.2\/III\/19.1\/6.2-1948","metadata":false},{"id":59235,"structure_id":13396,"section_number":"6.2-1949","catch_line":"(Effective July 1, 2026) Payroll processing services","url":"\/6.2-1949\/","token":"6.2\/III\/19.1\/6.2-1949","metadata":false},{"id":81196,"structure_id":13396,"section_number":"6.2-1950","catch_line":"(Effective July 1, 2026) Net worth","url":"\/6.2-1950\/","token":"6.2\/III\/19.1\/6.2-1950","metadata":false},{"id":61605,"structure_id":13396,"section_number":"6.2-1951","catch_line":"(Effective July 1, 2026) Surety bond","url":"\/6.2-1951\/","token":"6.2\/III\/19.1\/6.2-1951","metadata":false},{"id":86619,"structure_id":13396,"section_number":"6.2-1952","catch_line":"(Effective July 1, 2026) Maintenance of permissible investments","url":"\/6.2-1952\/","token":"6.2\/III\/19.1\/6.2-1952","metadata":false},{"id":56681,"structure_id":13396,"section_number":"6.2-1953","catch_line":"(Effective July 1, 2026) Permissible investments","url":"\/6.2-1953\/","token":"6.2\/III\/19.1\/6.2-1953","metadata":false},{"id":61652,"structure_id":13396,"section_number":"6.2-1954","catch_line":"(Effective July 1, 2026) Suspension or revocation of license","url":"\/6.2-1954\/","token":"6.2\/III\/19.1\/6.2-1954","metadata":false},{"id":84954,"structure_id":13396,"section_number":"6.2-1955","catch_line":"(Effective July 1, 2026) Civil penalties","url":"\/6.2-1955\/","token":"6.2\/III\/19.1\/6.2-1955","metadata":false},{"id":54366,"structure_id":13396,"section_number":"6.2-1956","catch_line":"(Effective July 1, 2026) Cease and desist orders","url":"\/6.2-1956\/","token":"6.2\/III\/19.1\/6.2-1956","metadata":false},{"id":68409,"structure_id":13396,"section_number":"6.2-1957","catch_line":"(Effective July 1, 2026) Criminal penalty","url":"\/6.2-1957\/","token":"6.2\/III\/19.1\/6.2-1957","metadata":false}],"next_section":{"id":82828,"structure_id":13396,"section_number":"6.2-1923","catch_line":"(Effective July 1, 2026) Exemptions","url":"\/6.2-1923\/","token":"6.2\/III\/19.1\/6.2-1923","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1922\/","history_text":"

This law was first created in 2025. The record of its establishment is cataloged in chapter 214<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":77923,"section_number":"18.2-516","catch_line":"(Effective July 1, 2026) Prohibition of illegal money transmitting","order_by":null,"url":"\/18.2-516\/"},{"id":55795,"section_number":"19.2-10.1","catch_line":"(Effective July 1, 2026) Subpoena duces tecum for obtaining records concerning banking and credit cards","order_by":null,"url":"\/19.2-10.1\/"},{"id":81089,"section_number":"19.2-389","catch_line":"(Effective July 1, 2026) Dissemination of criminal history record information","order_by":null,"url":"\/19.2-389\/"},{"id":71614,"section_number":"19.2-56","catch_line":"(Effective July 1, 2026) To whom search warrant directed; what it shall command; warrant to show date and time of issuance; copy of affidavit to be part of warrant and served therewith; warrants not executed within 15 days","order_by":null,"url":"\/19.2-56\/"},{"id":79049,"section_number":"6.2-1523.1","catch_line":"(Effective July 1, 2026) Access partners","order_by":null,"url":"\/6.2-1523.1\/"},{"id":85410,"section_number":"6.2-2001","catch_line":"(Effective July 1, 2026) License requirement; exceptions","order_by":null,"url":"\/6.2-2001\/"}],"refers_to":false,"permalink":{"id":266481,"object_type":"law","relational_id":78099,"identifier":"6.2-1922","token":"6.2\/III\/19.1\/6.2-1922","url":"\/6.2-1922\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1922\/","token":"6.2\/III\/19.1\/6.2-1922","dublin_core":{"Title":"(Effective July 1, 2026) Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1922","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Authorized delegate<\/span>” means a person<\/span> a licensee<\/span> designates to engage in money transmission on behalf of the licensee<\/span>.\n\t\t“Average daily money transmission liability<\/span>” means the amount of a person<\/span>’s outstanding money transmission obligations<\/span> in the Commonwealth<\/span> at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time. For purposes of calculating average daily money transmission liability<\/span> under this chapter for any person<\/span> required to do so, the given period of time shall be the quarters ending March 31, June 30, September 30, and December 31.\n\t\t“Bank Secrecy Act<\/span>” means the federal Bank Secrecy Act<\/span> (31 U.S.C. \u00a7 5311 et seq.) and its implementing regulations.\n\t\t“Closed loop stored value<\/span>” means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law<\/span> to be redeemable in cash for its cash value;\n\t\t“Control<\/span>” means the power to (i) vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee<\/span>, applicant, or person<\/span> in control<\/span> of a licensee<\/span> or applicant; (ii) elect or appoint a majority of key individuals<\/span> or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person<\/span> in control<\/span> of a licensee<\/span> or applicant; or (iii) exercise, directly or indirectly, a controlling influence over the management or policies of a licensee<\/span>, applicant, or person<\/span> in control<\/span> of a licensee<\/span> or applicant. A person<\/span> shall be presumed to exercise a controlling influence when the person<\/span> holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee<\/span>, applicant, or person<\/span> in control<\/span> of a licensee<\/span> or applicant. Such presumption<\/span> is rebuttable if the person<\/span> is a passive investor<\/span>. For purposes of determining the percentage of a person<\/span> controlled by any other person<\/span>, the person<\/span>’s interest shall be aggregated with the interest of any other immediate family member, including the person<\/span>’s spouse, parents, children, siblings, mothers-in-law<\/span> and fathers-in law<\/span>, sons-in-law<\/span> and daughters-in-law<\/span>, brothers-in-law<\/span> and sisters-in-law<\/span>, and any other person<\/span> who shares such person<\/span>’s home.\n\t\t“Eligible rating” means a credit rating of any of the three highest rating categories provided by an eligible rating service<\/span>, whereby each category may include rating category modifiers such as “plus<\/span>” or “minus<\/span>” for S&P, or the equivalent for any other eligible rating service<\/span>. Long-term credit ratings shall be deemed eligible if the rating is equal to A- or higher by S&P, or the equivalent from any other eligible rating service<\/span>. Short-term credit ratings shall be deemed eligible if the rating is equal to or higher than A-2 or SP-2 by S&P, or the equivalent from any other eligible rating service<\/span>. In the event that ratings differ among eligible rating services<\/span>, the highest rating shall apply when determining whether a security bears an eligible rating.\n\t\t“Eligible rating service<\/span>” means any Nationally Recognized Statistical Rating Organization (NRSRO), as defined by the U.S. Securities and Exchange Commission<\/span>, and any other organization designated by the Commission<\/span> by regulation or order<\/span>.\n\t\t“Federally insured depository financial institution<\/span>” means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws<\/span> of the United States or any state of the United States, when such bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company has federally insured deposits.\n\t\t“Group of persons acting in concert<\/span>” means two or more persons knowingly acting together with a common goal of jointly acquiring control<\/span> of a licensee<\/span> whether or not pursuant to an express agreement.\n\t\t“In the Commonwealth<\/span>” means at a physical location within the Commonwealth for a transaction requested in person<\/span>. For a transaction requested electronically or by phone, the provider of money transmission shall determine if the person<\/span> requesting the transaction is in the Commonwealth<\/span> by relying on other information provided by the person<\/span> regarding the location of the individual’s residential address or a business entity<\/span>’s principal place of business or other physical address location, and any records associated with the person<\/span> that the provider of money transmission may have that indicate such location, including an address associated with an account.\n\t\t“Individual” means a natural person<\/span>.\n\t\t“Key individual<\/span>” means any individual ultimately responsible for establishing or directing policies and procedures of the licensee<\/span> or applicant, such as an executive officer, manager, director, or trustee.\n\t\t“Licensee<\/span>” means a person<\/span> licensed under this chapter.\n\t\t“Material litigation<\/span>” means litigation that, according to generally accepted accounting principles, is significant to a person<\/span>’s financial health and would be required to be disclosed in the person<\/span>’s annual audited financial statements, report to shareholders, or similar records.\n\t\t“Monetary value<\/span>” means a medium of exchange, whether or not redeemable in money.\n\t\t“Money” means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments. Notwithstanding the foregoing, “money” does not include virtual currency<\/span>.\n\t\t“Money transmission” means (i) selling or issuing payment instruments<\/span> to a person<\/span> located in the Commonwealth<\/span>, (ii) selling or issuing stored value to a person<\/span> located in the Commonwealth<\/span>, or (iii) receiving money for transmission<\/span> from a person<\/span> located in the Commonwealth<\/span>. “Money transmission” includes payroll processing services<\/span> and does not include the provision solely of online or telecommunications services or network access.\n\t\t“MSB-accredited state<\/span>” means a state agency or a division, department, or instrumentality thereof that is accredited by the Conference of State Bank Supervisors and Money Transmitter Regulators Association for money transmission licensing and supervision.\n\t\t“Multistate licensing process<\/span>” means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control<\/span> of a licensee<\/span>, control<\/span> determinations, or notice and information requirements for a change of key individuals<\/span>.\n\t\t“Nationwide Multistate Licensing System and Registry<\/span>” or “NMLS<\/span>” means the licensing and registration system operated by the State Regulatory Registry LLC.\n\t\t“Outstanding money transmission obligations<\/span>” means (i) any payment instrument<\/span> or stored value issued or sold by the licensee<\/span> to a person<\/span> located in the United States or reported as sold by an authorized delegate<\/span> of the licensee<\/span> to a person<\/span> that is located in the United States that has not yet been paid or refunded by or for the licensee<\/span>, or escheated in accordance with applicable abandoned property laws<\/span> or (ii) any money received for transmission<\/span> by the licensee<\/span> or an authorized delegate<\/span> in the United States from a person<\/span> located in any state that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws<\/span>.\n\t\t“Passive investor<\/span>” means a person<\/span> that (i) does not have the power to elect a majority of key individuals<\/span> or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person<\/span> in control<\/span> of a licensee<\/span>; (ii) is not employed by and does not have any managerial duties of the licensee<\/span> or person<\/span> in control<\/span> of a licensee<\/span>; (iii) does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee<\/span> or person<\/span> in control<\/span> of a licensee<\/span>; and (iv) attests to clauses (i), (ii), and (iii) in a form and in a medium prescribed by the Commission<\/span> or commits to the passivity characteristics of (i), (ii), and (iii) in a written document.\n\t\t“Payment instrument<\/span>” means a written or electronic check, draft, money order<\/span>, traveler’s check, or other written or electronic instrument for the transmission or payment of money or monetary value<\/span>, whether or not negotiable. “Payment instrument<\/span>” does not include stored value or any instrument that (i) is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law<\/span> to be redeemable in cash for its cash value or (ii) is not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Payroll processing services<\/span>” means receiving money for transmission<\/span> pursuant to a contract<\/span> with a person<\/span> to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. “Payroll processing services<\/span>” does not include an employer performing payroll processing services<\/span> on its own behalf or on behalf of its affiliate, or a professional employment organization subject to regulation under other applicable state law<\/span>.\n\t\t“Person<\/span>” means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity<\/span> identified by the Commission<\/span>.\n\t\t“Receiving money for transmission<\/span>” or “money received for transmission<\/span>” means receiving money or monetary value<\/span> in the United States for transmission within or outside the United States by electronic or other means.\n\t\t“Stored value” means monetary value<\/span> representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption<\/span> for money or monetary value<\/span>, or payment for goods or services. “Stored value” includes prepaid access, as that term is defined by 31 C.F.R. \u00a7 1010.100. Notwithstanding the foregoing, the term “stored value” does not include a payment instrument<\/span> or closed loop stored value<\/span>, or stored value not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.\n\t\t“Tangible net worth<\/span>” means the aggregate assets<\/span> of a licensee<\/span> excluding all intangible assets<\/span>, less liabilities, as determined in accordance with generally accepted accounting principles.\n\t\t“Virtual currency<\/span>” means a digital representation of value that is (i) used as a medium of exchange, unit of account, or store of value and (ii) not money, whether or not denominated in money. Notwithstanding the foregoing, “virtual currency<\/span>” does not include (a) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency<\/span> or (b) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) DEFINITIONS (\u00a7 6.2-1922)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Authorized delegate” means a person a licensee designates to\nengage in money transmission on behalf of the licensee.\n\t\t“Average daily money transmission liability” means the amount of a\nperson’s outstanding money transmission obligations in the Commonwealth at\nthe end of each day in a given period of time, added together, and divided by\nthe total number of days in the given period of time. For purposes of\ncalculating average daily money transmission liability under this chapter for\nany person required to do so, the given period of time shall be the quarters\nending March 31, June 30, September 30, and December 31.\n\t\t“Bank Secrecy Act” means the federal Bank Secrecy Act (31 U.S.C.\n\u00a7 5311 et seq.) and its implementing regulations.\n\t\t“Closed loop stored value” means stored value that is redeemable\nby the issuer only for goods or services provided by the issuer or its affiliate\nor franchisees of the issuer or its affiliate, except to the extent required by\napplicable law to be redeemable in cash for its cash value;\n\t\t“Control” means the power to (i) vote, directly or indirectly, at\nleast 25 percent of the outstanding voting shares or voting interests of a\nlicensee, applicant, or person in control of a licensee or applicant; (ii) elect\nor appoint a majority of key individuals or executive officers, managers,\ndirectors, trustees, or other persons exercising managerial authority of a\nperson in control of a licensee or applicant; or (iii) exercise, directly or\nindirectly, a controlling influence over the management or policies of a\nlicensee, applicant, or person in control of a licensee or applicant. A person\nshall be presumed to exercise a controlling influence when the person holds the\npower to vote, directly or indirectly, at least 10 percent of the outstanding\nvoting shares or voting interests of a licensee, applicant, or person in control\nof a licensee or applicant. Such presumption is rebuttable if the person is a\npassive investor. For purposes of determining the percentage of a person\ncontrolled by any other person, the person’s interest shall be aggregated\nwith the interest of any other immediate family member, including the\nperson’s spouse, parents, children, siblings, mothers-in-law and\nfathers-in law, sons-in-law and daughters-in-law, brothers-in-law and\nsisters-in-law, and any other person who shares such person’s home.\n\t\t“Eligible rating” means a credit rating of any of the three\nhighest rating categories provided by an eligible rating service, whereby each\ncategory may include rating category modifiers such as “plus” or\n“minus” for S&P, or the equivalent for any other eligible\nrating service. Long-term credit ratings shall be deemed eligible if the rating\nis equal to A- or higher by S&P, or the equivalent from any other eligible\nrating service. Short-term credit ratings shall be deemed eligible if the rating\nis equal to or higher than A-2 or SP-2 by S&P, or the equivalent from any\nother eligible rating service. In the event that ratings differ among eligible\nrating services, the highest rating shall apply when determining whether a\nsecurity bears an eligible rating.\n\t\t“Eligible rating service” means any Nationally Recognized\nStatistical Rating Organization (NRSRO), as defined by the U.S. Securities and\nExchange Commission, and any other organization designated by the Commission by\nregulation or order.\n\t\t“Federally insured depository financial institution” means a bank,\ncredit union, savings and loan association, trust company, savings association,\nsavings bank, industrial bank, or industrial loan company organized under the\nlaws of the United States or any state of the United States, when such bank,\ncredit union, savings and loan association, trust company, savings association,\nsavings bank, industrial bank, or industrial loan company has federally insured\ndeposits.\n\t\t“Group of persons acting in concert” means two or more persons\nknowingly acting together with a common goal of jointly acquiring control of a\nlicensee whether or not pursuant to an express agreement.\n\t\t“In the Commonwealth” means at a physical location within the\nCommonwealth for a transaction requested in person. For a transaction requested\nelectronically or by phone, the provider of money transmission shall determine\nif the person requesting the transaction is in the Commonwealth by relying on\nother information provided by the person regarding the location of the\nindividual’s residential address or a business entity’s principal\nplace of business or other physical address location, and any records associated\nwith the person that the provider of money transmission may have that indicate\nsuch location, including an address associated with an account.\n\t\t“Individual” means a natural person.\n\t\t“Key individual” means any individual ultimately responsible for\nestablishing or directing policies and procedures of the licensee or applicant,\nsuch as an executive officer, manager, director, or trustee.\n\t\t“Licensee” means a person licensed under this chapter.\n\t\t“Material litigation” means litigation that, according to\ngenerally accepted accounting principles, is significant to a person’s\nfinancial health and would be required to be disclosed in the person’s\nannual audited financial statements, report to shareholders, or similar records.\n\t\t“Monetary value” means a medium of exchange, whether or not\nredeemable in money.\n\t\t“Money” means a medium of exchange that is authorized or adopted\nby the United States or a foreign government. The term includes a monetary unit\nof account established by an intergovernmental organization or by agreement\nbetween two or more governments. Notwithstanding the foregoing,\n“money” does not include virtual currency.\n\t\t“Money transmission” means (i) selling or issuing payment\ninstruments to a person located in the Commonwealth, (ii) selling or issuing\nstored value to a person located in the Commonwealth, or (iii) receiving money\nfor transmission from a person located in the Commonwealth. “Money\ntransmission” includes payroll processing services and does not include\nthe provision solely of online or telecommunications services or network access.\n\t\t“MSB-accredited state” means a state agency or a division,\ndepartment, or instrumentality thereof that is accredited by the Conference of\nState Bank Supervisors and Money Transmitter Regulators Association for money\ntransmission licensing and supervision.\n\t\t“Multistate licensing process” means any agreement entered into by\nand among state regulators relating to coordinated processing of applications\nfor money transmission licenses, applications for the acquisition of control of\na licensee, control determinations, or notice and information requirements for a\nchange of key individuals.\n\t\t“Nationwide Multistate Licensing System and Registry” or\n“NMLS” means the licensing and registration system operated by the\nState Regulatory Registry LLC.\n\t\t“Outstanding money transmission obligations” means (i) any payment\ninstrument or stored value issued or sold by the licensee to a person located in\nthe United States or reported as sold by an authorized delegate of the licensee\nto a person that is located in the United States that has not yet been paid or\nrefunded by or for the licensee, or escheated in accordance with applicable\nabandoned property laws or (ii) any money received for transmission by the\nlicensee or an authorized delegate in the United States from a person located in\nany state that has not been received by the payee or refunded to the sender, or\nescheated in accordance with applicable abandoned property laws.\n\t\t“Passive investor” means a person that (i) does not have the power\nto elect a majority of key individuals or executive officers, managers,\ndirectors, trustees, or other persons exercising managerial authority of a\nperson in control of a licensee; (ii) is not employed by and does not have any\nmanagerial duties of the licensee or person in control of a licensee; (iii) does\nnot have the power to exercise, directly or indirectly, a controlling influence\nover the management or policies of a licensee or person in control of a\nlicensee; and (iv) attests to clauses (i), (ii), and (iii) in a form and in a\nmedium prescribed by the Commission or commits to the passivity characteristics\nof (i), (ii), and (iii) in a written document.\n\t\t“Payment instrument” means a written or electronic check, draft,\nmoney order, traveler’s check, or other written or electronic instrument\nfor the transmission or payment of money or monetary value, whether or not\nnegotiable. “Payment instrument” does not include stored value or\nany instrument that (i) is redeemable by the issuer only for goods or services\nprovided by the issuer or its affiliate or franchisees of the issuer or its\naffiliate, except to the extent required by applicable law to be redeemable in\ncash for its cash value or (ii) is not sold to the public but issued and\ndistributed as part of a loyalty, rewards, or promotional program.\n\t\t“Payroll processing services” means receiving money for\ntransmission pursuant to a contract with a person to deliver wages or salaries,\nmake payment of payroll taxes to state and federal agencies, make payments\nrelating to employee benefit plans, or make distributions of other authorized\ndeductions from wages or salaries. “Payroll processing services”\ndoes not include an employer performing payroll processing services on its own\nbehalf or on behalf of its affiliate, or a professional employment organization\nsubject to regulation under other applicable state law.\n\t\t“Person” means any individual, general partnership, limited\npartnership, limited liability company, corporation, trust, association, joint\nstock corporation, or other corporate entity identified by the Commission.\n\t\t“Receiving money for transmission” or “money received for\ntransmission” means receiving money or monetary value in the United States\nfor transmission within or outside the United States by electronic or other\nmeans.\n\t\t“Stored value” means monetary value representing a claim against\nthe issuer evidenced by an electronic or digital record, and that is intended\nand accepted for use as a means of redemption for money or monetary value, or\npayment for goods or services. “Stored value” includes prepaid\naccess, as that term is defined by 31 C.F.R. \u00a7 1010.100. Notwithstanding the\nforegoing, the term “stored value” does not include a payment\ninstrument or closed loop stored value, or stored value not sold to the public\nbut issued and distributed as part of a loyalty, rewards, or promotional\nprogram.\n\t\t“Tangible net worth” means the aggregate assets of a licensee\nexcluding all intangible assets, less liabilities, as determined in accordance\nwith generally accepted accounting principles.\n\t\t“Virtual currency” means a digital representation of value that is\n(i) used as a medium of exchange, unit of account, or store of value and (ii)\nnot money, whether or not denominated in money. Notwithstanding the foregoing,\n“virtual currency” does not include (a) a transaction in which a\nmerchant grants, as part of an affinity or rewards program, value that cannot be\ntaken from or exchanged with the merchant for money, bank credit, or virtual\ncurrency or (b) a digital representation of value issued by or on behalf of a\npublisher and used solely within an online game, game platform, or family of\ngames sold by the same publisher or offered on the same game platform.\n\nHISTORY: 2025, c. 214.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}