26RS HB 380

House Bill 380

Actions

Last Action	01/14/26: to Committee on Committees (H)
Title	AN ACT relating to the regulation of virtual currency kiosk business.
Bill Documents	Introduced
Bill Request Number	1451
Sponsor	T. Smith
Summary of Original Version	Amend various sections and create new sections of Subtitle 11 of KRS Chapter 286 to expand the scope of the subtitle to include virtual currency kiosk business; define terms; require licensure for virtual currency kiosk business in this state; require each virtual currency kiosk business location to be approved by the commissioner of the Department of Financial Institutions; require each application for a license to engage in virtual currency kiosk business to be accompanied by a surety bond or other similar security; establish requirements for approval to engage in virtual currency kiosk business at a location in this state; apply examination, investigation, recordkeeping, registered agent, and trade practice requirements to virtual currency kiosk operators; establish reporting, transaction, trade practice, notice, disclosure, fraud detection, and refund requirements for virtual currency kiosk operators; apply license and civil penalties to virtual currency kiosk operators; authorize the commissioner to order any virtual currency kiosk operator to provide refunds and to direct any peace officer to seize, impound, or render inoperable a virtual currency kiosk; establish the purpose of the Act; amend KRS 286.2-015 to authorize political subdivisions of this Commonwealth to enact and enforce ordinances, regulations, and resolutions pertaining to virtual currency kiosk business; create a new section of KRS Chapter 367 to provide that a violation of Subtitle 11 of KRS Chapter 286 by a virtual currency kiosk operator shall be deemed a violation of, and subject to the remedies and penalties of, KRS 367.170; repeal KRS 286.11-065, relating to licenses issued under former KRS Chapter 366; require the commissioner to promulgate emergency and ordinary administrative regulations to implement the Act within 30 days after the effective date of the Act; provide that persons shall not be required to comply with licensing and other provisions of the Act until certain contingencies are satisfied.
Index Headings of Original Version	Administrative Regulations And Proceedings - Department of Financial Institutions, virtual currency kiosk operators, regulation Banks And Financial Institutions - Virtual currency kiosk operators, regulation Commerce - Virtual currency kiosk operators, regulation Consumer Protection - Virtual currency kiosk operators, regulation Digital Assets - Virtual currency kiosk operators, regulation Licensing - Virtual currency kiosk operators Local Government - Virtual currency kiosk operators, regulation Peace Officers And Law Enforcement - Virtual currency kiosk operators, regulation Reports Mandated - Department of Financial Institutions, virtual currency kiosk business Short Titles And Popular Names - Kentucky Money Transmitters and Virtual Currency Kiosk Operators Act