HB354

What it does

• Requires operators to hold a money transmission license to conduct any virtual currency kiosk transaction.
• Mandates that operators get prior approval from the department for each kiosk location; locations with high fraud or complaints may be denied or require extra safeguards.
• Orders kiosks to display warnings on screens about scams, including those targeting seniors like government impersonation and romance scams.
• Requires a prompt asking if users are 60 years or older; if yes, the operator must provide additional information or human assistance.
• Mandates verbal confirmation via phone or video call for any transaction by users aged 60 or older, and for transactions of $300 or more by younger users.
• Requires identity verification using a government-issued document for transactions over $1,000 (or over $300 if the user is 60 or older).
• Sets rules requiring operators to issue full refunds including fees if fraud is reported to police and the operator within 120 days with an official report.
• Requires annual reports on fraud complaints, refunds, prevention measures, law enforcement interactions, and incidents involving senior citizens.