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.