Arkansas committee approves reforms for CPA exam and new Bitcoin kiosk regulations

The Arkansas House Insurance and Commerce Committee convened on March 19, 2025, to discuss several key legislative proposals, including changes to the requirements for Certified Public Accountants (CPAs) and regulations surrounding Bitcoin kiosks.

One of the primary topics was a bill aimed at reducing the financial burden on CPA candidates. Rodney Baker, representing the Arkansas Society of Certified Public Accountants, explained that the current testing fee for the CPA exam is $262.64, which candidates must pay each time they retake the exam. The proposed legislation seeks to alleviate these costs and modify the educational requirements for aspiring CPAs. Currently, candidates must complete 150 hours of college coursework, which often necessitates an additional year of study. The new bill would allow candidates to complete their degree in four years, enabling them to enter the workforce sooner while still qualifying for the CPA exam.

The committee also reviewed House Bill 1467, which addresses the emerging market of Bitcoin kiosks. Susanna Marshall, commissioner of the state securities department, presented the bill, which aims to amend the Uniform Money Services Act to enhance data security and disclosure requirements for operators of these kiosks. The legislation includes provisions to protect elder adults, defined as individuals aged 60 and older, by requiring operators to conduct personal calls to new elder customers to prevent fraud.

Additionally, the committee discussed Senate Bill 401, which proposes an exemption to the Underground Facilities Damage Prevention Act. This bill would allow utility providers to hand dig around their terminals within a limited scope, facilitating quicker and more efficient customer service installations. The changes have received approval from relevant organizations and utility companies.

The committee members expressed support for these bills, with motions to pass each of them receiving unanimous approval. The discussions highlighted the legislature's ongoing efforts to adapt to changing economic landscapes and protect consumers in Arkansas. The committee plans to reconvene after the session to continue addressing additional legislative matters.