SB2319 - 104th General Assembly
VIRTUAL CURRENCY CONSUM PROT
Senate Sponsors
Sen. Laura Ellman - Mattie Hunter, Mark L. Walker, Karina Villa, Christopher Belt, Mary Edly-Allen, Mike Porfirio, Doris Turner, Sara Feigenholtz, Laura M. Murphy and Graciela Guzmán
House Sponsors
(Rep. Curtis J. Tarver, II and Natalie A. Manley)
Statutes Amended In Order of Appearance
New Act
Synopsis As Introduced
Creates the Virtual Currency Kiosk Consumer Protection Act. Provides that specified information reported to the Department of Financial and Professional Regulation by virtual currency kiosk shall be confidential, except as otherwise provided in the Act. Establishes warning and general terms and conditions disclosure requirements for a virtual currency kiosk operator opening an account for a new customer and prior to entering into an initial transaction for, on behalf of, or with the customer. Requires a receipt to be provided to each customer following a transaction. Requires all virtual currency kiosk operators to have live customer service, as specified; create anti-fraud, enhanced due diligence, and federal and State law compliance policies; designate a compliance officer and a consumer protection officer; and use blockchain analytics software to assist in the prevention of sending purchased virtual currency from a virtual currency kiosk operator to a digital wallet known to be affiliated with fraudulent activity at the time of a transaction; and report the location of each virtual currency kiosk located within this State within 45 days after the end of the calendar quarter. Requires a virtual currency kiosk operator to receive a money transmitter license. Sets forth supervision duties for the Department and the Secretary of Financial and Professional Regulation.
Senate Floor Amendment No. 1
Adds reference to:
Replaces everything after the enacting clause. Creates the Digital Asset Kiosks Act. Sets forth provisions concerning the general powers and duties of the Department of Financial and Professional Regulation in administering and enforcing registrations for digital asset kiosk operators and transactions. Provides that moneys collected by the Department under the Act shall be deposited into the Digital Asset Kiosk Fund. Establishes transaction and charge limits on digital asset kiosk operators. Requires disclosures for digital asset kiosk operators before engaging in each digital asset kiosk transaction with a customer and requires operators to report the physical location of digital asset kiosks. Requires digital asset kiosk operators to issue refunds for fraudulent transactions at the request of a new customer within the new customer period. Requires digital asset kiosk operators to register with the Department and sets forth provisions concerning renewal and refusal of registration. Establishes surety bond and tangible net worth requirements for registrants. Provides a private right of action for violations of the Act. Exempts specified entities from the requirements of the Act. Provides that, if and only if House Bill 742 of the 104th General Assembly becomes law in the form in which it passed the House on April 10, 2025, then the Digital Asset Kiosks Act is amended by repealing the specified provisions of the Act. Amends the State Finance Act to create the Digital Asset Kiosk Fund. Effective immediately.
Senate Floor Amendment No. 3
In provisions concerning refunds for new customers, provides that, to receive a refund, a new customer must, within 60 days after the last transaction to occur during the new customer period, submit a police report or government agency report of the transaction or transactions (rather than proof of the fraudulent transaction or transactions) to the digital asset kiosk operator. Makes conforming changes to provisions concerning refunds for existing customers. Provides that a claim of violation of specified provisions of the Act (rather than a claim of violation of the Act) may be asserted in a civil action. Provides that a prevailing resident (rather than a prevailing person, other than a digital asset kiosk operator) may be awarded reasonable attorney's fees and court costs.
House Floor Amendment No. 1
Removes certain provisions from claims of violation that may be asserted in a civil action. Provides that, if and only if Senate Bill 1797 of the 104th General Assembly, as amended by House Amendment No. 1, becomes law, then specified provisions of the Act are repealed on the date that Senate Bill 1797 of the 104th General Assembly becomes law. Makes a conforming change in provisions amending the State Finance Act.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/07/2025 | Senate | Filed with Secretary by Sen. Laura Ellman |
| 2/07/2025 | Senate | First Reading |
| 2/07/2025 | Senate | Referred to Assignments |
| 3/04/2025 | Senate | Assigned to Executive |
| 3/05/2025 | Senate | Added as Co-Sponsor Sen. Mark L. Walker |
| 3/07/2025 | Senate | Added as Co-Sponsor Sen. Karina Villa |
| 3/21/2025 | Senate | Rule 2-10 Committee Deadline Established As April 4, 2025 |
| 4/03/2025 | Senate | Postponed - Executive |
| 4/04/2025 | Senate | Rule 2-10 Committee Deadline Established As April 11, 2025 |
| 4/09/2025 | Senate | Do Pass Executive; 012-001-000 |
| 4/09/2025 | Senate | Placed on Calendar Order of 2nd Reading April 10, 2025 |
| 4/10/2025 | Senate | Second Reading |
| 4/10/2025 | Senate | Placed on Calendar Order of 3rd Reading April 11, 2025 |
| 4/11/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 9, 2025 |
| 5/07/2025 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman |
| 5/07/2025 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 5/07/2025 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Executive |
| 5/08/2025 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 008-003-000 |
| 5/09/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 23, 2025 |
| 5/15/2025 | Senate | Added as Co-Sponsor Sen. Christopher Belt |
| 5/15/2025 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 5/16/2025 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |
| 5/16/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman |
| 5/16/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 5/19/2025 | Senate | Added as Co-Sponsor Sen. Doris Turner |
| 5/20/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Executive |
| 5/20/2025 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Laura Ellman |
| 5/20/2025 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 5/21/2025 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Executive |
| 5/21/2025 | Senate | Added as Co-Sponsor Sen. Sara Feigenholtz |
| 5/21/2025 | Senate | Senate Floor Amendment No. 3 Recommend Do Adopt Executive; 009-004-000 |
| 5/22/2025 | Senate | Recalled to Second Reading |
| 5/22/2025 | Senate | Senate Floor Amendment No. 1 Adopted; Ellman |
| 5/22/2025 | Senate | Senate Floor Amendment No. 3 Adopted; Ellman |
| 5/22/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 5/22/2025 | Senate | Third Reading - Passed; 039-019-000 |
| 5/22/2025 | Senate | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) |
| 5/22/2025 | House | Arrived in House |
| 5/22/2025 | House | Chief House Sponsor Rep. Curtis J. Tarver, II |
| 5/22/2025 | House | First Reading |
| 5/22/2025 | House | Referred to Rules Committee |
| 5/22/2025 | House | Added Alternate Co-Sponsor Rep. Natalie A. Manley |
| 5/23/2025 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 5/27/2025 | Senate | Added as Co-Sponsor Sen. Graciela Guzmán |
| 5/28/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 5/28/2025 | House | Motion Filed to Suspend Rule 21 Financial Institutions and Licensing Committee; Rep. Bob Morgan |
| 5/28/2025 | House | Motion to Suspend Rule 21 - Prevailed 070-039-000 |
| 5/28/2025 | House | Committee/Final Action Deadline Extended-9(b) May 31, 2025 |
| 5/29/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 |
| 5/29/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/29/2025 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Curtis J. Tarver, II |
| 5/29/2025 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 5/29/2025 | House | Second Reading - Short Debate |
| 5/29/2025 | House | Held on Calendar Order of Second Reading - Short Debate |
| 5/30/2025 | House | House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 5/30/2025 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000 |
| 5/31/2025 | House | House Floor Amendment No. 1 Adopted |
| 5/31/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/31/2025 | House | Third Reading - Short Debate - Passed 081-036-000 |
| 5/31/2025 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 5/31/2025 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2025 |
| 5/31/2025 | Senate | House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Laura Ellman |
| 5/31/2025 | Senate | House Floor Amendment No. 1 Motion to Concur Referred to Assignments |
| 5/31/2025 | Senate | House Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive |
| 5/31/2025 | Senate | Added as Chief Co-Sponsor Sen. Mattie Hunter |
| 5/31/2025 | Senate | House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 009-004-000 |
| 6/01/2025 | Senate | 3/5 Vote Required |
| 6/01/2025 | Senate | House Floor Amendment No. 1 Senate Concurs 039-018-000 |
| 6/01/2025 | Senate | Senate Concurs |
| 6/01/2025 | Senate | Passed Both Houses |
| 6/30/2025 | Senate | Sent to the Governor |
| 8/18/2025 | Senate | Governor Approved |
| 8/18/2025 | Senate | Effective Date August 18, 2025 |
| 8/18/2025 | Senate | Public Act . . . . . . . . . 104-0429 |