The proposed bill, known as the "Virtual Currency Kiosk Prevention Act," aims to prohibit the operation of virtual currency kiosks in the state of Michigan. It defines key terms related to virtual currency transactions, including "charges," "money," "operate," "operator," "user," and "virtual currency." The bill establishes that no person may intentionally, knowingly, or recklessly operate a virtual currency kiosk or allow one to be operated on their premises. Violations of this prohibition are classified as felonies, with penalties including imprisonment, fines, and community service, particularly if the violation involves vulnerable adults or significant financial losses.

Additionally, the bill empowers the attorney general or county prosecutors to enforce its provisions, allowing them to seek various forms of relief through the courts. This includes injunctions against violations, fines, forfeiture of collected charges, and the seizure of any virtual currency kiosks operated in violation of the act. The act is set to take effect 90 days after being enacted into law.