Bill > SB287

This bill establishes new regulations for virtual currency kiosks, which are machines that allow users to buy and sell virtual currency, a type of digital money. Key provisions include requiring kiosk operators to allow users to cancel a transaction and receive a full refund within 72 hours, or at any time if the operator was not properly licensed when the transaction occurred. Operators must also respond to cancellation requests within ten business days, clearly stating refund requirements, and may request proof of fraud for certain refund requests, such as a police report or a complaint filed with the Internet Crime Complaint Center. Refunds for suspected fraud must be processed within 90 days of the initial request or the submission of required documentation. Additionally, kiosk operators must provide live, toll-free customer support during operating hours, with the number displayed on the kiosk and customer receipts. They are also required to submit quarterly reports to the commissioner detailing all cancellation and refund requests from residents. The bill also amends existing laws to ensure that customers are informed of their right to contact the office of financial institutions with complaints, and that transaction receipts include more detailed information, such as the operator's business address and a customer service toll-free number for cancellations and complaints.

Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=SB287&sbi=y