The bill amends and reenacts several sections of Louisiana law related to virtual currency kiosks, specifically focusing on transaction processes, cancellation, and refund policies. Key provisions include a requirement for kiosk operators to allow users to cancel transactions and receive full refunds within seventy-two hours, or at any time if the operator was unlicensed at the time of the transaction. Additionally, operators must acknowledge and respond to cancellation requests within ten business days and provide clear information regarding refund requirements. New sections also mandate that kiosk operators offer live customer support and submit quarterly reports on cancellation and refund requests to the commissioner.

Furthermore, the bill enhances disclosure requirements for virtual currency transactions. It stipulates that licensees must inform customers of their rights, including the ability to contact the office of financial institutions for complaints. The bill modifies the language regarding transaction reversibility, allowing for cancellations within seventy-two hours, and mandates that receipts include comprehensive information about the transaction, including the operator's contact details and refund policies. Overall, the legislation aims to improve consumer protection and transparency in virtual currency transactions.

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)
SB287 Enrolled: 6:1389(B), 6:1(E)(6), 6:1(H), 6:1(H)(1)
SB287 Act 482: 6:1389(B), 6:1(E)(6), 6:1(H), 6:1(H)(1)