Bill > LD1339

This bill establishes comprehensive regulations for virtual currency kiosks in Maine, addressing concerns about cryptocurrency fraud that reportedly resulted in $31 million in losses in 2024. The legislation requires virtual currency kiosk operators to obtain a money transmitter license, disclose kiosk locations to state regulators, and maintain transaction records for at least three years. Operators must provide clear disclosures about the risks associated with virtual currency transactions and implement consumer protection measures, including a daily transaction limit of $1,000, fee caps (the greater of $5 or 3% of the transaction value), and mandatory transaction receipts. The bill mandates that operators provide refunds to customers who can prove they were victims of fraud or deceptive practices within 90 days of their first transaction. Additionally, operators must develop robust information security programs consistent with federal guidelines and cannot require customers to waive their rights under the law. The bill also requires the Superintendent of Consumer Credit Protection to submit a report by February 1, 2026, analyzing the effectiveness of these protections and potential improvements, with the option to propose further legislation. The act is classified as an emergency measure, taking effect immediately to protect consumers, particularly senior residents, from potential cryptocurrency scams.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1339&snum=132