§ 32 §6100-RR — Required disclosures

Licensee disclosures are governed by this section.
1.
Licensee disclosures.
A licensee that engages in virtual currency business activity shall provide to a person that uses the licensee's products or services the disclosures required by subsection 2 and any additional disclosure the administrator by rule determines reasonably necessary for the protection of persons. The administrator shall determine by rule the time and form required for disclosure. A disclosure required by this section must be made separately from any other information provided by the licensee and in a clear and conspicuous manner in a format the person may keep. A licensee may propose for the administrator's approval alternate disclosures as more appropriate for its virtual currency business activity with or on behalf of persons.
2.
Relationship disclosures.
Before establishing a virtual currency business activity relationship with a person, a licensee shall disclose, to the extent applicable to the virtual currency business activity the licensee will undertake with the person:
3.
Transaction confirmation.
Except as otherwise provided in subsection 4, at the conclusion of a virtual currency transaction with or on behalf of a person, a licensee shall provide the person a confirmation in a record that contains:
4.
Daily confirmation.
If a licensee discloses that it will provide a daily confirmation in the initial disclosure under subsection 3, the licensee may elect to provide a single, daily confirmation for all transactions with or on behalf of a person on that day instead of a per transaction confirmation.

Legislative History

PL 2023, c. 662, §2 (NEW).