‘‘(A) stores, or is capable of storing, funds 
represented in electronic format (whether or not 
specially encrypted) in such a way as to allow 
such funds to be retrievable and transferable 
electronically; 
‘‘(B) is used to obtain money, goods, serv-
ices, or any other thing of value, or that can be 
used to initiate a transfer of funds (other than 
a transfer originated solely by paper instru-
ment); and 
‘‘(C) is not a credit card or a debit card, 
as such terms are defined by the Secretary of 
the Treasury.’’. 
SEC. 3. REGISTRATION OF STORED VALUE DEVICE BUSI-
NESSES. 
(a) IN GENERAL.—Subchapter II of chapter 53 of 
title 31, United States Code, is amended by inserting after 
section 5330 the following new section: 
‘‘§ 5330A. Registration of stored value device busi-
nesses 
‘‘(a) REGISTRATION
WITH
SECRETARY
OF
THE 
TREASURY REQUIRED.— 
‘‘(1) IN GENERAL.—Any person who owns or 
controls a stored value device business shall register 
the business (whether or not the business is licensed 
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as a stored value device business in any State) with 
the Secretary of the Treasury not later than the end 
of the 180-day period beginning on the later of— 
‘‘(A) the date of the enactment of the 
Stored Value Device Registration and Report-
ing Act of 2010; or 
‘‘(B) the date on which the business is es-
tablished. 
‘‘(2) FORM AND MANNER OF REGISTRATION.— 
Subject to the requirements of subsection (b), the 
Secretary of the Treasury shall prescribe, by regula-
tion, the form and manner for registering a stored 
value device business pursuant to paragraph (1). 
‘‘(3) BUSINESSES REMAIN SUBJECT TO STATE 
LAW.—This section shall not be construed as super-
seding any requirement of State law relating to 
stored value device businesses operating in such 
State. 
‘‘(4) FALSE AND INCOMPLETE INFORMATION.— 
The filing of false or materially incomplete informa-
tion in connection with the registration of a stored 
value device businesses shall be considered as a fail-
ure to comply with the requirements of this sub-
chapter. 
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‘‘(b) CONTENTS OF REGISTRATION.—The registra-
tion of a stored value device business under subsection (a) 
shall include the following information: 
‘‘(1) The name and location of the business. 
‘‘(2) The name and address of each person 
who— 
‘‘(A) owns or controls the business; 
‘‘(B) is a director or officer of the busi-
ness; or 
‘‘(C) otherwise participates in the conduct 
of the affairs of the business. 
‘‘(3) The name and address of any depository 
institution at which the business maintains a trans-
action account (as defined in section 19(b)(1)(C) of 
the Federal Reserve Act). 
‘‘(4) An estimate of the volume of business in 
the coming year (which shall be reported annually to 
the Secretary). 
‘‘(5) Such other information as the Secretary of 
the Treasury may require. 
‘‘(c) AGENTS
OF STORED VALUE DEVICE BUSI-
NESS.— 
‘‘(1) MAINTENANCE
OF
LISTS
OF
AGENTS.— 
Pursuant to regulations which the Secretary of the 
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Treasury shall prescribe, each stored value device 
business shall— 
‘‘(A) maintain a list containing the names 
and addresses of all persons authorized to act 
as an agent for such business in connection 
with activities described in subsection (d)(1) 
and such other information about such agents 
as the Secretary may require; and 
‘‘(B) make the list and other information 
available on request to any appropriate law en-
forcement agency. 
‘‘(2) TREATMENT OF AGENT.—The Secretary of 
the Treasury shall prescribe regulations establishing, 
on the basis of such criteria as the Secretary deter-
mines to be appropriate, a threshold point for treat-
ing an agent of a stored value device business as a 
stored value device business for purposes of this sec-
tion. 
‘‘(d) STORED VALUE DEVICE BUSINESS DEFINED.— 
For purposes of this section, the term ‘stored value device 
business’ means a person other than the United States 
Postal Service who— 
‘‘(1) is engaged in the business of— 
‘‘(A) issuing stored value devices; or 
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‘‘(B) processing transactions related to a 
stored value device, including accessing infor-
mation pertaining to the funds stored on such 
device, retrieving the funds stored on such de-
vice, or adding funds to be stored on such de-
vice; and 
‘‘(2) is not a depository institution (as defined 
in section 5313(g)). 
‘‘(e) CIVIL PENALTY
FOR FAILURE TO COMPLY 
WITH REGISTRATION REQUIREMENTS.— 
‘‘(1) IN GENERAL.—Any person who fails to 
comply with any requirement of this section or any 
regulation prescribed under this section shall be lia-
ble to the United States for a civil penalty of $5,000 
for each such violation. 
‘‘(2) CONTINUING VIOLATION.—Each day a vio-
lation described in paragraph (1) continues shall 
constitute a separate violation for purposes of such 
paragraph. 
‘‘(3) ASSESSMENTS.—Any penalty imposed 
under this subsection shall be assessed and collected 
by the Secretary of the Treasury in the manner pro-
vided in section 5321 and any such assessment shall 
be subject to the provisions of such section. 
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