Pennsylvania payments and fintech laws

What it would do: Requires persons operating virtual currency kiosks in Pennsylvania to obtain a license from the Department of Banking and Securities, establishes licensing requirements including minimum tangible net worth of $500,000 and a $1,000,000 bond, imposes transaction limits and fee caps, mandates consumer protections and fraud warnings, and establishes a public education campaign fund.

What it would do: Prohibits payment card networks from charging interchange fees that include a percentage of transaction amounts without excluding taxes, and requires networks to either deduct taxes from interchange fee calculations or rebate proportionate amounts. Violators face civil penalties up to $1,000 per violation and must refund affected merchants and consumers.

What it would do: Amends Pennsylvania's electronic funds transfer law to permit employers to pay wages solely by payroll card account if they provide employees 45 days' notice and allow employees to designate an alternative financial institution within 7 days, with restrictions on overdraft fees and requirements for free ATM withdrawals.

What it would do: Requires banking institutions and credit unions to notify customers of overdraft and nonsufficient funds fees on the same or next business day, caps fees at $15 or processing cost whichever is lower, limits to three such fees per calendar day, prohibits fees on declined transactions, and requires fee transparency on websites.

What it would do: Requires retailers to display notices warning purchasers about gift card scams, train employees on identifying fraud, and require photo identification at purchase. Imposes civil penalties of up to $500 for second violations and up to $1,000 for third or subsequent violations.

What it would do: Amends Pennsylvania's Money Transmission Business Licensing Law to include virtual currency transmission alongside money transmission, requiring licensees to obtain licenses, maintain $500,000 tangible net worth, post $1,000,000 bonds, and register agents conducting virtual currency transmission services.

What it would do: Establishes a stablecoin licensing framework in Pennsylvania, requiring domestic entities to obtain Department of Banking and Securities approval to issue payment stablecoins and imposing reserve, compliance, and operational requirements on licensees.

What it would do: Prohibits payment card networks from charging interchange fees that include taxes in the percentage calculation, charging disputed transaction fees before resolution, or penalizing merchants for legal pricing. Requires networks to exclude taxes from fee calculations or provide rebates and imposes civil penalties up to $1,000 per violation.

What it would do: Requires virtual currency kiosk operators in Pennsylvania to obtain money transmitter licenses, disclose material risks and terms to customers, provide 24-hour customer service, use blockchain analytics, maintain anti-fraud and elder protection policies, designate compliance and consumer protection officers, and report kiosk locations quarterly to the Department of Banking and Securities.

What it would do: Prohibits government entities from creating firearm ownership registries and prevents payment processors from assigning merchant category codes that separately classify firearms or ammunition retailers. Violations are felonies of the third degree or subject to administrative fines up to $2,500.

What it would do: Requires virtual currency lenders operating in Pennsylvania to notify the Department of Banking and Securities 90 days before conducting business, maintain collateral equal to 100% of virtual currency value in money or cash equivalents held in trust, segregate customer funds from their own assets, and imposes escalating fines up to $20,000 per violation with potential prohibition from operating after three violations.