Bill > LD1998

This bill modifies existing Maine law regarding cash-dispensing machines, specifically addressing their operation and registration. It introduces a new restriction preventing these machines from functioning as virtual currency kiosks, which are platforms for buying and selling digital currencies like Bitcoin, unless the operator is licensed as a money transmitter. The bill also updates registration fees, shifting from a per-location fee to a fee per operator and per machine. Crucially, it authorizes the state administrator to use the Nationwide Mortgage Licensing System and Registry (NMLS), a national database for financial services licensing, for registering cash-dispensing machine operators, and outlines various requirements for this registration, including background checks and fees, some of which are paid to the NMLS itself. Additionally, the bill increases the daily fine for non-compliance with registration requirements from $5 to $25.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1998&snum=132