This bill modifies the Money Transmitter Act to regulate virtual currency kiosk operations.
This bill:
- defines terms;
- requires virtual currency kiosk operators to obtain money transmitter licenses;
- limits virtual currency transactions in certain situations;
- caps the amount that a virtual currency kiosk operator may charge as a transaction fee;
- requires a virtual currency kiosk operator to provide certain fraud warnings prior to a transaction; and
- provides enforcement authority to the attorney general.