§ 12-1204
275 words·~1 min read·
/md/financial-institutions/12-1204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–1204.
(a)A virtual currency kiosk operator shall ensure that the virtual currency kiosk does not, in connection with virtual currency services for a single person in the State using one or more virtual currency kiosks, accept or dispense in a single day an amount of cash, including value downloaded through prepaid access, as defined in § 12–401 of this title, or the equivalent in credit that exceeds:
(1)For a new user, $2,000; or
(2)For an experienced user, $10,500.
(b)A virtual currency kiosk operator:
(1)May not impose a fee in excess of the greater of:
(i)$5; or
(ii)15% of the amount of a virtual currency service transaction; and
(2)Shall refund any fee imposed on a transaction that is verified as fraudulent in a manner established by the Commissioner through regulation.
(c)A virtual currency kiosk operator shall collect the following information from a person before accepting cash or credit in connection with a virtual currency service from the person:
(1)Name;
(2)Date of birth;
(3)Mailing address;
(4)Electronic mail address;
(5)Phone number; and
(6)A copy of the person’s government–issued identification.
(d)At the end of a virtual currency transaction, the virtual currency kiosk operator shall dispense or display a receipt that includes:
(1)The type of virtual currency sold or purchased;
(2)The value of the virtual currency sold or purchased, including the requisite exchange rate for the virtual currency;
(3)The date and time of the transaction;
(4)Identifying information for the virtual currency kiosk;
(5)The toll–free number for customer support; and
(6)Any other information that the Commissioner requires through regulation.