SEC. 2. DEFINITIONS. 
(a) DEFINITION OF FINANCIAL INSTITUTION.—Para-
graph (2) of section 5312(a) of title 31, United States 
Code is amended— 
(1) by redesignating subparagraphs (Y) and (Z) 
as subparagraphs (Z) and (AA), respectively; and 
(2) by inserting after subparagraph (X) the fol-
lowing new subparagraph: 
‘‘(Y) a person engaged in the business of 
providing stored value services, including a 
stored value system operator, an issuer of 
stored value, a seller of stored value, and a re-
deemer of stored value;’’. 
(b) STORED VALUE, STORED VALUE SYSTEM OPER-
ATOR, AND DEVICE DEFINED.—Subsection (a) of section 
5312 of title 31, United States Code, is amended by add-
ing at the end the following new paragraphs: 
‘‘(7) STORED VALUE.—The term ‘stored value’ 
means funds or monetary value represented in dig-
ital electronics format (whether or not specially 
encrypted) and stored or capable of storage on elec-
tronic media in such a way as to be retrievable and 
transferable electronically. 
‘‘(8) STORED VALUE SYSTEM OPERATOR.— 
‘‘(A) IN
GENERAL.—The term ‘stored 
value system operator’ means any person doing 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
business in the United States that operates a 
system for clearing and settling transactions in 
which the operator’s stored value device is used 
to purchase goods or services or to obtain cash. 
To fall within this definition, the operator must 
also have authorized another person (whether 
located in the United States or not) to be an 
issuing institution or acquiring institution for 
the operator’s stored value device or must act 
as its own issuing institution or acquiring insti-
tution. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) ISSUING INSTITUTION.—The term 
‘issuing institution’ means a person au-
thorized by the stored value system oper-
ator to issue the operator’s stored value 
device. 
‘‘(ii) ACQUIRING
INSTITUTION.—The 
term ‘acquiring institution’ means a person 
authorized by the stored value system op-
erator to contract, directly or indirectly, 
with merchants or other persons to process 
transactions, including cash access trans-
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
actions, involving the operator’s stored 
value device. 
‘‘(iii) OPERATOR’S STORED VALUE DE-
VICE.—The term ‘operator’s stored value 
device’ means a stored value device capable 
of being used in the United States that— 
‘‘(I) has been issued by an 
issuing institution; and 
‘‘(II) can be used in the opera-
tor’s stored value system. 
‘‘(9) DEVICE.—The term ‘device’ means any 
card, plate, code, account number, electronic serial 
number, mobile identification number, personal iden-
tification number, or other telecommunications serv-
ice, equipment, or instrument identifier, or other 
means of account access that can be used, alone or 
in conjunction with another access device, to obtain 
money, goods, services, or any other thing of value, 
or that can be used to initiate a transfer of funds 
or of stored value (other than a transfer originated 
solely by paper instrument), but a stored value de-
vice does not include a credit card or a debit card, 
as such terms are defined by the Secretary of the 
Treasury. 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
‘‘(10) REPORTABLE STORED VALUE DEVICE.— 
The term ‘reportable stored value device’ means a 
stored value device for which— 
‘‘(A) the associated stored value account is 
reloadable by the device holder; 
‘‘(B) the device does not comply with min-
imum stored value device standards prescribed 
by the Secretary of the Treasury; 
‘‘(C) the device does not bear the name of 
the person transporting or possessing the de-
vice; or 
‘‘(D) the device is designated as reportable 
by the Secretary of the Treasury.’’. 
SEC. 3. REGISTRATION OF STORED VALUE PROGRAMS. 
(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 programs 
‘‘(a) REGISTRATION
WITH
SECRETARY
OF
THE 
TREASURY REQUIRED.— 
‘‘(1) IN GENERAL.—Any stored value system 
operator shall register each stored value program 
that such person authorizes to function on such 
stored value system with the Secretary of the Treas-
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
ury not later than the end of the 180-day period be-
ginning 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 end of the 30-day period that be-
gins on the date on which the first stored value 
transaction in the stored value program is proc-
essed. 
‘‘(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 program pursuant to paragraph (1). 
‘‘(3) PERSONS
REMAIN
SUBJECT
TO
STATE 
LAW.—This section shall not be construed as super-
seding any requirement of State law relating to per-
sons operating stored value systems or persons en-
gaged in stored value programs within the jurisdic-
tion of 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 program shall be considered as a failure to 
comply with the requirements of this subchapter. 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
‘‘(b) CONTENTS OF REGISTRATION.—The registra-
tion of a stored value program under subsection (a) shall 
include the following information: 
‘‘(1) The name and location of the operator of 
the stored value system. 
‘‘(2) The name and address of each person 
who— 
‘‘(A) issues the stored value associated 
with the stored value program; 
‘‘(B) issues a stored value device associ-
ated with the stored value program; or 
‘‘(C) provides stored value processing serv-
ices to the issuer of the stored value or to the 
issuer of the stored value device, or to a person 
acting in a capacity similar to such issuer. 
‘‘(3) The name and address of any depository 
institution at which the stored value program main-
tains a transaction account (as defined in section 
19(b)(1)(C) of the Federal Reserve Act). 
‘‘(4) The name and address of the bank, foreign 
or domestic, in which the primary transaction ac-
count for the funds representing the stored value 
sold is held, the bank routing number, and the bank 
account number. 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
‘‘(3) the maximum amount of value that may 
be held in a stored value account associated with the 
device at any time (maximum value); 
‘‘(4) the bank identification number of the 
stored value program that is associated with the de-
vice, if any; and 
‘‘(5) a clear and concise descriptive label of the 
type of stored value program through which the de-
vice is issued. 
‘‘(d) STORED VALUE PROGRAM DEFINED.—For pur-
poses of this section, the term ‘stored value program’ 
means any one or more stored value devices with the same 
device functionality authorized by a stored value system 
operator to be issued by an issuing institution in which 
each device in the program is identified by the same bank 
identification number or other identifier that relates the 
stored value device to the issuing institution. 
‘‘(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. 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
‘‘(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. 
‘‘(f) FORFEITURE.— 
‘‘(1) IN GENERAL.—Any— 
‘‘(A) stored value device issued in connec-
tion with a stored value program that fails to 
comply with any requirement of this section or 
any regulation prescribed under this section, 
‘‘(B) stored value issued in connection with 
a stored value program that fails to comply 
with any requirement of this section or any reg-
ulation prescribed under this section, or 
‘‘(C) physical stored value device that does 
not comply with the physical characteristics re-
quired for registration under this section, 
may be seized and forfeited to the United States. 
‘‘(2) PROCEDURE.—The seizure and forfeiture 
shall be governed by the procedures governing civil 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
forfeitures in money laundering cases pursuant to 
section 981(a)(1)(A) of title 18, United States Code. 
‘‘(3) TREATMENT
OF
CERTAIN
PROPERTY
AS 
INVOLVED IN THE OFFENSE.—For purposes of this 
subsection, any stored value device, and any other 
property used, or intended to be used to facilitate 
the offense (including the funds or value of funds 
accessible by the stored value device at the time of 
the offense), shall be considered property involved in 
the offense. 
‘‘(g) SMALL BUSINESS
AND LOW-RISK EXEMP-
TION.—The Secretary of the Treasury shall prescribe reg-
ulations establishing, on the basis of such criteria as the 
Secretary determines to be appropriate, a threshold point 
under which small- and low-risk stored value programs 
will not be required to register under this section.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 53 of title 31, United States Code, is amended 
by inserting after the item relating to section 5330 the 
following new item: 
‘‘5330A. Registration of stored value programs.’’. 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6211
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
SEC. 4. AMENDMENTS RELATING TO REPORTS ON EXPORTS 
AND IMPORTS OF MONETARY INSTRUMENTS, 
STORED VALUE, AND STORED VALUE DE-
VICES. 
(a) REQUIREMENT OF REPORTS ON EXPORTS AND 
IMPORTS OF STORED VALUE AND STORED VALUE DE-
VICES.—Section 5316(a) of title 31, United States Code, 
is amended to read as follows: 
‘‘(a) Except as provided in subsection (d) of this sec-
tion, a person or an agent or bailee of the person shall 
file a report under subsection (b) of this section when the 
person, agent, or bailee knowingly— 
‘‘(1) transports, is about to transport, or has 
transported, monetary instruments, stored value, or 
a combination of monetary instruments and stored 
value, of more than $10,000 at one time, or report-
able stored value devices at one time— 
‘‘(A) from a place in the United States to 
or through a place outside the United States; or 
‘‘(B) to a place in the United States from 
or through a place outside the United States; or 
‘‘(2) receives monetary instruments, stored 
value, or a combination of monetary instruments 
and stored value, of more than $10,000 at one time, 
or reportable stored value devices at one time, trans-
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
ported into the United States from or through a 
place outside the United States.’’. 
(b) REPORT
FILING
AND
CONTENT
REQUIRE-
MENTS.—Subsection (b) of section 5316 of title 31, 
United States Code, is amended to read as follows: 
‘‘(b) REPORT
FILING
AND
CONTENT
REQUIRE-
MENTS.— 
‘‘(1) TIME AND PLACE OF FILING.—A report 
under subsection (a) shall be filed at the time and 
place the Secretary of the Treasury prescribes. 
‘‘(2) MONETARY
INSTRUMENT
OR
STORED 
VALUE.—A report filed under this subsection with 
respect to monetary instruments or stored value 
shall contain the following information to the extent 
the Secretary of the Treasury prescribes: 
‘‘(A) The legal capacity in which the per-
son filing the report is acting. 
‘‘(B) The origin, destination, and route of 
the monetary instruments or stored value. 
‘‘(C) When the monetary instruments or 
stored value are not legally and beneficially 
owned by the person transporting the instru-
ments or stored value, or if the person trans-
porting the instruments or stored value person-
ally is not going to use them, the identity of the 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS
person that gave the instruments or stored 
value to the person transporting them, the iden-
tity of the person who is to receive them, or 
both. 
‘‘(D) The amount and kind of monetary 
instruments or stored value transported. 
‘‘(E) Such additional information as the 
Secretary of the Treasury may require. 
‘‘(3) STORED VALUE DEVICES.—A report filed 
under this subsection with respect to reportable 
stored value devices shall contain the following infor-
mation to the extent the Secretary of the Treasury 
prescribes: 
‘‘(A) The legal capacity in which the per-
son filing the report is acting. 
‘‘(B) The origin, destination, and route of 
the stored value devices. 
‘‘(C) When the stored value devices are not 
legally and beneficially owned by the person 
transporting the stored value devices, or if the 
person transporting the stored value devices 
personally is not going to use the stored value 
devices, the identity of the person that gave the 
stored value devices to the person transporting 
VerDate Nov 24 2008 
05:00 Apr 23, 2010
Jkt 089200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H5127.IH
H5127
tjames on DSKG8SOYB1PROD with BILLS