House Bill No. 1625 (2026 Regular Session), as signed by the Governor: Mississippi Virtual Currency Kiosk Consumer Protection Act
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representative Aguirre To: Banking and Financial
Services
HOUSE BILL NO. 1625
(As Sent to Governor)
1 AN ACT TO CREATE THE MISSISSIPPI VIRTUAL CURRENCY KIOSK
2 CONSUMER PROTECTION ACT; TO PROHIBIT A PERSON FROM OPERATING A
3 VIRTUAL CURRENCY KIOSK WITHOUT BEING LICENSED UNDER THE MONEY
4 TRANSMISSION MODERNIZATION ACT; TO DEFINE TERMS; TO REQUIRE
5 CERTAIN DISCLOSURES BY VIRTUAL CURRENCY KIOSK OPERATORS REGARDING
6 THE RISKS OF VIRTUAL CURRENCY KIOSK TRANSACTIONS; TO IMPLEMENT
7 CERTAIN FRAUD PREVENTION MEASURES; TO REQUIRE VIRTUAL CURRENCY
8 KIOSK OPERATORS TO PROVIDE RECEIPTS TO CUSTOMERS; TO PROVIDE
9 CERTAIN TRANSACTION LIMITS FOR NEW CUSTOMERS AND FOR EXISTING
10 CUSTOMERS; TO AMEND SECTIONS 75-16-21 AND 75-16-69, MISSISSIPPI
11 CODE OF 1972, TO CONFORM WITH THE PROVISIONS OF THIS ACT; AND FOR
12 RELATED PURPOSES.
13 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
14 SECTION 1. This act shall be known and may be cited as the
15 "Mississippi Virtual Currency Kiosk Consumer Protection Act."
16 SECTION 2. The definitions provided in Section 75-16-5 shall
17 also apply to the terms used in this act, and for the purposes of
18 this act, the following terms have the meanings as defined in this
19 section, unless the context clearly indicates otherwise:
20 (a) "Blockchain analytics" means the analysis of data
21 from blockchains or public distributed ledgers, including
22 associated transaction information to provide risk-specific
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23 information about virtual currency transactions and virtual
24 currency addresses.
25 (b) "Blockchain analytics software" means a software
26 service that uses blockchain analytics data to provide
27 risk-specific information about virtual currency wallet addresses,
28 among other things.
29 (c) "Commissioner" means the Commissioner of Banking
30 and Consumer Finance.
31 (d) "Elder adult" means a person who is sixty (60)
32 years of age or older.
33 (e) "Existing customer" means an individual who is not
34 a new customer.
35 (f) "New customer" means an individual who has never
36 previously transacted with the virtual currency kiosk operator.
37 The new customer shall remain defined as such during the
38 fourteen-day period after the first virtual currency kiosk
39 transaction with the virtual currency kiosk operator.
40 (g) "Transaction hash" means a unique identifier made
41 up of a string of characters that acts as a record of and provides
42 proof that the transaction was verified and added to the
43 blockchain.
44 (h) "Unique identifier" means a number or other
45 identifier that is assigned by a protocol established by the
46 automated licensing system approved operator. This will be
47 determined by valid identification.
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48 (i) "Virtual currency address" means an alphanumeric
49 identifier associated with a virtual currency wallet identifying
50 the location to which a virtual currency transaction can be sent.
51 (j) "Virtual currency kiosk" means a stand-alone
52 automated platform through which a consumer may deposit or receive
53 cash or use a credit or debit card to obtain virtual currency
54 services.
55 (k) "Virtual currency kiosk operator" means a person
56 that engages in virtual currency business activity through a
57 virtual currency kiosk located in this state or a person that
58 owns, operates or manages a virtual currency kiosk located in this
59 state through which virtual currency business activity is offered.
60 (l) "Virtual currency kiosk transaction" means a
61 transaction made at a virtual currency kiosk to purchase virtual
62 currency with U.S. dollars or to sell virtual currency for U.S.
63 dollars.
64 (m) "Virtual currency storage" means:
65 (i) Maintaining possession, custody or control
66 over virtual currency on behalf of another person, including as a
67 virtual currency control-services vendor;
68 (ii) Issuing, transferring or otherwise granting
69 or providing to any person in this state any claim or right or any
70 physical, digital or electronic instrument, receipt, certificate
71 or record representing any claim or right to receive, redeem,
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72 withdraw, transfer, exchange or control any virtual currency or
73 amount of virtual currency; or
74 (iii) Receiving possession, custody or control
75 over virtual currency from a person in this state in return for a
76 promise or obligation to return, repay, exchange or transfer such
77 virtual currency or a like amount of such virtual currency.
78 (n) "Virtual currency wallet" means a software
79 application or other mechanism providing a means for holding,
80 storing and transferring virtual currency.
81 SECTION 3. (1) A virtual currency kiosk operator may not
82 engage in virtual currency kiosk activity or hold itself out as
83 being able to engage in such activity with or on behalf of another
84 person without having first obtained a license under the Money
85 Transmission Modernization Act, Section 75-16-1 et seq.
86 (2) A virtual currency kiosk operator shall comply with all
87 requirements of a money transmitter and shall be subject to the
88 provisions of the Money Transmission Modernization Act, including
89 all duties, requirements and fees imposed on licensees, and the
90 Mississippi Department of Banking and Consumer Finance shall
91 exercise all power and authority and perform all duties with
92 respect to virtual currency kiosk operators as are provided in the
93 Money Transmission Modernization Act; however, in the case of a
94 conflict, the provisions of this act shall control.
95 SECTION 4. (1) A virtual currency kiosk operator may not
96 use any sign or handwritten or printed paper using the words
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97 "automatic teller machine" or "ATM" or any other words in a manner
98 reasonably calculated to convey the impression that the entity is
99 engaged in the business of banking unless the act is done by or on
100 behalf of an entity conducting banking activities pursuant to
101 Title 81, Mississippi Code of 1972.
102 (2) Nothing in this section shall prohibit the commissioner
103 from making a determination that a name proposed to be registered
104 is potentially misleading to the public and requiring the
105 registrant to select a name that is not potentially misleading.
106 SECTION 5. (1) (a) The virtual currency kiosk operator, in
107 establishing a relationship with a customer and before entering
108 into an initial virtual currency kiosk transaction for, on behalf
109 of or with the customer, shall disclose in clear, conspicuous and
110 legible writing, both: (i) in English; and (ii) in the language
111 principally used by the licensee or authorized delegate to
112 advertise, solicit or negotiate, either orally or in writing, for
113 a transaction conducted in person, electronically or by phone, if
114 other than English; all material risks generally associated with
115 virtual currency.
116 (b) The material risks associated with virtual currency
117 required to be disclosed under paragraph (a) of this subsection
118 (1) include, but are not limited to:
119 (i) A disclosure that is acknowledged by the
120 customer and provided separately from the disclosures provided
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121 under subparagraphs (ii) and (vii) of this paragraph (b), and
122 written prominently and in bold type, stating the following:
123 WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM A
124 STRANGER WHO IS INITIATING A DISHONEST SCHEME. I UNDERSTAND THAT
125 CRIMINAL ACTIVITY MAY APPEAR IN MANY FORMS, INCLUDING:
126 (1) Claims of a frozen bank account or credit card.
127 (2) Fraudulent bank transactions.
128 (3) Claims of identity theft or job offerings in exchange for
129 payments.
130 (4) Requests for payments to government agencies or
131 companies.
132 (5) Requests for disaster relief donations or loans.
133 (6) Offers to purchase tickets for lotteries, sweepstakes, or
134 drawings for vehicles.
135 (7) Prompts to click on desktop popups, such as virus
136 warnings or communication from alleged familiar merchants.
137 (8) Communication from someone impersonating a representative
138 of your bank or a law enforcement officer.
139 IF YOU BELIEVE YOU ARE BEING SCAMMED, CALL A LOCAL LAW
140 ENFORCEMENT OFFICER BEFORE ANY TRANSACTION.
141 WARNING: FUNDS LOST DUE TO USER ERROR OR FRAUD MAY NOT BE
142 RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS VIRTUAL CURRENCY KIOSK
143 ARE IRREVERSIBLE. I UNDERSTAND THESE RISKS AND WISH TO CONTINUE
144 WITH CONDUCTING MY VIRTUAL CURRENCY KIOSK TRANSACTION. PROTECT
145 YOURSELF FROM FRAUD. NEVER SEND MONEY TO SOMEONE YOU DO NOT KNOW.
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146 (ii) Virtual currency is not backed or insured by
147 the government, and accounts and value balances are not subject to
148 protections of the Federal Deposit Insurance Corporation, National
149 Credit Union Administration, or Securities Investor Protection
150 Corporation;
151 (iii) A virtual currency transaction may be deemed
152 to be made when recorded on a public ledger, which may not be the
153 date or time when the customer initiates the virtual currency
154 transaction;
155 (iv) The value of virtual currency may be derived
156 from the continued willingness of market participants to exchange
157 fiat currency for virtual currency, which may result in the
158 permanent and total loss of the value of a particular virtual
159 currency if the market for that virtual currency disappears;
160 (v) The volatility and unpredictability of the
161 price of virtual currency relative to fiat currency may result in
162 a significant loss over a short period of time;
163 (vi) A bond maintained by the virtual currency
164 kiosk operator for the benefit of the customers of the virtual
165 currency kiosk operator may not be sufficient to cover all losses
166 incurred by customers; and
167 (vii) Virtual currency transactions are
168 irreversible and may be used by a person seeking to defraud
169 customers. As used in this subparagraph (vii), "seeking to
170 defraud customers" includes, but is not limited to:
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171 1. Impersonating a customer's family or
172 friends;
173 2. Threatening jail time;
174 3. Stating that a customer's identity has
175 been stolen;
176 4. Insisting that a customer withdraw money
177 from the customer's bank account and purchase virtual currency; or
178 5. Alleging that a customer's personal
179 computer has been hacked.
180 (2) (a) A virtual currency kiosk operator, when opening an
181 account for a new customer and before entering into an initial
182 virtual currency transaction for, on behalf of, or with the
183 customer, shall disclose in clear, conspicuous and legible
184 writing, using not less than twenty-four (24) point
185 sans-serif-type font, both: (i) in English; and (ii) in the
186 language principally used by the licensee or authorized delegate
187 to advertise, solicit or negotiate, either orally or in writing,
188 for a transaction conducted in person, electronically or by phone,
189 if other than English; using not less than twenty-four (24) point
190 sans-serif-type font, all relevant terms and conditions associated
191 with the products, services and activities of the virtual currency
192 kiosk operator and virtual currency generally.
193 (b) The disclosure required under paragraph (a) of this
194 subsection (2) shall include, but is not limited to:
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195 (i) The customer's liability for unauthorized
196 virtual currency transactions;
197 (ii) The customer's right to stop payment of a
198 preauthorized virtual currency transfer and the procedure used to
199 initiate a stop-payment order;
200 (iii) The circumstances under which the virtual
201 currency kiosk operator, absent a court or government order, will
202 disclose information concerning the customer's account to third
203 parties;
204 (iv) The requirement that the virtual currency
205 kiosk operator communicate to the customer what customer
206 information may be disclosed to third parties;
207 (v) The customer's right to receive a receipt for
208 a virtual currency transaction at the time of the transaction;
209 (vi) Upon a change in the rules or policies of the
210 operator, the customer's right to consent to the changed rules or
211 policies before performing a transaction after the change; and
212 (vii) Any other disclosures that are customarily
213 provided in connection with opening a person's account.
214 (3) (a) A virtual currency kiosk operator, before each
215 transaction in virtual currency for, on behalf of, or with a
216 customer, shall disclose to the customer in an easily readable
217 manner that is in clear, conspicuous and legible writing, using
218 not less than twenty-four (24) point sans-serif-type font, both:
219 (i) in English; and (ii) in the language principally used by the
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220 licensee or authorized delegate to advertise, solicit or
221 negotiate, either orally or in writing, for a transaction
222 conducted in person, electronically or by phone, if other than
223 English; the terms and conditions of the virtual currency
224 transaction.
225 (b) The terms and conditions required under paragraph
226 (a) of this subsection (3) shall include, but are not limited to:
227 (i) The amount of the transaction;
228 (ii) The total amount of all fees, expenses,
229 commissions and charges borne by the customer, including, but not
230 limited to, applicable exchange rates, displayed both as a dollar
231 amount and as a percentage of the transaction;
232 (iii) The type and nature of the virtual currency
233 transaction;
234 (iv) A warning that, once executed, the virtual
235 currency transaction may not be undone, if applicable;
236 (v) A daily virtual currency transaction limit;
237 (vi) The difference in the sale price of the
238 virtual currency versus the current market price; and
239 (vii) Any other disclosures that are customarily
240 given in connection with a virtual currency transaction.
241 (4) A virtual currency kiosk operator shall ensure that each
242 customer acknowledges receipt of all disclosures required under
243 this section.
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244 (5) (a) Before the acceptance of any cash or funding for a
245 virtual currency transaction, a virtual currency kiosk operator
246 must require every customer, regardless of age, to respond to the
247 following requests:
248 (i) Enter the name, job title, and employer or
249 company represented by the person instructing you to use this
250 machine.
251 (ii) If no one is instructing you to use this
252 machine, click the box that says "I am not on the phone with
253 anyone," and enter the purpose for which you are buying virtual
254 currency.
255 (b) Additionally, the virtual currency kiosk operator
256 must require the customer to answer at least five (5) of the
257 following questions, which shall be generated randomly so that the
258 same five (5) questions do not appear before each transaction:
259 (i) "Are you sending this money in response to a
260 demand for payment to unfreeze a bank account, investment account
261 or credit card?"
262 (ii) "Are you sending this money to someone
263 offering a job or some other financial benefit, such as the
264 purchase of lottery tickets, sweepstakes entries or prize
265 drawings?"
266 (iii) "Are you sending this money to someone
267 claiming to be a representative of a financial institution, such
268 as a bank, mortgage company or loan company, or a bill collector?"
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269 (iv) "Are you sending this money to someone
270 claiming to be a law enforcement officer or representative of a
271 government agency?"
272 (v) "Are you sending this money to someone
273 claiming to represent a disaster relief organization or some other
274 type of charitable organization?"
275 (vi) "Are you sending this money in response to a
276 prompt from a popup message on your computer desktop, an email, a
277 text message, a telephone call, or some other communication from
278 an unknown merchant containing computer virus or fraud warnings?"
279 (vii) "Are you sending this money to someone posing
280 as a romantic partner or potential business partner whom you have
281 never met in a face-to-face, in-person meeting?"
282 (viii) "Are you sending this money to someone
283 threatening you or a relative or loved one with arrest, fines,
284 fees, a lawsuit, foreclosure or repossession?"
285 (ix) "Are you sending this money in response to a
286 threat of any kind, including physical, financial or reputational
287 harm, to you, a relative or a loved one?"
288 (c) Each question must appear separately and require a
289 response via an on-screen prompt, except as provided for elder
290 adults in Section 8 of this act, before proceeding to the next
291 question. If the customer enters a name in response to the
292 request in paragraph (a)(i) of this subsection (5), or responds
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293 with "yes" or with a similar affirmative answer to any question
294 asked under paragraph (b) of this subsection (5):
295 (i) The transaction shall be declined and voided
296 upon completion of the questions;
297 (ii) The virtual currency kiosk must display a
298 "Fraud Warning" that instructs the customer to contact local law
299 enforcement; and
300 (iii) The virtual currency kiosk operator shall
301 not collect any fees or funds from the customer.
302 (d) The security questions provided in paragraphs (a)
303 and (b) of this subsection (5) shall be implemented by all virtual
304 currency kiosk operators no later than January 1, 2027.
305 SECTION 6. (1) A virtual currency kiosk operator, upon the
306 completion of a virtual currency transaction, shall provide to the
307 customer a receipt, in both physical (paper) and electronic (email
308 or SMS) form, containing:
309 (a) The name of, and contact information for, the
310 virtual currency kiosk operator, including, but not limited to,
311 the virtual currency kiosk operator's business address and a
312 customer service telephone number established by the virtual
313 currency kiosk operator to answer questions and register
314 complaints;
315 (b) The name of the customer;
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316 (c) The type, value, date and precise time of the
317 virtual currency transaction, transaction hash or identification
318 number, and each virtual currency address;
319 (d) The amount of the virtual currency transaction
320 expressed in United States currency;
321 (e) The public virtual currency address of the
322 customer;
323 (f) The unique identifier of the virtual currency kiosk
324 operator;
325 (g) The full amount of each fee charged, including, but
326 not limited to, a fee charged directly or indirectly by the
327 virtual currency kiosk operator, or a third party involved in the
328 virtual currency transaction;
329 (h) The exchange rate, if applicable;
330 (i) Any tax collected by the virtual currency kiosk
331 operator for the virtual currency transaction;
332 (j) A statement of the liability of the virtual
333 currency kiosk operator for nondelivery or delayed delivery;
334 (k) A statement of the refund policy of the virtual
335 currency kiosk operator and instructions on how to obtain a
336 refund, including the email address, web address or telephone
337 number the customer should use to request a refund and the time
338 limits within which to obtain a refund;
339 (l) The name and telephone number of the Department of
340 Banking and Consumer Finance and a statement disclosing that the
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341 virtual currency kiosk operator's customers may contact the
342 department with questions or complaints about the virtual currency
343 kiosk operator's virtual currency kiosk services or the refund
344 process; and
345 (m) Any additional information the commissioner may
346 require.
347 (2) The receipt required under subsection (1) of this
348 section shall be provided in:
349 (a) A retainable form;
350 (b) English; and
351 (c) The language principally used by the virtual
352 currency kiosk operator to advertise, solicit or negotiate, orally
353 or in writing.
354 SECTION 7. (1) A virtual currency kiosk operator shall not
355 accept transactions of more than One Thousand Dollars ($1,000.00)
356 per day in cash or the equivalent in virtual currency for new
357 customers and Seven Thousand Five Hundred Dollars ($7,500.00) per
358 day in cash or the equivalent in virtual currency for existing
359 customers.
360 (2) A virtual currency kiosk operator shall hold the funds
361 received in the first virtual currency kiosk transaction by a new
362 customer in a non-interest-bearing account for a period of
363 ninety-six (96) hours before completing the transaction, and the
364 new customer may not carry out another transaction during the
365 ninety-six-hour holding period. After the ninety-six-hour period
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366 following the first transaction, the new customer may make daily
367 transactions.
368 (3) The transaction limit for new customers shall not exceed
369 Five Thousand Dollars ($5,000.00) in cash or the equivalent in
370 virtual currency in the fourteen-day period after the first
371 virtual currency kiosk transaction with the virtual currency kiosk
372 operator.
373 (4) The virtual currency kiosk operator shall issue a refund
374 of the full amount of the transaction if requested by the customer
375 within the initial ninety-six-hour holding period under subsection
376 (2) of this section.
377 SECTION 8. (1) As used in this section, the following terms
378 have the meanings as defined in this subsection:
379 (a) "Live screening" means a real-time, audio-visual
380 interaction between the customer at the virtual currency kiosk and
381 a live representative of the virtual currency kiosk operator,
382 conducted via a camera and microphone integrated into the virtual
383 currency kiosk.
384 (b) "Third-party coaching" means an interaction between
385 a customer and a third party during which the customer
386 communicates with, or receives instructions from, a third party
387 via telephone or other electronic device during the course of a
388 virtual currency kiosk transaction.
389 (2) Upon the request of a customer, a virtual currency kiosk
390 operator shall issue a refund to a new customer for the full
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391 amount of all transactions made within the fourteen-day new
392 customer time period. In order to receive a refund under this
393 subsection (2), a new customer must have:
394 (a) Been fraudulently induced to engage in the virtual
395 currency transactions;
396 (b) Contacted both the virtual currency kiosk operator
397 and a government or law enforcement entity to inform them of the
398 fraudulent nature of the transaction agency within ninety (90)
399 days of the last transaction to occur during the fourteen-day new
400 customer time period; and
401 (c) Submitted proof of the fraud incident, such as a
402 police report or sworn declaration detailing the fraudulent nature
403 of the transaction or transactions.
404 (3) Each virtual currency kiosk operator shall:
405 (a) Obtain a copy of a government-issued identification
406 card that identifies each customer of the virtual currency kiosk
407 operator;
408 (b) Maintain restrictions that prevent more than one
409 (1) customer of the virtual currency kiosk operator from using the
410 same virtual currency wallet; and
411 (c) Be able to prevent virtual currency wallets that
412 have been flagged as potentially connected to fraudulent or other
413 criminal activity from being used at a virtual currency kiosk
414 owned or operated by the virtual currency kiosk operator.
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415 (4) All virtual currency kiosks operators shall use
416 blockchain analytics software to assist in the prevention of
417 sending purchased virtual currency from a kiosk to a digital
418 wallet known to be affiliated with fraudulent, sanctioned or
419 illicit activity at the time of a transaction. The commissioner
420 may request evidence from any operator of current use of
421 blockchain analytics.
422 (5) All virtual currency kiosk operators shall take
423 reasonable steps to detect and prevent fraud, including
424 establishing and maintaining a written anti-fraud policy, which
425 shall include, but not be limited to, the following:
426 (a) The identification and assessment of fraud-related
427 risk areas;
428 (b) Procedures and controls to protect against
429 identified risks;
430 (c) Allocation of responsibility for monitoring risks;
431 and
432 (d) Procedures for the periodic evaluation and revision
433 of the anti-fraud procedures, controls and monitoring mechanisms.
434 (6) All virtual currency kiosk operators shall offer, during
435 the hours of operation of the virtual currency kiosks owned or
436 operated by the virtual currency kiosk operator, live customer
437 support by telephone from a toll-free telephone number prominently
438 displayed at or on the virtual currency kiosk.
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439 (7) All virtual currency kiosk operators shall designate a
440 customer service representative to identify and speak by telephone
441 with an elder adult who is a new customer before the elder adult
442 who is a new customer completes his or her first virtual currency
443 transaction with the virtual currency kiosk operator. During the
444 communication, which shall be recorded and retained by the
445 virtual currency kiosk operator, the virtual currency kiosk
446 operator shall:
447 (a) Reconfirm any attestations made by the new customer
448 at a virtual currency kiosk owned or operated by the virtual
449 currency kiosk operator;
450 (b) Discuss the transaction;
451 (c) Discuss types of fraudulent schemes relating to
452 virtual currency;
453 (d) Identify, through live screening or automated
454 monitoring, whether an elder adult is engaging in or receiving
455 third-party coaching; and
456 (e) Identify, through live screening or automated
457 monitoring, whether an elder adult is on the phone or using a
458 headset during the virtual currency kiosk transaction.
459 The virtual currency kiosk operator's approval of the
460 transaction shall be dependent upon the virtual currency kiosk
461 operator's assessment of the communication.
462 (8) All virtual currency kiosk operators shall designate and
463 employ a chief compliance officer who shall:
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464 (a) Be qualified to coordinate and monitor a compliance
465 program to ensure compliance with this section and all other
466 applicable federal laws and regulations and state laws and rules;
467 (b) Not own more than twenty percent (20%) of the
468 virtual currency kiosk operator that employs the officer; and
469 (c) Use full-time employees to fulfill the virtual
470 currency kiosk operator's compliance responsibilities under
471 federal laws and regulations and state laws and rules.
472 (9) If the virtual currency kiosk operator determines,
473 through live screening or automated monitoring, that a customer
474 who is an elder adult is on the phone or using a headset during
475 the virtual currency kiosk transaction:
476 (a) The virtual currency kiosk transaction must be
477 immediately halted and voided;
478 (b) The virtual currency kiosk operator shall refuse to
479 process any further virtual currency kiosk transactions for that
480 customer for a period of no less than twenty-four (24) hours; and
481 (c) The virtual currency kiosk operator shall preserve
482 and retain a record of the declined virtual currency kiosk
483 transaction and the reason for the decline.
484 SECTION 9. All virtual currency kiosk operators shall notify
485 the Mississippi Department of Banking and Consumer Finance of any
486 customer complaint or refund request within seventy-two (72) hours
487 of receipt of the customer complaint or refund request.
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488 SECTION 10. Virtual currency kiosk operators shall ensure
489 that all virtual currency kiosks are maintained in good working
490 condition so that all requirements under this act are met.
491 SECTION 11. The commissioner may exercise all power and
492 authority and perform all duties with respect to virtual currency
493 kiosk operators licensed under the Money Transmission
494 Modernization Act as are provided in that act, subject to the
495 provisions of Section 3 of this act, and the commissioner may also
496 exercise the following powers and functions:
497 (a) The commissioner may adopt rules necessary to
498 implement, administer and enforce this act.
499 (b) The commissioner may require any virtual currency
500 kiosk to be disabled or removed from its location, at the
501 operator's expense, if the operator fails to comply with the
502 requirements of this act or the Money Transmission Modernization
503 Act. Such order will remain effective until rescinded or released
504 by the commissioner or appealed as provided in Section 75-16-73.
505 (c) Whenever the commissioner believes that any person
506 is failing or omitting or is about to fail or omit to do anything
507 required by the provisions of this act, or by any order of the
508 commissioner, or is doing anything or about to do anything, or
509 permitting anything or about to permit anything to be done,
510 contrary to or in violation of this act or of any order of the
511 commissioner, the commissioner may proceed with appropriate action
512 as provided under the Money Transmission Modernization Act.
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513 SECTION 12. Sections 1 through 11 of this act shall be
514 codified in Title 75, Mississippi Code of 1972.
515 SECTION 13. Section 75-16-21, Mississippi Code of 1972, is
516 amended as follows:
517 75-16-21. License required. (1) A person may not engage in
518 the business of money transmission * * *; advertise, solicit or
519 hold itself out as providing money transmission; engage in virtual
520 currency kiosk activity; or hold itself out as a virtual currency
521 kiosk operator unless the person is licensed under this chapter.
522 (2) Subsection (1) of this section does not apply to:
523 (a) A person who is an authorized delegate of a person
524 licensed under this chapter acting within the scope of authority
525 conferred by a written contract with the licensee; or
526 (b) A person who is exempt pursuant to Section 75-16-7
527 and does not engage in money transmission outside the scope of
528 such exemption.
529 (3) A license issued under Section 75-16-29 is not
530 transferable or assignable.
531 SECTION 14. Section 75-16-69, Mississippi Code of 1972, is
532 amended as follows:
533 75-16-69. Suspension and revocation. (1) The commissioner
534 may suspend or revoke a license or order a licensee to revoke the
535 designation of an authorized delegate if:
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536 (a) The licensee or any authorized delegate, agent, or
537 representative violates this chapter or a rule or regulation
538 adopted or an order issued under this chapter;
539 (b) The licensee or any authorized delegate, agent, or
540 representative does not cooperate with an examination or
541 investigation by the commissioner;
542 (c) The licensee or any authorized delegate, agent, or
543 representative engages in fraud, intentional misrepresentation, or
544 gross negligence;
545 (d) An authorized delegate is convicted of a violation
546 of a state or federal anti-money laundering statute, or violates a
547 rule or regulation adopted or an order issued under this chapter,
548 as a result of the licensee's willful misconduct or willful
549 blindness;
550 (e) The competence, experience, character, or general
551 fitness of the licensee, authorized delegate, person in control of
552 a licensee, key individual, or responsible person of the
553 authorized delegate indicates that it is not in the public
554 interest to permit the person to provide money transmission;
555 (f) The licensee or any authorized delegate, agent, or
556 representative engages in an unsafe or unsound practice;
557 (g) The licensee is insolvent, suspends payment of its
558 obligations, or makes a general assignment for the benefit of its
559 creditors; * * *
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560 (h) The licensee does not remove an authorized delegate
561 after the commissioner issues and serves upon the licensee a final
562 order including a finding that the authorized delegate has
563 violated this chapter * * *; or
564 (i) The licensee is a virtual currency kiosk operator
565 who has violated Sections 1 through 11 of this act.
566 (2) In determining whether a licensee is engaging in an
567 unsafe or unsound practice, the commissioner may consider the size
568 and condition of the licensee's money transmission, the magnitude
569 of the loss, the gravity of the violation of this chapter, and the
570 previous conduct of the person involved.
571 SECTION 15. This act shall take effect and be in force from
572 and after July 1, 2026.
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Modernization Act.