The bill HB1467 amends the Uniform Money Services Act in Arkansas to introduce new definitions and requirements specifically addressing virtual currency transactions and the protection of elder adults. Key insertions include definitions for terms such as "elder adult," "money transmission kiosk," and "virtual currency kiosk operator." The bill mandates that licensees provide training materials to authorized delegates on recognizing and responding to financial abuse of elder adults, and requires virtual currency kiosk operators to disclose material risks associated with transactions to customers prior to engagement. Additionally, it updates licensing requirements to include virtual currency kiosks and enhances surety bond requirements to address cybersecurity risks.

Moreover, the bill establishes new regulations for virtual currency kiosks, including requirements for clear customer disclosures before account openings and transactions, detailing customer liabilities, rights, and fees. It sets maximum transaction limits for customers, outlines guidelines for refunds on fraudulent transactions, and mandates compliance measures for kiosk operators, including appointing a chief compliance officer. The legislation also emphasizes the importance of data security for financial institutions, requiring them to implement comprehensive information security programs, conduct risk assessments, and establish incident response plans. Overall, HB1467 aims to enhance consumer protection, transparency, and security in the evolving landscape of virtual currency and financial services.

Statutes affected:
Old version HB1467 Original - 2-12-2025 03:41 PM: 23-55-102, 23-55-202(b), 23-55-204, 23-55-702, 23-55-702(a), 23-55-404(b), 23-55-501(b), 23-55-501, 23-55-603(b), 23-55-608
Old version HB1467 V2 - 3-11-2025 10:15 AM: 23-55-102, 23-55-202(b), 23-55-204, 23-55-702, 23-55-702(a), 03-11-2025, 23-55-404(b), 23-55-501(b), 23-55-501, 23-55-603(b), 23-55-608
Old version HB1467 V3 - 3-17-2025 11:44 AM: 23-55-102, 23-55-202(b), 23-55-204, 23-55-702, 23-55-702(a), 03-17-2025, 23-55-404(b), 23-55-501(b), 23-55-501, 23-55-603(b), 23-55-608
HB 1467: 23-55-102, 23-55-202(b), 23-55-204, 23-55-702, 23-55-702(a), 23-55-404(b), 23-55-501(b), 23-55-501, 23-55-603(b), 23-55-608
Act 557: 23-55-102, 23-55-202(b), 23-55-204, 23-55-702, 23-55-702(a), 03-17-2025, 23-55-404(b), 23-55-501(b), 23-55-501, 23-55-603(b), 23-55-608