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ME LD1339

Bill

Official Source

Status

Passed

6/10/2025

Primary Sponsor

Glenn Curry

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Virtual currency kiosk operators in Maine must obtain a money transmitter license and report all kiosk locations to the state bureau
  • Daily transaction limits capped at $1,000 per customer, with fees limited to the greater of $5 or 3% of the transaction value
  • Operators must retain transaction records for at least 3 years, including customer identification, video recordings, and biometric data
  • Fraud victims can receive full refunds for transactions made within 90 days of their first kiosk transaction by filing a report with law enforcement within one year
  • Enacted as emergency legislation following FBI data showing 2,137 cryptocurrency fraud complaints in Maine in 2024, resulting in over $31 million in losses

Legislative Description

An Act to Regulate Virtual Currency Kiosks

Financial Practices

Last Action

PASSED TO BE ENACTED - Emergency - 2/3 Elected Required, in concurrence.

6/10/2025

Committee Referrals

Health Coverage, Insurance and Financial Services3/28/2025

Full Bill Text

No bill text available