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ME LD1205

Bill

Status

Failed

5/22/2025

Primary Sponsor

Denise Tepler

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Virtual currency kiosk operators in Maine must obtain a money transmitter license and are limited to accepting or dispensing no more than $1,000 per customer per day

  • Transaction fees are capped at the greater of $5 or 3% of the U.S. dollar equivalent of the virtual currency involved in the transaction

  • Kiosk operators who allow third parties to conduct virtual currency business through their machines must ensure those parties are properly licensed and compliant with all applicable regulations

  • Commissioner of Professional and Financial Regulation must submit a report by December 3, 2025 with findings and recommendations on protecting kiosk customers from fraud

Legislative Description

An Act to Set Limits on Virtual Currency Kiosks

Financial Practices

Last Action

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

5/22/2025

Committee Referrals

Health Coverage, Insurance and Financial Services3/20/2025

Full Bill Text

No bill text available