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 requirements for cancellation and refund requests. Specifically, it mandates that kiosk owners or operators must acknowledge and respond to refund requests within ten business days and complete the refund process within ninety calendar days. Additionally, the bill requires that live customer support be available via a toll-free number during kiosk operating hours, which must also be displayed on the kiosk and included on customer receipts. Furthermore, kiosk operators are required to submit quarterly reports to the commissioner detailing all cancellation and refund requests.

The bill also updates disclosure requirements for licensees when opening new accounts and prior to transactions. It stipulates that residents must be informed of their right to contact the office of financial institutions with any complaints regarding kiosk services. Notably, the language regarding transaction reversibility has been modified to indicate that transactions may be canceled within seventy-two hours, allowing for refunds under specified conditions. Upon completion of transactions, licensees are required to provide receipts in both paper and electronic formats, which must include comprehensive information about the transaction, fees, and the refund policy. 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)