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Committee backs modernization of Delaware money‑transmission law, including virtual‑currency provisions
Summary
The committee approved Senate Bill 18 (with Amendment 1) to replace Chapter 23 of Title 5 with a Money Transmission and Virtual Currency Modernization Act based on the CSBS model; the banking commissioner testified it standardizes licensing, capital and supervision and enables multistate coordination. The measure was released from committee.
The House Economic Development committee voted to release Senate Bill 18 with Senate Amendment 1, a measure to modernize Delaware’s money‑transmission statute and add virtual currency provisions.
Lisa Collison, the state banking commissioner, told committee members the bill repeals the current Chapter 23 of Title 5 and replaces it with a Delaware Money Transmission and Virtual Currency Modernization Act based on standards from the Conference of State Bank Supervisors (CSBS). She described features such as standardized licensing, capital and liquidity requirements, permitable investments rules, and multistate supervisory tools including joint examinations and shared examination reports.
Members asked whether the bill reflects the CSBS model, how many states have adopted it and how the Nationwide Multistate Licensing System (NMLS) would be used. Collison said 31 states have enacted all or parts of the model act and that the Office uses NMLS to coordinate licensing and examinations across states, which provides consumer protections and regulatory oversight for businesses operating across state lines.
After brief discussion and no recorded in‑person opposition, the committee moved and voted to release SB 18 with Senate Amendment 1 from committee.
