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 it establishes disclosure requirements for virtual currency transactions, highlighting the associated risks and irreversibility of such transactions. Additionally, it modifies existing licensing provisions to include virtual currency kiosks and updates surety bond requirements to address cybersecurity risks.

Furthermore, the bill enhances the security and management of customer information for financial institutions by requiring the development of a comprehensive information security program that includes multi-factor authentication and secure disposal procedures for customer data. Financial institutions must also conduct regular security assessments, maintain an incident response plan, and notify the Securities Commissioner of any security breaches involving consumer information within 45 days. Notably, smaller financial institutions handling customer information for fewer than 5,000 consumers are exempt from certain requirements, thereby reducing their regulatory burden. Overall, HB1467 aims to bolster consumer protection and ensure transparency in virtual currency transactions while enhancing the security of customer data.

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