Provides relative to virtual currency. (8/1/26)

Senate Bill 287 amends the Louisiana virtual currency licensing statutes, specifically R.S. 6:1389 and R.S. 6:1393.1, to strengthen consumer protections and operational requirements for virtual currency kiosk owners and operators. The bill creates new subsections C, D, and E in R.S. 6:1389 establishing mandatory timelines for responding to and processing cancellations and refunds, requiring live telephone customer support accessible via toll-free number, and mandating quarterly reporting to the commissioner of the office of financial institutions. The legislation modifies disclosure requirements by adding notification of consumers' right to contact the office of financial institutions and by requiring all disclosures when accounts are opened. Most significantly, the bill changes the pre-transaction notice language from stating that transactions are "not reversible" to stating that transactions "may be cancelled within seventy-two hours and a full refund may be received." The bill also expands receipt requirements to mandate both paper and electronic copies containing detailed contact information, fee disclosures, kiosk operator identifiers, and the refund policy.

The practical effect of this legislation extends to all kiosk owners and operators licensed to conduct virtual currency business in Louisiana and directly affects residents who use these kiosks. Kiosk operators must now establish customer service infrastructure including dedicated toll-free telephone lines staffed during operating hours to handle questions, cancellation requests, and complaints. The 10-business-day acknowledgment requirement and 90-calendar-day processing deadline create enforceable obligations for refund handling, substantially improving consumer remedies compared to present law which lacks specified timeframes. Residents gain clear rights to cancel transactions within 72 hours and receive full refunds, with this right documented both in pre-transaction notices and on receipts. The quarterly reporting requirement places administrative burden on operators but provides the commissioner with transparency into cancellation patterns and consumer complaints, enabling regulatory oversight of potential problems.

Senate Bill 287 operates within the existing regulatory framework for virtual currency licensing in Louisiana established under R.S. 6:1389 and R.S. 6:1393.1, which govern licensees engaged in virtual currency business activity and define virtual currency kiosks. The bill preserves existing provisions including the three-thousand-dollar daily transaction limit per user and the 72-hour waiting period before transaction processing. The amendments harmonize with consumer protection principles implicit in Louisiana banking law by enhancing disclosure requirements and creating affirmative refund rights similar to protections afforded in other financial transactions. The legislation takes effect August 1, 2026, allowing time for licensed operators to establish compliance infrastructure and customer service systems.