To prevent the use of certain payment instruments, credit cards, and fund transfers for unlawful Internet gambling, and for other purposes.

And just exactly does other purposes mean?
Does that mean I can not transfer money to another institution for use as I see fit.

I did not pull and read the bill right now.

There is a summary of the bill on the website. Maybe it can answer your question. I don't know.

After quickly looking over the bill, it looks to me like BIG INSURANCE is behind it. They don't want you spending their money!

When does this take effect?

It's in the first step in the legislative. Then it goes to the house committee on the 26th of this month before it goes to the house.   It's been knocked down each time by the house committee and I doubt it will pass.

I think this is a bad time for this bill to come up with the immigration bill overshadowing. It'll probably surface again in a few years. That's my opinion, like it always have.