SB2319: VIRTUAL CURRENCY CONSUM PROT

Legislative Summary

Creates the Digital Asset Kiosks Act. Sets forth provisions concerning the general powers and duties of the Department of Financial and Professional Regulation in administering and enforcing registrations for digital asset kiosk operators and transactions. Provides that moneys collected by the Department under the Act shall be deposited into the Digital Asset Kiosk Fund. Establishes transaction and charge limits on digital asset kiosk operators. Requires disclosures for digital asset kiosk operators before engaging in each digital asset kiosk transaction with a customer and requires operators to report the physical location of digital asset kiosks. Requires digital asset kiosk operators to issue refunds for fraudulent transactions at the request of a new customer within the new customer period. Requires digital asset kiosk operators to register with the Department and sets forth provisions concerning renewal and refusal of registration. Establishes surety bond and tangible net worth requirements for registrants. Provides a private right of action for violations of the Act. Exempts specified entities from the requirements of the Act. Provides that, if and only if House Bill 742 of the 104th General Assembly becomes law in the form in which it passed the House on April 10, 2025, then the Digital Asset Kiosks Act is amended by repealing the specified provisions of the Act. Amends the State Finance Act to create the Digital Asset Kiosk Fund. Effective immediately.