HB 505: Virtual Currency Kiosks

Virtual Currency Kiosks; Revising the requirements for certain rules adopted by the Financial Services Commission; revising the actions by money services businesses, authorized vendors, or affiliated parties which constitute grounds for disciplinary action; prohibiting persons from engaging in certain business unless they are registered or exempt from registration; prohibiting a virtual currency kiosk business from operating in this state without registering or renewing its registration; requiring the Office of Financial Regulation to give a specified notice to applicants; specifying that certain money transmitters are exempt from registration as a virtual currency kiosk business but are subject to certain provisions; requiring applicants to submit certain information to the office to be registered as a virtual currency kiosk business; requiring a virtual currency kiosk business to ensure that its virtual currency kiosk requires certain attestations from the customer and displays a certain disclosure; requiring a virtual currency kiosk business to provide a customer with a specified physical or electronic receipt upon completion of a virtual currency transaction; requiring a virtual currency kiosk business to issue a full refund under certain circumstances, etc.