LD1339

Maine LD1339 regulates virtual currency kiosks by requiring licensing, setting transaction limits, and establishing consumer protections.

Maine LD1339, known as the Maine Virtual Currency Kiosk Act, mandates that virtual currency kiosk operators obtain a money transmitter license. It sets a daily transaction limit of $1,000 per customer and caps fees at the greater of $5 or 3% of the transaction amount. The bill requires operators to disclose transaction risks and provide detailed receipts. It also mandates record retention for at least three years and establishes a process for customer refunds in cases of fraud or unfair practices. The act includes provisions for information security and administrative enforcement.