All Roll Calls
Yes: 126 • No: 0
ArkansasHB14672025 Regular SessionHouseWALLET
TO AMEND THE UNIFORM MONEY SERVICES ACT.
Sponsored By: Brandon Achor (Republican), Justin Boyd (Republican)
Enacted
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Bill Overview
Analyzed Economic Effects
10 provisions identified: 5 benefits, 2 costs, 3 mixed.
Daily limits for virtual currency customers
Kiosk customers registered for less than 72 hours are limited to $2,000 in transactions per day. Customers registered for more than 72 hours are limited to $7,500 per day.
Customer data safeguards exclude small institutions
Covered licensed money services businesses must maintain written, risk-based security programs led by a qualified person. Safeguards include access controls, encryption, added sign-in checks, secure software development, activity logs, staff training, and outside-provider oversight. Approved alternatives can replace infeasible encryption or multifactor authentication; testing requires continuous monitoring or annual penetration tests and semiannual vulnerability checks. Businesses must securely dispose of customer information after two years unless an exception applies, plan for incidents and recovery, and report annually to their governing body or a senior officer. Institutions holding information about fewer than 5,000 consumers are exempt from these article-specific security, notice, and recovery-plan rules.
Bonds back money transmission customer claims
Money transmission licensees must maintain a bond from application onward to secure their obligations and cover claims. The required amount is the greater of $100,000 or 100% of average daily Arkansas liability, capped at $500,000. Liability uses the latest completed three-month period; a $100,000 alternative applies when tangible net worth exceeds 10% of total assets. Claimants can sue the surety directly, consumer claims get priority, and cancellation requires 60 days' written notice to the commissioner. Bonds generally last at least five years after Arkansas operations end, but the commissioner can allow earlier reductions or removal as obligations and transmitted money decline. The commissioner can require extra security for virtual currency cybersecurity risks outside the bond's coverage.
Clearer warnings and receipts for kiosk customers
Before the first transaction, kiosks must explain risks, including irreversible transactions and no government backing or deposit insurance. New account disclosures must explain liability and stop-payment rights. Before each transaction, operators must disclose amounts, fees, exchange rates, transaction type, and limits; customers must acknowledge required disclosures. Receipts must include amounts, fees, rates, taxes collected, transaction identifiers, refund and liability terms, operator contacts, and the state complaint number. Disclosures must use English and the main marketing or negotiating language when applicable; electronic receipts require customer agreement or request.
Fee caps for virtual currency kiosks
Virtual currency kiosks cannot charge combined fees and commissions above $5 or 18% of the transaction amount. The supplied text does not explain how these two limits work together.
Fraud refunds for new kiosk customers
New customers can request cancellation and a full refund for fraudulent kiosk transactions made within 72 hours after registration. They must contact both the kiosk operator and a government or law enforcement agency. They must also file a report with a government or law enforcement agency documenting the fraud. Both contacts and the report are due within 14 days after the last transaction in that 72-hour period.
Stronger fraud safeguards for older customers
Before a new customer age 60 or older completes a first virtual currency transaction, the kiosk operator must verify their identity and speak with them by phone. The operator must record and keep that call. Money transmission companies must give authorized agents materials on spotting elder financial abuse and responding to suspected fraudulent transactions. Materials are due by April 1 each year and within one month after a new agent's appointment.
Kiosk operators must hire compliance staff
Each virtual currency kiosk owner or operator must employ a qualified chief compliance officer to oversee legal compliance. That officer cannot own more than 20% of the employing business. Full-time employees must perform compliance work.
Data incident reporting allows public notice delays
Covered businesses must report unauthorized acquisition of unencrypted Arkansas customer information to the Securities Commissioner promptly, within 45 days after discovery. Reports must include business contacts, information involved, affected or potentially affected consumer counts, and an event description in the required format. Discovery starts when an employee, officer, or agent knows, excluding knowledge only by the person who committed the event. Law enforcement can delay public notice to protect an investigation or national security for up to 30 days after commissioner notification. A written request can add up to 60 days; further delay requires the State Securities Department to find continuing harm.
Kiosk customers get safeguards and identity checks
Kiosk customers must provide government-issued identification, and multiple customers cannot use the same virtual currency wallet. Operators must use a specialized outside provider to analyze blockchain activity and prevent transactions with high-risk or sanctioned wallets. They must be able to block designated wallets, monitor customers after transactions based on risk, and offer live phone help during kiosk hours. For new customers, operators must reconfirm customer statements and discuss the transaction and common fraud schemes. They may approve the transaction only after assessing that discussion.
Sponsors & Cosponsors
Sponsors
Brandon Achor
Republican • House
Justin Boyd
Republican • Senate
Cosponsors
Austin McCollum
Republican • House
Roll Call Votes
Senate vote • 4/8/2025
Senate Vote - Tuesday, April 8, 2025 7:34:52 PM
Yes: 32 • No: 0 • Other: 3
House vote • 3/20/2025
House Vote - Thursday, March 20, 2025 3:00:21 PM
Yes: 94 • No: 0
Actions Timeline
Notification that HB1467 is now Act 557
4/14/2025HouseCorrectly enrolled and ordered transmitted to the Governor's Office.
4/9/2025HouseTO BE ENROLLED
4/9/2025HouseReturned from the Senate as passed.
4/9/2025HouseReturned to the House as passed.
4/8/2025SenateRead the third time and passed.
4/8/2025SenateReturned by the Committee, with the recommendation that it Do Pass
4/1/2025SenateRead first time, rules suspended, read second time, referred to INSURANCE & COMMERCE - SENATE
3/20/2025SenateReceived from the House.
3/20/2025SenateRead the third time and passed and ordered transmitted to the Senate.
3/20/2025HouseReturned by the Committee Do Pass
3/19/2025HouseREPORTED CORRECTLY ENGROSSED
3/17/2025HouseAmendment No. 2 read and adopted and the bill ordered engrossed.
3/17/2025HousePlaced on second reading for the purpose of amendment.
3/17/2025HouseREPORTED CORRECTLY ENGROSSED
3/11/2025HouseAmendment No. 1 read and adopted and the bill ordered engrossed.
3/11/2025HousePlaced on second reading for the purpose of amendment.
3/11/2025HouseRead the first time, rules suspended, read the second time and referred to the Committee on INSURANCE & COMMERCE- HOUSE
2/12/2025HouseFiled
2/12/2025House
Bill Text
HB1467 - Introduced
2/12/2025
Act Version
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