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Substitute House Bill No. 5102

Public Act No. 04-61

AN ACT IMPOSING A PENALTY FOR ENGAGING IN THE BUSINESS OF TRANSMITTING MONEY WITHOUT A LICENSE.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 36a-597 of the general statutes, as amended by section 3 of public act 03-61, is repealed and the following is substituted in lieu thereof (Effective October 1, 2004):

(a) No person shall engage in the business of issuing Connecticut payment instruments, or engage in the business of money transmission, without first obtaining a license from the commissioner as provided in section 36a-600. No person shall engage in such business or in the business of selling Connecticut payment instruments as an agent or subagent, except as an agent or subagent of a licensee or an entity or a person exempt under section 36a-609, as amended, and in accordance with section 36a-607, as amended.

(b) Any person who knowingly engages in the business of issuing Connecticut payment instruments, or who knowingly engages in the business of money transmission, without obtaining a license, as provided in section 36a-600, shall be guilty of a class D felony. Each transaction in violation of the provisions of this subsection shall constitute a separate offense.

Approved May 10, 2004