Senate Bill No. 287, introduced by Senator Reese, aims to enhance the regulation of virtual currency kiosks in Louisiana. The bill amends existing laws to establish clearer guidelines for the operation of these kiosks, including provisions for transaction cancellations and refunds. Notably, if a kiosk operator is not properly licensed at the time of a transaction, they must allow users to cancel the transaction and receive a full refund at any time. Additionally, the bill mandates that kiosk operators respond to cancellation and refund requests within ten business days and clearly disclose all requirements for obtaining a refund. Refund requests related to suspected fraudulent activity may require users to provide proof of a police report or similar documentation.

The bill also introduces new requirements for customer support and reporting. Each kiosk operator must offer live customer support via a toll-free number, which must be prominently displayed on the kiosk and included on transaction receipts. Furthermore, operators are required to submit quarterly reports to the commissioner of the office of financial institutions detailing all cancellation and refund requests. The bill enhances consumer protections by ensuring that residents are informed of their rights regarding virtual currency transactions, including the ability to cancel transactions within 72 hours and receive a full refund. The proposed changes are set to take effect on August 1, 2026.

Statutes affected:
SB287 Original: 6:1(E)(6), 6:1(H), 6:1(H)(1)
SB287 Engrossed: 6:1(E)(6), 6:1(H), 6:1(H)(1)
SB287 Reengrossed: 6:1389(B), 6:1(E)(6), 6:1(H), 6:1(H)(1)