Digital financial asset businesses: regulatory fees.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill limits the nonrefundable application fee for digital financial asset businesses to $5,000. Currently, the fee was determined by the Department of Financial Protection and Innovation to cover reasonable costs of application review. This change aims to reduce the financial burden on businesses seeking licenses in the digital financial asset sector.
Key provisions
- Limits the nonrefundable application fee to $5,000.
- Applies to applications for licenses under the Digital Financial Assets Law.
- Specifies the information required in the application.
- Requires an investigation by the Department of Financial Protection and Innovation.
- Outlines the process for approving, conditionally approving, or denying applications.
- Details the conditions under which an application may be deemed withdrawn.
- Addresses the effective date of a license issued under the law.
Who is affected
- Digital financial asset businesses
- Department of Financial Protection and Innovation
- Applicants for digital financial asset licenses
Notable changes
- Establishes a maximum fee for initial license applications.
- Clarifies the scope of the fee to cover application review costs.
Bill text
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Sponsors
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1 on record
Primary sponsor
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