Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee reviews six amendments to SB 5280 to add consumer protections for virtual-currency kiosks
Summary
Committee staff reviewed six amendments to SB 5280, which would add requirements for virtual-currency kiosk operators including a potential 72-hour hold on a new customer's first transaction, revised daily transaction limits, disclosure and receipt requirements, mandatory customer service hours, use of blockchain analytics, and conditional refund provisions for fraud. No final vote on SB 5280 was recorded in the transcript.
Committee staff on Feb. 25 reviewed six proposed amendments to engrossed Senate Bill 52 80, which would expand consumer-protection requirements for virtual-currency kiosks under the Uniform Money Services Act.
Staff explained the first amendment would require a licensee to hold the first transaction of a new customer for 72 hours and allow the customer to cancel and receive a full refund during that hold. Another proposed amendment would replace the bill’s $2,000 daily transaction limit with a tiered approach: $2,500 for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
