SB 2709

AN ACT TO ENACT THE "MONEY TRANSMISSION MODERNIZATION ACT FOR VIRTUAL CURRENCY KIOSKS"; TO DEFINE TERMS; TO PROVIDE LICENSING REQUIREMENTS FOR VIRTUAL CURRENCY KIOSK OPERATORS; TO PROHIBIT VIRTUAL OPERATORS FROM USING ANY SIGN USING THE WORDS "AUTOMATIC TELLER MACHINE" OR "ATM"; TO PROVIDE DISCLOSURE REQUIREMENTS; TO REQUIRE OPERATORS TO DISCLOSE ALL MATERIAL RISKS ASSOCIATED WITH VIRTUAL CURRENCY; TO REQUIRE SPECIFIC DISCLOSURES; TO PROVIDE FOR NEW ACCOUNTS AND INITIAL TRANSACTIONS; TO REQUIRE OPERATORS TO DISCLOSE TO CUSTOMERS THE TERMS AND CONDITIONS OF A TRANSACTION; TO REQUIRE CERTAIN TERMS AND CONDITIONS; TO REQUIRE OPERATORS TO ENSURE THAT EACH CUSTOMER ACKNOWLEDGES RECEIPT OF ALL REQUIRED DISCLOSURES; TO PROVIDE FOR RECEIPT REQUIREMENTS; TO LIMIT THE TOTAL AMOUNT OF A FEES AND COMMISSION CHARGE TO NOT MORE THAN 15% OF THE AMOUNT OF THE VIRTUAL CURRENCY TRANSACTION; TO PROVIDE DAILY TRANSACTION LIMITS PER CUSTOMER; TO PROVIDE FOR REFUNDS FOR NEW CUSTOMERS UPON FRAUDULENT ACTIVITY; TO REQUIRE CUSTOMER IDENTIFICATION AND PROVIDE FOR WALLET RESTRICTIONS; TO REQUIRE OPERATORS TO USE BLOCKCHAIN ANALYTICS SOFTWARE; TO REQUIRE OPERATORS TO TAKE REASONABLE STEPS TO DETECT AND PREVENT FRAUD; TO REQUIRE OPERATORS TO OFFER CUSTOMER SERVICE; TO PROVIDE ADDITIONAL PROTECTIONS FOR ELDER ADULTS; TO REQUIRE OPERATORS TO DESIGNATE AND EMPLOY A CHIEF COMPLIANCE OFFICER; TO PROVIDE ADDITIONAL POWERS TO THE COMMISSIONER UNDER THE MONEY TRANSMISSION MODERNIZATION ACT; TO PROVIDE THAT ALL PROPERTY USED IN THE COUSE OF CERTAIN CRIMES IS SUBJECT TO CIVIL FORFEITURE; TO AUTHORIZE THE ATTORNEY GENERAL OR ANY LAW ENFORCEMENT AGENCY TO SEIZE PROPERTY ACCORDING TO CERTAIN CONDITIONS; TO PROVIDE FOR ISSUANCE OF WARRANTS; TO PROVIDE FOR RELEASE OF SEIZED PROPERTY SUBJECT TO CERTAIN REQUIREMENTS; TO PROVIDE FOR RETURN OF STOLEN PROPERTY UPON MEETING CERTAIN REQUIREMENTS; AND FOR RELATED PURPOSES.