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HB 1447

Revenue and taxation; sales tax; motor vehicle; exemptions subject to other tax; effective date; emergency.

2025 Regular Session Introduced by Jim Grego

North Dakota HB 1447 requires virtual‑currency kiosks to be licensed as money transmitters, with mandated disclosures, warnings, reporting, and security standards.

Referred to Appropriations and Budget Finance Subcommittee
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Bill Summary · HB 1447

Summary — HB 1447 (North Dakota): Virtual‑Currency Kiosks

Overview / Purpose

HB 1447 creates a statutory framework regulating virtual‑currency (cryptocurrency) kiosks in North Dakota by adding new sections (13‑09.1‑50 through 13‑09.1‑54) to the Century Code and amending the existing definition section (13‑09.1‑44). The bill’s principal aims are to: (1) ensure kiosk operators are licensed and subject to money‑transmitter requirements; (2) require consumer disclosures and warnings; and (3) establish reporting, location, accessibility, and security standards for kiosks.

Key provisions and changes

  • Definitions (amendment to 13‑09.1‑44)
    • Adds/clarifies terms used in the new kiosk rules (e.g., “blockchain analytics,” “transaction hash,” “virtual‑currency kiosk,” “virtual‑currency kiosk operator,” “virtual‑currency address,” “virtual‑currency wallet”).
  • Licensing and scope (13‑09.1‑50)
    • A person may not operate or hold out a virtual‑currency kiosk operator role in the state unless licensed as a money transmitter.
    • Kiosk operators must comply with all existing money‑transmitter requirements under chapter 13‑09.1.
  • Location, accessibility, and security (13‑09.1‑50)
    • Kiosks may only be placed in commercially accessible areas.
    • Kiosks must be accessible to users with mobility limitations and have sufficient security measures (e.g., lighting, surveillance).
    • The commissioner may impose additional restrictions as needed.
  • Location reporting (13‑09.1‑50)
    • Operators must submit quarterly reports to the commissioner within 45 days after a calendar quarter ends, listing each kiosk’s legal name, trade name(s), physical address, start and (if applicable) end dates of operation, and associated virtual‑currency addresses.
  • Disclosures and warnings (13‑09.1‑51 and related provisions)
    • Operators must provide clear, conspicuous terms and risk disclosures in the customer’s chosen language and obtain confirmation of receipt/consent.
    • Each kiosk must display a prominent warning (sample language in bill) about fraud risks, irreversibility of transactions, and that virtual currency is not government‑insured (e.g., not FDIC/SIPC/NCUA protected).
    • Commissioner is authorized to require disclosure of material risks (transaction irreversibility, volatility, lack of government insurance, timing of ledger recording, etc.).

Who is affected

  • Virtual‑currency kiosk operators and companies that deploy kiosks in North Dakota (including third‑party owners/operators).
  • Existing or prospective money‑transmission licensees that offer kiosk services.
  • Businesses or venues that host kiosks (must ensure location/accessibility/security).
  • Consumers who use kiosks (will receive additional disclosures and protections).
  • Commissioner of Financial Institutions — gains supervisory and reporting oversight.

Procedural / timeline notes

  • Bill creates sections 13‑09.1‑50 through 13‑09.1‑54 and amends 13‑09.1‑44.
  • Status shown as filed with the Secretary of State (04/11) and introduced Nov. 21, 2024 (per materials provided). The House and Senate committee documents indicate committee consideration and amendments in early 2025 (e.g., March 12, 2025 Senate Industry & Business Committee adoption of amendments).
  • The bill, as drafted, grants ongoing regulatory authority to the commissioner (rulemaking/conditions on kiosk placement, disclosure content, and reporting mechanics).

Potential impacts

  • Increased compliance burden and costs for kiosk operators (licensing, reporting, signage/translation, security upgrades).
  • Greater state oversight and data availability about kiosk locations and the virtual‑currency addresses they use, which may aid fraud prevention and law enforcement.
  • Improved consumer protections via mandatory risk disclosures and prominent warnings.
  • Possible reduction in unlicensed or poorly secured kiosk activity in the state.

If you want, I can: (a) extract and present the exact warning and disclosure text the bill requires; (b) produce a compliance checklist for kiosk operators; or (c) compare this bill to virtual‑currency kiosk rules in other states.

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

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