HB 303

This act is the Cryptocurrency Kiosk Fraud Prevention Act. This act adds Section 8-7A-28 to the Code of Alabama 1975, to: (1) require cryptocurrency kiosk operators to disclose to consumers, and consumers to acknowledge receipt of, both the terms governing kiosks and their services and warnings regarding the risks of fraud and theft when using kiosks; (2) require operators to take certain actions, including using blockchain analytics and tracing software to prevent transactions involving cryptocurrency addresses associated with criminal activity, not accepting transactions exceeding $1,000 per day and $10,000 per month for new customers and not exceeding $10,500 per day for existing customers, and providing live, toll-free, and U.S.-based customer service at all times; (3) require operators to refund fraudulent transactions, subject to conditions; (4) prohibit operators from offering privacy coins from kiosks; and (5) authorize the commission to assess civil penalties for violations of this act.