§ 12-1204

Maryland § 12-1204

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 12

Text

(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.