Bill > SB975

Introduced Session

This bill requires a virtual currency kiosk operator to be licensed as a money transmitter and imposes certain regulatory requirements on virtual currency kiosk operators in addition to those that apply to money transmitters. Under current law, the Division of Banking (division) in the Department of Financial Institutions regulates money transmitters. With exceptions, a person may not engage in the business of money transmission unless the person is licensed by the division. “Money transmission” means selling or issuing payment instruments or stored value, such as checks, money orders, or prepaid cards, to a person located in this state or receiving money for transmission from a person located in this state. “Money” is not defined to include virtual currency such as cryptocurrency. Under the bill, a person may not engage in the business of operating virtual currency kiosks in this state unless the person is licensed by the division as a money transmitter. A “virtual currency kiosk” is defined as an electronic terminal or retail location, in this state, from which a person may exchange fiat currency (money) for virtual currency or virtual currency for money or other virtual currency. The bill requires a virtual currency kiosk operator to affix a specified printed warning to the front of each virtual currency kiosk and to electronically display this warning on the kiosk’s screen, which the customer must acknowledge to proceed with the transaction. The bill also includes customer identification requirements. Before entering LRB-6204/1 ARG:wlj&emw 2025 - 2026 Legislature SENATE BILL 975 into an initial transaction with an individual, a virtual currency kiosk operator must verify the individual’s identity by collecting certain information, including the individual’s full legal name, date of birth, and contact information, and obtaining a copy of the individual’s driver’s license, passport, or other government-issued identification document. In each transaction, the virtual currency kiosk operator must verify the customer’s identity before accepting payment from or dispensing funds to the customer and take a photograph of the customer at the virtual currency kiosk. The bill limits virtual currency kiosk transactions to $500 per customer per day. The bill also limits the fees a virtual currency kiosk operator may charge a customer per transaction to the greater of $5 or 3 percent of the transaction amount. A virtual currency kiosk operator must issue a refund to a customer, upon the customer’s request, for the full amount of a transaction, including fees, if the customer, within 30 days after the transaction, contacted the virtual currency kiosk operator and the Department of Justice, DFI, or a law enforcement agency to inform them of the fraudulent nature of the transaction. The bill requires a virtual currency kiosk operator to provide customer service during hours in which its virtual currency kiosks are operable and to display a toll- free telephone number for customer service on the exterior or a screen of the virtual currency kiosk. A virtual currency kiosk operator must also provide a physical and electronic receipt containing specified information upon completion of a transaction. A virtual currency kiosk operator must take reasonable steps to detect and prevent fraud and must establish and maintain an antifraud policy. The bill requires a virtual currency kiosk operator to provide notice to law enforcement of the location of each virtual currency kiosk before the first transaction at that location. The bill also prohibits a virtual currency kiosk operator from locating a virtual currency kiosk within five feet of, or operating a virtual currency kiosk that also functions as, an automated teller machine.

AI Summary

Committee Categories

Jesse James (R)*,  Deb Andraca (D),  David Armstrong (R),  Calvin Callahan (R),  Ben DeSmidt (D),  Barbara Dittrich (R),  Robert Donovan (R),  Steve Doyle (D),  Rick Gundrum (R),  Brent Jacobson (R),  Alex Joers (D),  Dean Kaufert (R),  Dan Knodl (R),  Rob Kreibich (R),  Maureen McCarville (D),  Paul Melotik (R),  Dave Murphy (R),  Jeff Mursau (R),  Todd Novak (R),  Jerry O'Connor (R),  Sylvia Ortiz-Velez (D),  William Penterman (R),  Jim Piwowarczyk (R),  Christine Sinicki (D),  Pat Snyder (R),  John Spiros (R),  Lisa Subeck (D),  Sequanna Taylor (D),  Randy Udell (D), 

Public hearing held (on 02/25/2026)

Official Document