Virtual currency kiosks; require licensure in accordance with Money Transmission Modernization Act.

The act was renamed from 'Money Transmission Modernization Act for Virtual Currency Kiosks' to 'Mississippi Virtual Currency Kiosk Consumer Protection Act,' shifting the framing from a licensing/modernization focus to consumer protection.

All 'brought forward' sections (old Sections 15-22) were removed. These sections would have codified existing Mississippi Code provisions (75-16-71 through 75-16-85) into the new chapter, covering notice and hearing procedures, cease and desist orders, consent orders, criminal penalties, civil penalties, unlicensed persons, investigation powers, and uniformity of application.

The fraud prevention question system was completely overhauled. The old version required customers to answer two fixed questions (about being on the phone and sending money to someone never met). The new version requires customers to either enter the name, job title, and employer of anyone instructing them, or confirm they are not being instructed and state their purpose. Additionally, at least five of nine randomly generated questions must be answered each transaction, covering scenarios like account unfreezing demands, fake job offers, impersonation of financial institutions, law enforcement, charities, popup/email fraud, romance scams, and threats.

A new 96-hour holding period was added: funds from a new customer's first transaction must be held in a non-interest-bearing account for 96 hours before the transaction is completed, and the customer cannot make another transaction during that period. A full refund must be issued if requested within the 96-hour window.

A new section requires operators to ensure all kiosks are maintained in good working condition so that all requirements under the act are met.

The requirement for property owners and their employees to report suspected abuse, neglect, or exploitation of vulnerable persons at virtual currency kiosks (old Section 8(10)) was removed.

Receipt requirements were expanded to include specific refund instructions (email address, web address, or phone number) and time limits for obtaining a refund. The option for electronic receipts upon customer request was removed.

A deadline of January 1, 2027 was added for all virtual currency kiosk operators to implement the new security questions.

The 20% fee cap on virtual currency transactions was removed entirely. The old Section 7 limited total fees and commissions to 20% of the transaction amount; this provision no longer exists in the bill.

The 'unique identifier' definition was changed from being assigned by an automated licensing system protocol approved by the commissioner to being determined by valid identification. The 'existing customer' definition was simplified to simply mean an individual who is not a new customer, rather than referencing the 14-day period.

The entire civil forfeiture section (old Section 14) was deleted. This section had provided that property used in, intended for use in, or derived from violations of certain criminal statutes would be subject to civil forfeiture to the state, with detailed procedures for seizure, notice, and court proceedings.

A new requirement was added that all virtual currency kiosk operators must notify the Department of Banking and Consumer Finance of any customer complaint or refund request within 72 hours of receipt.

The commissioner's power over non-compliant kiosks was changed from 'seized' to 'disabled or removed from its location,' with the order remaining effective until rescinded, released by the commissioner, or appealed as provided in Section 75-16-73.