The bill H.648 introduces comprehensive regulations for money transmission kiosks and virtual currency transactions in Vermont. It prohibits the operation of virtual currency kiosks unless they are registered and approved by the Commissioner, with a clear expiration date for such registrations set for July 1, 2026. The bill mandates that kiosks provide essential disclosures about fees, contact information, and consumer assistance prior to transactions, enhancing transparency and consumer protection. Additionally, it establishes a moratorium on new virtual currency kiosks until July 1, 2026, while allowing existing licensed kiosks to continue operations until June 30, 2024. Operators are required to verify customer identities, maintain detailed records, and implement fraud prevention measures, including live screenings and blockchain analytics.

Moreover, the bill addresses commercial financing by requiring providers to be licensed and imposing strict disclosure requirements for financing offers. It defines key terms related to commercial financing and outlines the responsibilities of providers, including prohibiting certain practices like automatic account debiting without a perfected security interest. The bill also establishes that contracts made in violation of these regulations are void and grants the Commissioner authority to adopt rules for effective administration. The regulations for commercial financing will take effect on July 1, 2027, while the broader provisions related to kiosks and virtual currency will be enforced starting July 1, 2026.

Statutes affected:
As Introduced: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411
As Passed By the House -- Official: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411
As Passed By the House -- Unofficial: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411
As Passed by Both House and Senate -- Official: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411, 8-2577(f), 8-2577, 8-2574, 8-2115(e), 8-2115
As Passed by Both House and Senate -- Unofficial: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-2574, 8-2577, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411, 8-2115(e), 8-2115
House proposal of amendment to Senate proposal of amendment Official: 8-2507, 8-2574, 8-2577, 8-2115(e), 8-2115
House proposal of amendment to Senate proposal of amendment Unofficial: 8-2507, 8-2574, 8-2577, 8-2115(e), 8-2115