HB5353 SFAT Barrett  #1 3-11

Johnson  7909

Senator Barrett moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 5353—A Bill to amend and reenact §32A-2-1, §32A-2-4, §32A-2-17, and §32A-2-27 of the Code of West Virginia, 1931, as amended; and to amend the code by adding a new section, designated §32A-2-8c, relating to requirements for licensure and regulation of money transmission services; bringing virtual currency kiosks within the purview of money transmission licensure; defining terms and modifying definitions; designating a start date for licensure of virtual currency kiosk operators; setting forth disclosure requirements for licensee; imposing receipt requirements for virtual currency kiosk transactions and specifying receipt content; requiring licensee to have designated contact for law enforcement; imposing daily transaction limits; requiring cancelation and refund for fraudulent virtual currency transactions under specified circumstances; providing for a resolution of conflicts between state and federal law as it relates to money transmission and authorizing Commissioner of Financial Institutions to provide interpretive guidance; imposing requirements on licensee; and specifying that virtual currency kiosks are delegates of a money transmission licensee.

Adopted

Rejected