WeVote
Log In

Bill

Bill

HB 1467

Campaign finance.

2025 Regular Session Introduced by Mike Gaskill and 3 co-sponsors

HB 1467 updates Arkansas' money services laws, enhancing consumer protections and compliance for virtual currency kiosks, impacting operators and users alike.

Signed by the Governor
#agencies;electiondivisionandelectioncommission #courts;generally #courts;municipalcourts #courts;probatecourtandproceedings #elections;campaignactivities(includingadvertisements #contributions #expenditures #andreporting) #stateelectedofficials;attorneygeneral
0
WeVote Research Nonpartisan
Bill Summary · HB 1467

Summary of House Bill 1467: Amendment to the Uniform Money Services Act

Bill Information:
- Bill Number: HB 1467
- Title: To Amend the Uniform Money Services Act
- Status: Now Act 557
- Introduced: February 12, 2025
- Classification: Bill

Purpose and Intent

House Bill 1467 aims to update and amend the Uniform Money Services Act in Arkansas. The primary focus of the bill is to enhance the regulatory framework surrounding money transmission and virtual currency services, particularly in relation to automated kiosks. This legislation seeks to clarify definitions, improve consumer protections, and ensure compliance with evolving financial technologies.

Key Provisions

The bill introduces several significant changes to the existing law:

Definitions

  • Elder Adult: Defined as a person aged sixty or older.
  • Existing Customer: A consumer who has been registered for more than 72 hours with a virtual currency kiosk operator.
  • New Customer: A consumer registered for less than 72 hours.
  • Virtual Currency Kiosk: An automated machine for money transmission, excluding personal devices like cell phones.
  • Virtual Currency Wallet: A software application for holding and transferring virtual currency.

Licensing and Compliance

  • License Application: Applicants must provide a list of proposed authorized delegates and kiosk locations where they will operate.
  • Surety Bonds:
    • Applicants must maintain a surety bond of at least $100,000 or an amount equal to 100% of their average daily money transmission liability, up to a maximum of $500,000.
    • The Securities Commissioner can require additional security for cybersecurity risks.
    • Bonds must remain effective for at least five years after ceasing operations.

Reporting and Renewal

  • Licensees must submit renewal reports that include a list of all operating locations, including kiosks and mobile stations.

Compliance Obligations

  • Licensees must ensure that authorized delegates comply with the act and provide them with updated policies and procedures.

Impact

The amendments introduced by HB 1467 will primarily affect:
- Virtual Currency Operators: They will face stricter licensing requirements and compliance obligations.
- Consumers: Enhanced definitions and protections aim to safeguard consumers engaging with virtual currency kiosks.
- Regulatory Bodies: The bill empowers the Securities Commissioner to enforce compliance and manage risks associated with virtual currency transactions.

Procedural Timeline

  • February 12, 2025: Bill filed and read for the first time.
  • March 17, 2025: Amendments adopted; bill engrossed.
  • April 9, 2025: Passed by both the House and Senate.
  • April 14, 2025: Notification that HB 1467 is now Act 557.

This summary provides an overview of House Bill 1467, highlighting its purpose, key provisions, and potential impacts on stakeholders within Arkansas's financial services landscape.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.