Virtual currency kiosks and civil forfeiture of property used in the course of crimes; create provisions concerning.

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To: Business and Financial
Institutions
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Boyd

SENATE BILL NO. 2709

AN ACT TO ENACT THE "MONEY TRANSMISSION MODERNIZATION ACT FOR 1
VIRTUAL CURRENCY KIOSKS"; TO DEFINE TERMS; TO PROVIDE LICENSING 2
REQUIREMENTS FOR VIRTUAL CURRENCY KIOSK OPERATORS; TO PROHIBIT 3
VIRTUAL OPERATORS FROM USING ANY SIGN USING THE WORDS "AUTOMATIC 4
TELLER MACHINE" OR "ATM"; TO PROVIDE DISCLOSURE REQUIREMENTS; TO 5
REQUIRE OPERATORS TO DISCLOSE ALL MATERIAL RISKS ASSOCIATED WITH 6
VIRTUAL CURRENCY; TO REQUIRE SPECIFIC DISCLOSURES; TO PROVIDE FOR 7
NEW ACCOUNTS AND INITIAL TRANSACTIONS; TO REQUIRE OPERATORS TO 8
DISCLOSE TO CUSTOMERS THE TERMS AND CONDITIONS OF A TRANSACTION; 9
TO REQUIRE CERTAIN TERMS AND CONDITIONS; TO REQUIRE OPERATORS TO 10
ENSURE THAT EACH CUSTOMER ACKNOWLEDGES RECEIPT OF ALL REQUIRED 11
DISCLOSURES; TO PROVIDE FOR RECEIPT REQUIREMENTS; TO LIMIT THE 12
TOTAL AMOUNT OF A FEES AND COMMISSION CHARGE TO NOT MORE THAN 15% 13
OF THE AMOUNT OF THE VIRTUAL CURRENCY TRANSACTION; TO PROVIDE 14
DAILY TRANSACTION LIMITS PER CUSTOMER; TO PROVIDE FOR REFUNDS FOR 15
NEW CUSTOMERS UPON FRAUDULENT ACTIVITY; TO REQUIRE CUSTOMER 16
IDENTIFICATION AND PROVIDE FOR WALLET RESTRICTIONS; TO REQUIRE 17
OPERATORS TO USE BLOCKCHAIN ANALYTICS SOFTWARE; TO REQUIRE 18
OPERATORS TO TAKE REASONABLE STEPS TO DETECT AND PREVENT FRAUD; TO 19
REQUIRE OPERATORS TO OFFER CUSTOMER SERVICE; TO PROVIDE ADDITIONAL 20
PROTECTIONS FOR ELDER ADULTS; TO REQUIRE OPERATORS TO DESIGNATE 21
AND EMPLOY A CHIEF COMPLIANCE OFFICER; TO PROVIDE ADDITIONAL 22
POWERS TO THE COMMISSIONER UNDER THE MONEY TRANSMISSION 23
MODERNIZATION ACT; TO PROVIDE THAT ALL PROPERTY USED IN THE COUSE 24
OF CERTAIN CRIMES IS SUBJECT TO CIVIL FORFEITURE; TO AUTHORIZE THE 25
ATTORNEY GENERAL OR ANY LAW ENFORCEMENT AGENCY TO SEIZE PROPERTY 26
ACCORDING TO CERTAIN CONDITIONS; TO PROVIDE FOR ISSUANCE OF 27
WARRANTS; TO PROVIDE FOR RELEASE OF SEIZED PROPERTY SUBJECT TO 28
CERTAIN REQUIREMENTS; TO PROVIDE FOR RETURN OF STOLEN PROPERTY 29
UPON MEETING CERTAIN REQUIREMENTS; AND FOR RELATED PURPOSES. 30
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 31
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SECTION 1. Short title. This act shall be known and may be 32
cited as the "Money Transmission Modernization Act for Virtual 33
Currency Kiosks." 34
SECTION 2. Definitions. For the purposes of this chapter, 35
the following words shall have the meanings ascribed herein unless 36
the context clearly requires otherwise: 37
(a) "Blockchain analytics" means the analysis of data 38
from blockchains or public distributed ledgers, including 39
associated transaction information to provide risk-specific 40
information about virtual-currency transactions and virtual 41
currency addresses. 42
(b) "Blockchain analytics software" means a software 43
service that uses blockchain analytics data to provide 44
risk-specific information about virtual currency wallet addresses, 45
among other things. 46
(c) "Elder adult" means a person who is sixty (60) 47
years of age or older. 48
(d) "Existing customer" means an individual who 49
transacts with the virtual currency kiosk operator following the 50
thirty-day period after the first virtual currency kiosk 51
transaction with the virtual currency kiosk operator. 52
(e) "New customer" means an individual who has never 53
previously transacted with the virtual currency kiosk operator. 54
The new customer shall remain defined as such during the 55
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thirty-day period after the first virtual currency kiosk 56
transaction with the virtual currency kiosk operator. 57
(f) "Transaction hash" means a unique identifier made 58
up of a string of characters that acts as a record of and provide 59
proof that the transaction was verified and added to the 60
blockchain. 61
(g) "Unique identifier" means a number or other 62
identifier that is assigned by a protocol established by the 63
automated licensing system approved by the commissioner. 64
(h) "Virtual currency address" means an alphanumeric 65
identifier associated with a virtual currency wallet identifying 66
the location to which a virtual currency transaction can be sent. 67
(i) "Virtual currency kiosk" means a stand-alone 68
automated platform through which a consumer may deposit or receive 69
cash or use a credit or debit card to obtain virtual currency 70
services. 71
(j) "Virtual currency kiosk transaction" means a 72
transaction conducted or performed, in whole or in part, by 73
electronic means via a virtual currency kiosk. Virtual currency 74
kiosk transaction also means a transaction made at a virtual 75
currency kiosk to purchase virtual currency with U.S. dollars or 76
to sell virtual currency for U.S. dollars. 77
(k) "Virtual currency kiosk operator" means a person 78
that engages in virtual currency business activity through a 79
virtual currency kiosk located in this state or a person that 80
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owns, operates or manages a virtual currency kiosk located in this 81
state through which virtual currency business activity is offered. 82
(l) "Virtual currency storage" means: 83
(i) Maintaining possession, custody or control 84
over virtual currency on behalf of another person, including as a 85
virtual currency control-services vendor; 86
(ii) Issuing, transferring or otherwise granting 87
or providing to any person in this State any claim or right or any 88
physical, digital, or electronic instrument, receipt, certificate, 89
or record representing any claim or right to receive, redeem, 90
withdraw, transfer, exchange, or control any virtual currency or 91
amount of virtual currency; or 92
(iii) Receiving possession, custody or control 93
over virtual currency from a person in this State in return for a 94
promise or obligation to return, repay, exchange, or transfer such 95
virtual currency or a like amount of such virtual currency. 96
(m) "Virtual currency wallet" means a software 97
application or other mechanism providing a means for holding, 98
storing and transferring virtual currency. 99
SECTION 3. Licensing requirements. (1) A virtual currency 100
kiosk operator may not engage in virtual currency kiosk activity 101
or hold itself out as being able to engage in such activity with 102
or on behalf of another person unless the operator is licensed in 103
this state as a money transmitter under the Money Transmission 104
Modernization Act, Section 75-16-1 et seq. 105
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(2) A virtual currency kiosk operator shall comply with all 106
requirements of a money transmitter and shall be subject to all 107
provisions of the Money Transmission Modernization Act, Section 108
75-16-1 et seq. 109
SECTION 4. Name requirements. (1) A virtual currency kiosk 110
operator may not use any sign or handwritten or printed paper 111
using the words "automatic teller machine" or "ATM" or any other 112
words in a manner reasonably calculated to convey the impression 113
that the entity is engaged in the business of banking unless the 114
act is done by or on behalf of an entity conducting banking 115
activities pursuant to Title 81, Mississippi Code of 1972. 116
(2) Nothing in this section shall prohibit the commissioner 117
from making a determination that a name proposed to be registered 118
is potentially misleading to the public and require the registrant 119
to select a name which is not potentially misleading. 120
SECTION 5. Disclosure requirements. (1) Material risks. 121
(a) The virtual currency kiosk operator, in 122
establishing a relationship with a customer and before entering 123
into an initial virtual currency kiosk transaction on behalf of or 124
with the customer, shall disclose in clear, conspicuous and 125
legible writing in English and in the language principally used by 126
the licensee or authorized delegate to advertise, solicit or 127
negotiate, either orally or in writing, for a transaction 128
conducted in person, electronically or by phone, if other than 129
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English, all material risks associated with virtual currency 130
generally. 131
(b) The material risks associated with virtual currency 132
required to be disclosed under subsection (1)(a) include without 133
limitation: 134
(i) A disclosure that is acknowledged by the 135
customer and provided separately from the disclosures provided 136
under subparagraphs (ii) and (vii) of this paragraph, and written 137
prominently and in bold type, stating the following: 138
1. WARNING: CONSUMER FRAUD OFTEN STARTS WITH 139
CONTACT FROM A STRANGER WHO IS INITIATING A DISHONEST SCHEME. I 140
UNDERSTAND THAT CRIMINAL ACTIVITY MAY APPEAR IN MANY FORMS, 141
INCLUDING: 142
a. Claims of a frozen bank account or 143
credit card. 144
b. Fraudulent bank transactions. 145
c. Claims of identity theft or job 146
offerings in exchange for payments. 147
d. Requests for payments to government 148
agencies or companies. 149
e. Requests for disaster relief donations 150
or loans. 151
f. Offers to purchase tickets for 152
lotteries, sweepstakes or drawings for vehicles. 153
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g. Prompts to click on desktop popups, 154
such as virus warnings or communication from alleged familiar 155
merchants. 156
h. Communication from someone 157
impersonating a representative of your bank or a law enforcement 158
officer. 159
2. IF YOU BELIEVE YOU ARE BEING SCAMMED, CALL 160
A LOCAL LAW ENFORCEMENT OFFICER BEFORE ANY TRANSACTION. 161
3. WARNING: FUNDS LOST DUE TO USER ERROR OR 162
FRAUD MAY NOT BE RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS 163
VIRTUAL CURRENCY KIOSK ARE IRREVERSIBLE. PROTECT YOURSELF FROM 164
FRAUD. NEVER SEND MONEY TO SOMEONE YOU DO NOT KNOW. I UNDERSTAND 165
THESE RISKS AND WISH TO CONTINUE WITH CONDUCTING MY VIRTUAL 166
CURRENCY KIOSK TRANSACTION. 167
(ii) Virtual currency is not backed or insured by 168
the government and accounts and value balances are not subject to 169
protections of the Federal Deposit Insurance Corporation, National 170
Credit Union Administration or Securities Investor Protection 171
Corporation; 172
(iii) A virtual currency transaction may be deemed 173
to be made when recorded on a public ledger which may not be the 174
date or time when the customer initiates the virtual currency 175
transaction; 176
(iv) The value of virtual currency may be derived 177
from the continued willingness of market participants to exchange 178
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fiat currency for virtual currency which may result in the 179
permanent and total loss of the value of a particular virtual 180
currency if the market for that virtual currency disappears; 181
(v) The volatility and unpredictability of the 182
price of virtual currency relative to fiat currency may result in 183
a significant loss over a short period of time; 184
(vi) A bond maintained by the virtual currency 185
kiosk operator for the benefit of the customers of the virtual 186
currency kiosk operator may not be sufficient to cover all losses 187
incurred by customers; and 188
(vii) 1. Virtual currency transactions are 189
irreversible and may be used by a person seeking to defraud 190
customers. 191
2. As used in item 1. of this subparagraph, 192
"seeking to defraud customers" includes, without limitation, a 193
person: 194
a. Impersonating a customer's family or 195
friends; 196
b. Threatening jail time; 197
c. Stating that a customer's identity 198
has been stolen; 199
d. Insisting that a customer withdraw 200
money from the customer's bank account and purchase virtual 201
currency; or 202
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e. Alleging that a customer's personal 203
computer has been hacked. 204
(2) New accounts and initial transactions. (a) A virtual 205
currency kiosk operator, when opening an account for a new 206
customer and before entering into an initial virtual currency 207
transaction for, on behalf of, or with the customer, shall 208
disclose in clear, conspicuous and legible writing in English and 209
in the language principally used by the licensee or authorized 210
delegate to advertise, solicit or negotiate, either orally or in 211
writing, for a transaction conducted in person, electronically, or 212
by phone, if other than English, using not less than twenty-four 213
point sans-serif-type font, all relevant terms and conditions 214
associated with the products, services and activities of the 215
virtual currency kiosk operator and virtual currency generally. 216
(b) The disclosure required under paragraph (a) of this 217
subsection (2) shall include, without limitation: 218
(i) The customer's liability for unauthorized 219
virtual currency transactions; 220
(ii) The customer's right to stop payment of a 221
preauthorized virtual currency transfer and the procedure used to 222
initiate a stop-payment order; 223
(iii) The circumstances under which the virtual 224
currency kiosk operator, absent a court or government order, will 225
disclose information concerning the customer's account to third 226
parties; 227
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(iv) The requirement that the virtual currency 228
kiosk operator communicate to the customer what customer 229
information may be disclosed to third parties; 230
(v) The customer's right to receive a receipt for 231
a virtual currency transaction at the time of the transaction; 232
(vi) Upon a change in the rules or policies of the 233
operator, the customer's right to consent to the changed rules or 234
policies before performing a transaction after the change; and 235
(vii) Any other disclosures that are customarily 236
provided in connection with opening a person's account. 237
(3) Terms and conditions of the transaction. (a) A virtual 238
currency kiosk operator, before each transaction in virtual 239
currency for, on behalf of, or with a customer, shall disclose to 240
the customer in an easily readable manner that is in clear, 241
conspicuous and legible writing in English and in the language 242
principally used by the licensee or authorized delegate to 243
advertise, solicit or negotiate, either orally or in writing, for 244
a transaction conducted in person, electronically, or by phone, if 245
other than English, using not less than twenty-four point 246
sans-serif-type font, the terms and conditions of the virtual 247
currency transaction. 248
(b) The terms and conditions required under paragraph 249
(a) of this subsection (3) shall include, without limitation: 250
(i) The amount of the transaction; 251
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(ii) The total amount of all fees, expenses, 252
commissions and charges borne by the customer, including without 253
limitation applicable exchange rates, displayed both as a dollar 254
amount and as a percentage of the transaction; 255
(iii) The type and nature of the virtual currency 256
transaction; 257
(iv) A warning that, once executed, the virtual 258
currency transaction may not be undone, if applicable; 259
(v) A daily virtual currency transaction limit 260
according to Section 8 of this act; 261
(vi) The difference in the sale price of the 262
virtual currency versus the current market price; and 263
(vii) Any other disclosures that are customarily 264
given in connection with a virtual currency transaction. 265
(4) Customer acknowledgement of disclosures. A virtual 266
currency kiosk operator shall ensure that each customer 267
acknowledges receipt of all disclosures required under this 268
section. 269
SECTION 6. Receipt requirements. (1) A virtual currency 270
kiosk operator, upon the completion of a virtual currency 271
transaction, shall provide to the customer a receipt, in both 272
physical and electronic form, containing: 273
(a) The name of, and contact information for, the 274
virtual currency kiosk operator, including without limitation the 275
virtual currency kiosk operator's business address and a customer 276
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service telephone number established by the virtual currency kiosk 277
operator to answer questions and register complaints; 278
(b) The name of the customer; 279
(c) The type, value, date and precise time of the 280
virtual currency transaction, transaction hash or identification 281
number, and each virtual currency address; 282
(d) The amount of the virtual currency transaction 283
expressed in United States currency; 284
(e) The public virtual currency address of the 285
customer; 286
(f) The unique identifier of the virtual currency kiosk 287
operator; 288
(g) The full amount of each fee charged, including 289
without limitation a fee charged directly or indirectly by the 290
virtual currency kiosk operator, or a third party involved in the 291
virtual currency transaction; 292
(h) The exchange rate, if applicable: 293
(i) Any tax collected by the virtual currency kiosk 294
operator for the virtual currency transaction; 295
(j) A statement of the liability of the virtual 296
currency kiosk operator for non-delivery or delayed delivery; 297
(k) A statement of the refund policy of the virtual 298
currency kiosk operator; 299
(l) The name and telephone number of the Department of 300
Banking and Consumer Finance and a statement disclosing that the 301
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virtual currency kiosk operator's customers may contact the 302
department with questions or complaints about the virtual currency 303
kiosk operator's virtual currency kiosk services; and 304
(m) Any additional information the commissioner may 305
require. 306
(2) The receipt required under subsection (1) of this 307
section: 308
(a) Shall be provided in: 309
(i) A retainable form; 310
(ii) English; and 311
(iii) The language principally used by the virtual 312
currency kiosk operator to advertise, solicit or negotiate, orally 313
or in writing; and 314
(b) May be provided electronically if the customer 315
requests or agrees to receive an electronic receipt. 316
SECTION 7. Fee limits. The total amount of a fees and 317
commissions charged for a virtual currency transaction shall not 318
exceed fifteen percent (15%) of the amount of the virtual currency 319
transaction. 320
SECTION 8. Daily transaction limits. A virtual currency 321
kiosk operator shall not accept transactions of more than One 322
Thousand Dollars ($1,000.00) in cash or the equivalent in virtual 323
currency for new customers and Seven Thousand Five Hundred Dollars 324
($7,500.00) in cash or the equivalent for existing customers. 325
Additionally, for new customers, the transaction limit shall not 326
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exceed Five Thousand Dollars ($5,000.00) in cash or the equivalent 327
in virtual currency in the thirty-day period after the first 328
virtual currency kiosk transaction with the virtual currency kiosk 329
operator. 330
SECTION 9. Prevention of fraudulent activities. (1) 331
Refunds for new customers. Upon the request of a customer, a 332
virtual currency kiosk operator shall issue a refund to a new 333
customer for the full amount of all transactions made within the 334
thirty-day new customer time period. In order to receive a refund 335
under this subsection, a new customer shall have been fraudulently 336
induced to engage in the virtual currency transactions, shall have 337
contacted both the virtual currency kiosk operator and a 338
government or law enforcement entity to inform them of the 339
fraudulent nature of the transaction agency within ninety (90) 340
days of the last transaction to occur during the thirty-day new 341
customer time period. In addition, such customer shall have 342
submitted proof of the fraud incident, such as a police report or 343
sworn declaration detailing the fraudulent nature of the 344
transaction or transactions. 345
(2) Customer identification and wallet restrictions. Each 346
virtual currency kiosk operator shall: 347
(a) Obtain a copy of a government-issued identification 348
card that identifies each customer of the virtual currency kiosk 349
operator; 350
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(b) Maintain restrictions that prevent more than one 351
customer of the virtual currency kiosk operator from using the 352
same virtual currency wallet; and 353
(c) Be able to prevent designated virtual currency 354
wallets from being used at a virtual currency kiosk owned or 355
operated by the virtual currency kiosk operator. 356
(3) Blockchain analytics. All virtual currency kiosks 357
operators shall use blockchain analytics software to assist in the 358
prevention of sending purchased virtual currency from a kiosk to a 359
digital wallet known to be affiliated with fraudulent, sanctioned 360
or illicit activity at the time of a transaction. The 361
commissioner may request evidence from any operator of current use 362
of blockchain analytics. 363
(4) Anti-fraud policy. All virtual currency kiosk operators 364
shall take reasonable steps to detect and prevent fraud, including 365
establishing and maintaining a written anti-fraud policy, which 366
shall include, but not be limited to, all of the following: 367
(a) The identification and assessment of fraud-related 368
risk areas; 369
(b) Procedures and controls to protect against 370
identified risks; 371
(c) Allocation of responsibility for monitoring risks; 372
and 373
(d) Procedures for the periodic evaluation and revision 374
of the anti-fraud procedures, controls and monitoring mechanism. 375
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(5) Customer service. All virtual currency kiosk operators 376
shall offer, during the hours of operation of the virtual currency 377
kiosks owned or operated by the virtual currency kiosk operator, 378
live customer support by telephone from a toll-free telephone 379
number prominently displayed at or on the virtual currency kiosk. 380
(6) Additional protections for elder adult. (a) All 381
virtual currency kiosk operators shall designate a customer 382
service representative that will identify and speak by telephone 383
with an elder adult who is a new customer before the elder adult 384
who is a new customer completes his or her first virtual currency 385
transaction with the virtual currency kiosk operator. 386
(b) During the communication, which shall be recorded 387
and retained by the virtual currency kiosk operator, the virtual 388
currency kiosk operator shall: 389
(i) Reconfirm any attestations made by the new 390
customer at a virtual currency kiosk owned or operated by the 391
virtual currency kiosk operator; 392
(ii) Discuss the transaction; and 393
(iii) Discuss types of fraudulent schemes relating 394
to virtual currency. 395
(c) The virtual currency kiosk operator's approval of 396
the transaction shall be dependent upon the virtual currency kiosk 397
operator's assessment of the communication. 398
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(7) Chief compliance officer and staff. All virtual 399
currency kiosk operators shall designate and employ a chief 400
compliance officer who shall: 401
(a) Be qualified to coordinate and monitor a compliance 402
program to ensure compliance with this section and all other 403
applicable federal laws and regulations and state laws and rules; 404
(b) Not own more than twenty percent (20%) of the 405
virtual currency kiosk operator that employs the officer; and 406
(c) Use full-time employees to fulfill the virtual 407
currency kiosk operator's compliance responsibilities under 408
federal laws and regulations and state laws and rules. 409
SECTION 10. Powers and functions of the commissioner. In 410
addition to the powers and functions provided to the commissioner 411
under the Money Transmission Modernization Act, Section 75-16-1 et 412
seq., the commissioner may exercise the following powers and 413
functions: 414
(a) Rules. The commissioner may adopt rules necessary 415
to implement, administer and enforce this chapter. 416
(b) Seizure. Any virtual currency kiosk may be seized, 417
at the operator's expense, if the operator fails to comply with 418
the requirements of this chapter or the Money Transmission 419
Modernization Act, Section 75-16-1 et seq. 420
(c) Enforcement by the Commissioner. Whenever the 421
commissioner shall be of the opinion that any person is failing or 422
omitting or is about to fail or omit to do anything required by 423
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the provisions of this chapter or the Money Transmission 424
Modernization Act, Section 75-16-1 et seq., or by any order of the 425
commissioner, or is doing anything or about to do anything, or 426
permitting anything or about to permit anything to be done, 427
contrary to or in violation of this chapter or the Money 428
Transmission Modernization Act, Section 75-16-1 et seq., or of any 429
order of the commissioner, the commissioner may proceed with 430
appropriate action as provided under the Money Transmission 431
Modernization Act, Section 75-16-1 et seq. 432
SECTION 11. Sections 1 through 10 of this act shall be 433
codified as a new chapter within Title 75, Mississippi Code of 434
1972. 435
SECTION 12. (1) For the purposes of this section, 436
"property" has the meaning ascribed in Section 97-45-1(u). 437
(2) All property used in the course of, intended for use in 438
the course of, derived from, or realized through, conduct in 439
violation of Chapters 19, 21, 45 or 49, Title 97, Mississippi Code 440
of 1972, is subject to civil forfeiture to the state. 441
(3) Property subject to forfeiture may be seized by the 442
Attorney General's Office or any law enforcement agency in the 443
State of Mississippi upon process with a seizure warrant issued by 444
a circuit court having jurisdiction over the property. Seizure 445
without process may be made if: 446
(a) The seizure is incident to an arrest or a search 447
under a search warrant; or 448
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(b) The property subject to seizure has been the 449
subject of a prior judgment in favor of the state in a criminal 450
injunction or forfeiture proceeding based upon this section. 451
(4) A circuit court having jurisdiction over any property 452
may issue a seizure warrant under this section upon proper oath or 453
affirmation from the Attorney General's Office or any law 454
enforcement agency in the State of Mississippi. The Attorney 455
General's Office or any law enforcement agency in the State of 456
Mississippi that is seeking a seizure warrant shall provide the 457
following information to the judge: 458
(a) Probable cause to believe that the property was 459
used or intended to be used in violation of this section; 460
(b) The name of the person or financial institution 461
from whom the property is to be seized; and 462
(c) A detailed description of the property which is 463
seized, including the value of the property. 464
(5) Any property seized under this section by the Attorney 465
General's Office or any law enforcement agency in the State of 466
Mississippi may be released to the owner of or lienholder on the 467
property subject to the following requirements: 468
(a) The Attorney General's Office or any law 469
enforcement agency in the State of Mississippi shall notify in 470
writing, by United States certified mail, the owner of or 471
lienholder on the property at the owner's or lienholder's last 472
known address how the owner or lienholder may retrieve or obtain 473
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the property. In the event that the owner or lienholder does not 474
claim the property within thirty (30) days from the date of the 475
receipt of the notice, the property is declared forfeited to the 476
State, shall be liquidated if the property is not money and shall 477
be transferred to the State Treasurer for deposit and credit to 478
the State General Fund. 479
(b) In the event the notice by mail is returned 480
undelivered, the Attorney General's Office or any law enforcement 481
agency in the State of Mississippi shall cause to be made further 482
search and inquiry to ascertain the reputed owner's or 483
lienholder's street and post office address. If a new or 484
additional address is ascertained, the Attorney General's Office 485
or law enforcement agency in the State of Mississippi shall again 486
issue notice. If a new or additional address is not ascertained, 487
or if notice is again returned undelivered, the Attorney General's 488
Office or the law enforcement agency shall try to reach the owner 489
or lienholder by any reasonable means and shall subsequently cause 490
an affidavit to be prepared to that effect which shall specify the 491
acts of search and inquiry made in the effort to ascertain the 492
owner's or lienholder's address. The affidavit shall be retained 493
by the Attorney General's Office or law enforcement agency for 494
three (3) years. 495
(c) In the event of a seizure of property in which the 496
person from whom the property was seized contests that the 497
property seized is subject to forfeiture, the person from whom the 498
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property was seized shall file the notice with the circuit court 499
having jurisdiction over the property who shall commence a 500
forfeiture proceeding and hear evidence of whether the property is 501
subject to forfeiture. The burden is on the state to prove that 502
the property is subject to forfeiture. The standard of proof 503
placed upon the State under the provisions of this section shall 504
be by clear and convincing evidence. 505
(d) If it is found that the property is subject to 506
forfeiture, the court shall forfeit the property to the Attorney 507
General's Office or law enforcement agency. However, if proof at 508
the hearing discloses that the property was wrongfully seized and 509
is not subject to forfeiture, the property shall be returned to 510
whom the property was seized. In addition, if proof at the 511
hearing discloses that the interest of any bona fide lienholder, 512
secured party, or other person holding an interest in the property 513
in the nature of a security interest is greater than or equal to 514
the present value of the property, the court shall order release 515
to him or her. Property subject to forfeiture under this section 516
encumbered by a bona fide security interest is subject to the 517
interest of the secured party only if he or she neither had 518
knowledge of nor consented to property being used in violation of 519
this section. 520
(6) Property which has been stolen from its owner and 521
recovered by the Attorney General's Office or law enforcement 522
agency, if the owner can be identified, shall be returned to the 523
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ST: Virtual currency kiosks and civil
forfeiture of property used in the course of
crimes; create provisions concerning.
owner after the preceding requirements are met. It is the 524
intention of the Legislature through this act to support the 525
victims of the crimes enumerated in this act and return stolen 526
property to the rightful owner. 527
SECTION 13. This act shall take effect and be in force from 528
and after July 1, 2026. 529