Virtual currency kiosk operators in Idaho would need a money transmitter license and would have to follow rules for fraud checks, customer warnings, and refunds.
Operators must hold a money transmitter license to handle Idaho kiosk transactions. The chapter covers kiosk transactions, not online or over-the-counter transactions.
Operators must track kiosk activity, customer complaints, refunds, and other business information, then provide records to the state when requested.
Before users transact, operators must explain fees, exchange rates, and risks, including scam warnings. They must also provide receipts and live phone support.
Operators must check for fraud, cap new-customer transactions, and hold a first transaction for 72 hours. Customers who meet reporting rules can get refunds for qualifying fraud.
Operators must be licensed money transmitters and follow rules for Idaho kiosk transactions. These rules cover transactions made through virtual currency kiosks in Idaho; online and over-the-counter transactions are excluded.
Operators must keep and provide transaction reports and records to the Idaho Department of Finance. The duties apply to operators of virtual currency kiosks in Idaho. Requested quarterly reports and records must be provided within three business days; requested transaction and user information must be provided within ten business days. Annual reports are due by March 31 and cover the prior year. Annual reports covering the prior year are due by March 31. Operators have three business days to provide requested reports and records, and ten business days to provide requested transaction or user information.
Operators must warn users about risks and give transaction receipts and live customer support. These duties apply to operators serving users at Idaho virtual currency kiosks. Warnings and disclosures must be clear and readable in the user's chosen language. Live support must be available by toll-free phone seven days a week, at least 8 a.m. to 8 p.m. local time; after-hours questions must receive a response the next business day. Operators must provide a receipt when each kiosk transaction ends. Live phone support is required seven days a week, from at least 8 a.m. to 8 p.m. local time.
Operators must use fraud safeguards, limit some new-customer transactions, delay a first transaction, and provide qualifying refunds. These protections apply to transactions through an operator's kiosk and its affiliated kiosks. A new customer is a user making a first transaction or transacting again within 72 hours of the first. During any 24-hour period, a new customer may not send or receive more than $2,000; the total across an operator and its affiliated kiosks may not exceed $10,000 during the 30 days after the first transaction. A new customer's first transaction must be held for 72 hours. A full refund, including fees, is available on request for a fraudulent transaction within 72 hours if the user gives written notice and files a report with a government or law enforcement agency. For other fraud-related fee refunds, the user must contact the operator within 30 days after the last transaction or learning of the theft, then provide a police report, government report, or sworn statement within 30 days of contacting the operator. The $10,000 limit applies during the 30 calendar days after a new customer's first transaction. Qualifying new-customer refunds must be paid within ten business days after notice.
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