SCASB287 2810 1302 SENATE COMMITTEE AMENDMENTS Regular Session ENROLLEDAmendments SENATEproposed BILLby NO.Senate Committee on Commerce, Consumer Protection and International Affairs to Original Senate Bill No.

287 BYby SENATORSenator REESEReese ANAMENDMENT ACTNO. To amend and reenact R.S.

6:1389(B),1 1393.1(E)(6),On (F)(4),page the1, introductoryline paragraph3, ofchange 1393.1(H),and1393.1(H)(1),(2),(3),and(6)andtoenactR.S.6:1389(C),(D),and"R.S. (E) and 1393.1(E)(7), relative to virtual currency;

6:1389(C)," to provide"R.S. for virtual currency kiosks;

to6:1389(B), provide(C)," forAMENDMENT cancellationNO. and refund of transactions;

to2 provideOn forpage reporting1, andat disclosures;the end of line 10, change "R.S.

6:1389(C)," to provide"R.S. for terms, conditions, and procedures;

and6:1389(B), to(C)," provideAMENDMENT forNO. related matters.

Be3 itOn enactedpage by1, thebetween Legislaturelines of14 Louisiana:and 15, insert:

Section"B.(1) 1.The owner or operator of a virtual currency kiosk shall wait seventy-two hours before processing a user's virtual currency kiosk transaction or shall, at such owner's or operator's cost and within seventy-two hours after a virtual currencykiosk transaction, allow the user to cancel and receive a full refund for the virtual currency kiosk transaction.

R.S.(2) Notwithstanding the provisions of Paragraph (1) of this Subsection orany otherprovisionoflawtothecontrary,theowneroroperatorofavirtual currency kiosk shall, at the owner or operator's cost, allow the user to cancel and receivea full refund for a virtual currency kiosk transaction at any time if the owner or operator was not licensed under the provisions of this Chapter at the time of the transaction." AMENDMENT NO.

6:1389(B),4 1393.1(E)(6),On (F)(4),page the1, introductoryend paragraph of 1393.1(H),line and17, 1393.1(H)(1),insert: (2), (3), and (6) are hereby amended and reenacted and R.S.

6:1389(C),"Avirtualcurrencykioskowneroroperator'sresponseshallclearlydiscloseall (D),requirements andfor (E)a andrefund. 1393.1(E)(7) are herebyenacted to read as follows:

§1389.

Virtual currencykiosks;

maximum daily transaction limit;

cancellation and refund * * * B.(1) The owner or operator of a virtual currency kiosk shall wait seventy-two hours before processing a user's virtual currency kiosk transaction or shall, at such owner's or operator's cost and within seventy-two hours after a virtual currencykiosk transaction, allow the user to cancel and receive a full refund for the virtual currency kiosk transaction.

(2) Notwithstanding the provisions of Paragraph (1) of this Subsection orany otherprovisionoflawtothecontrary,theowneroroperatorofavirtual currency kiosk shall, at the owner or operator's cost, allow the user to cancel Page 1 of 4 Coding:

Words which are struck through are deletions from existing law;

words in boldface type and underscored are additions.

SB NO.

287 ENROLLED and receive a full refund for a virtual currencykiosk transaction at any time if theowneroroperatorwasnotlicensedinaccordancewiththeprovisionsofthis Chapter at the time of the transaction.

C.(1)Avirtualcurrencykioskowneroroperatorshallacknowledgeand respond to a cancellation and refund request made pursuant to the provisions of Subsection B of this Section within ten business days.

A virtual currency kiosk owner or operator's response shall clearly disclose all requirements for a refund.

Submitting either a police report or proof of a complaint submitted to the Internet Crime Complaint Center to the owner or operatorof a virtual currency kiosk shall constitute suspected fraudulent activity.activity." AMENDMENT NO.

(3)Anyrefund5 requestedpursuanttothisOn Subsectionpage shallbeprocessed2, andcompletedeitherwithinninetycalendardaysfromtheuser'sinitialrequestdelete orninetycalendardaysfromwhentheusersubmittedproofofapoliceorotherlines governmental1 entity report of the suspected fraudulent activity and proof2, of identification, if such requirements are part of the owner or operator's refund policy and theseinsert: requirements were clearly communicated to the user in compliance with Paragraph (1) of this Subsection, whichever is later.

D.Eachvirtualcurrencykiosk"(3) owneroroperatorshalloffer,duringtheAny hoursrefund requested pursuant to this Subsection shall be processed and completed either within ninety calendar days from the user's initial request or ninety calendar days from when the user submitted proof of operationa police or other governmental entity report of the virtualsuspected currencyfraudulent kiosk,activity liveand customerproof supportof byidentification, telephoneif fromsuch arequirements toll-freeare numberpart prominentlyof displayedthe onowner or operator's refund policy and these requirements were clearly communicated to the virtualuser currencyin kiosk.compliance with Paragraph (1) of this Subsection, whichever is later." Page 1 of 1

The toll-free number shall also be provided on the customer receipt to a transaction as provided in R.S.

6:1393.1(H).

E.Eachvirtualcurrencykioskowneroroperatorshallsubmitquarterly reports to the commissioner of all cancellation and refund requests made by residentspursuanttotheprovisionsofthisSection.Thereportshallincludethe name and contact information of the customer who made the request, the Page 2 of 4 Coding:

Words which are struck through are deletions from existing law;

words in boldface type and underscored are additions.

SB NO.

287 ENROLLED transaction date, and the amount of the transaction that was requested to be cancelled.

* * * §1393.1.

Required disclosures * * * E.

When opening a new account, and prior to entering into an initial transaction with, for, or on behalf of a resident, each licensee shall disclose in clear, conspicuous, and legible writing in the English language all relevant terms and conditions associated with its virtual currencyproducts, services, and activities and virtual currency generally, including but not limited to the following:

* * * (6)Theresident'srighttocontacttheofficeoffinancialinstitutions with complaints or questions about the virtual currency kiosk operator's services.

The licenseeshall include in this disclosure the telephone number fortheoffice of financial institutions.

(7) Any other disclosures as are customarily given in connection with the opening of resident accounts.