The bill, HB1467, amends the Uniform Money Services Act in Arkansas to enhance regulations surrounding virtual currency transactions and the protection of elder adults. It introduces new definitions such as "elder adult," "money transmission kiosk," and "virtual currency wallet," while mandating that licensees provide training on recognizing financial abuse of elder adults. The bill also requires clear disclosures regarding the risks of virtual currency transactions to be provided to customers before they engage in such activities. Additionally, it updates licensing requirements, including the necessity for a surety bond and emphasizes monitoring authorized delegates, along with a fraud warning during transactions.

Moreover, the bill establishes comprehensive regulations for virtual currency kiosks, requiring owners to provide conspicuous written disclosures about customer liabilities, payment stoppage rights, and transaction fees. It sets maximum transaction limits for customers, mandates customer identification, and requires third-party monitoring for high-risk transactions. The legislation also emphasizes the importance of customer support for elderly clients and necessitates the appointment of a chief compliance officer. In terms of safeguarding customer information, the bill mandates financial institutions to implement a comprehensive information security program, including multi-factor authentication and secure disposal procedures, while also requiring timely notification of any security breaches to the Securities Commissioner. Overall, HB1467 aims to bolster consumer protection and ensure transparency in financial transactions.

Statutes affected:
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
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
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