Senate Bill 189

Actions | Amendments
Last Action 03/03/26: to Committee on Committees (H)
Title AN ACT relating to the regulation of virtual currency kiosks.
Bill Documents Current
Introduced
Bill Request Number 1829
Sponsors S. Rawlings, R. Mills
Summary of Original Version Establish Subtitle 13 of KRS Chapter 286 and create new sections thereof to regulate virtual currency kiosks; establish definitions; provide for enforcement by the commissioner of the Department of Financial Institutions; establish license requirements for virtual currency kiosks; require regulatory filings to be submitted to a nationwide licensing system registry; establish initial and renewal application processes and requirements, reporting, surety bond and tangible net worth, and change of control requirements for virtual currency kiosk operators; require the commissioner to promulgate administrative regulations to establish format, document submission, fee, and trade practice requirements for virtual currency kiosk operators; establish record retention requirements for persons required to be licensed as virtual currency kiosk operators; establish trade practice requirements relating to protection of resident assets, virtual currency kiosk transactions, prohibited practices, and fraud and information security compliance procedures; authorize the commissioner to conduct investigations and examinations; provide for the confidentiality of certain documents provided to the commissioner; authorize the commissioner to share, disclose, and report information and take other actions to assist in the commissioner's duties; require the commissioner to submit an annual licensing report to the Legislative Research Commission; establish due process requirements for adverse actions taken by the commissioner against licensees and other persons; establish requirements for the denial, suspension, or revocation of a license; authorize the commissioner to enter cease and desist orders and emergency orders; authorize the commissioner to order civil penalties against persons that violate the subtitle; require the commissioner of the Department of Financial Institutions to promulgate any required emergency and ordinary administrative regulations on or before January 1, 2027; EFFECTIVE, in part, March 31, 2027.
Index Headings of Original Version Administrative Regulations And Proceedings - Department of Financial Institutions, virtual currency kiosk business, 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
Effective Dates, Delayed - Virtual currency kiosk operators, regulation, March 31, 2027
Licensing - Virtual currency kiosk operators
Peace Officers And Law Enforcement - Virtual currency kiosk operators, regulation
Reports Mandated - Department of Financial Institutions, virtual currency kiosks, licensing
State Agencies - Department of Financial Institutions, virtual currency kiosks, regulation
Jump to Proposed Amendments Senate Committee Substitute 1
Senate Floor Amendment 1
Senate Floor Amendment 2
Votes Vote History

Actions

Top | Amendments
02/12/26
  • introduced in Senate
  • to Committee on Committees (S)
02/20/26
  • to Banking & Insurance (S)
02/24/26
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/25/26
  • floor amendment (1) filed to Committee Substitute
  • 2nd reading, to Rules
02/26/26
  • floor amendment (2) filed to Committee Substitute
  • posted for passage in the Regular Orders of the Day for Friday, February 27 2026
02/27/26
  • passed over and retained in the Orders of the Day
03/02/26
  • 3rd reading
  • floor amendment (1) withdrawn
  • passed 37-0 with Committee Substitute (1) and Floor Amendment (2)
03/03/26
  • received in House
  • to Committee on Committees (H)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Summary Retain original provisions; except amend maximum daily transaction limit for existing virtual currency kiosk users to $10,500 per day; limit 72 hour hold or refund requirement to new virtual currency kiosk users; modify requirements for annual inflation adjustment to maximum daily transaction limit; make technical amendments.
Index Headings Banks And Financial Institutions - Virtual currency kiosk operators, transaction requirements
Commerce - Virtual currency kiosk operators, transaction requirements
Consumer Protection - Virtual currency kiosk operators, transaction requirements
Digital Assets - Virtual currency kiosk operators, transaction requirements
State Agencies - Department of Financial Institutions, virtual currency kiosks, annual inflation adjustment
Technical Corrections - Virtual currency kiosk operators, regulation

Amendment Senate Floor Amendment 1
Sponsor S. Rawlings
Summary Retain original provisions, except modify licensing requirements for persons engaging in virtual currency kiosk business; modify maximum transaction limits for licensees; prohibit licensees from collecting virtual currency kiosk charges in excess of specified limits; require licensees to provide live customer service via a toll-free telephone number during operating hours, specified notices at virtual currency kiosks, and a paper or electronic receipt at the option of a virtual currency kiosk user; direct that a fraud victim's eligibility for a refund shall not be waived by required disclosures; require licensees to verify the identity of virtual currency kiosk users prior to accepting payment, provide refunds, provide a dedicated fraud communications line for law enforcement and the Department of Financial Institutions, and cooperate in fraud investigations.
Index Headings 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, regulation
Peace Officers And Law Enforcement - Virtual currency kiosks, fraud enforcement
State Agencies - Department of Financial Institutions, virtual currency kiosks, fraud enforcement

Amendment Senate Floor Amendment 2
Sponsor S. Rawlings
Summary Retain original provisions, except modify licensing requirements for persons engaging in virtual currency kiosk business; add maximum transaction limit for transactions occurring within first 30 days; prohibit licensees from collecting virtual currency kiosk charges in excess of specified limits; require licensees to provide live customer service via a toll-free telephone number during operating hours, specified notices at virtual currency kiosks, and a paper or electronic receipt at the option of a virtual currency kiosk user; direct that a fraud victim's eligibility for a refund shall not be waived by required disclosures; require licensees to verify the identity of virtual currency kiosk users prior to accepting payment, provide refunds, provide a dedicated fraud communications line for law enforcement and the Department of Financial Institutions, and cooperate in fraud investigations.
Index Headings 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, regulation
Peace Officers And Law Enforcement - Virtual currency kiosks, fraud enforcement
State Agencies - Department of Financial Institutions, virtual currency kiosks, fraud enforcement

Last updated: 3/9/2026 7:15 PM (EDT)