SB 911 Summary

• Revises Connecticut's Money Transmission Act effective October 1, 2013, replacing the term "agent" with "authorized delegate" and updating definitions and requirements for money transmitters, payment instruments, and stored value services.

• Increases surety bond requirements for money transmitters based on average weekly transaction volume, with minimums ranging from $300,000 to $1,000,000, and requires bonds to run concurrently with license periods rather than extending two years post-license.

• Establishes new record-keeping requirements for licensees including maintaining records for five years and quarterly reporting of outstanding money transmissions; adds application requirements for authorized delegates and financial institution disclosures.

• Expands consumer collection agency regulations by strengthening licensing requirements, mandating trust accounts for third-party agencies, requiring compliance with federal Fair Debt Collection Practices Act, and imposing disclosure requirements for debt beyond statute of limitations.

• Adds provisions requiring consumer collection agencies to maintain separate trust accounts, provide detailed accounting records, restrict post-charge-off collection fees to 15% of amounts collected, and comply with new state and federal debt collection standards.