AR SB150

Adds "virtual currency" to the definition of money transmission and creates a new statutory definition for virtual currency as a digital representation of value used as medium of exchange, unit of account, or store of value that lacks legal tender status.

Establishes exclusions from money services licensing requirements for virtual currency or digital representations redeemable exclusively for goods or services, game-specific digital currencies, and uses of virtual distributed ledger systems for verifying ownership or authenticity.

Requires applicants for money transmitter and currency exchanger licenses to submit information about a "responsible individual" including legal name, addresses, date of birth, Social Security number, five-year employment history, and documentation of U.S. citizenship or legal immigration status.

Extends record retention requirements from three to five years for payment instruments, stored value, prepaid access, and virtual currency obligations.

Adds requirement that money transmitters and currency exchangers establish written physical security and cybersecurity policies and procedures designed to protect confidentiality, integrity, and availability of records and information.