§ 2507. Money transmission kiosk registration
(a) A licensee shall not locate, or allow a third party to locate, a money transmission
kiosk in this State that allows users of the money transmission kiosk to engage in
money transmission through the licensee unless the licensee registers the money transmission
kiosk and obtains the prior approval of the Commissioner for its activation.
(b) To apply for registration and approval to activate a money transmission kiosk, a licensee
shall submit an application, using a form prescribed by the Commissioner, that includes
the ownership and location of the money transmission kiosk, an affidavit of all businesses
and services to be offered at the kiosk, the written agreement between the licensee
and the owner of the money transmission kiosk if different persons, and the text of
each disclosure required pursuant to subsection (c) of this section along with a description
of the form, timing, and location for each disclosure.
(c) Each money transmission kiosk shall disclose prominently and conspicuously, using
as high a contrast or resolution as any other display or graphics on the money transmission
kiosk, prior to the point at which a user of the money transmission kiosk is irrevocably
committed to completing any transaction:
(1) on or at the location of the money transmission kiosk, or on the first screen of such
kiosk, the name, address, and telephone number of the owner of the kiosk and the days,
time, and means by which a consumer can contact the owner for consumer assistance;
and
(2) on the screen of the money transmission kiosk:
(A) for a transaction that does not involve virtual currency, the amount of the fees or
charges that will be assessed to the user of the money transmission kiosk for the
transaction by the licensee and by the owner of the money transmission kiosk, a clear
explanation of who is imposing each fee or charge and that such fees and charges are
in addition to any fees or charges that may be imposed by other entities relevant
to the particular transaction, and the method by which the user may cancel the transaction
to avoid the imposition of fees or charges; and
(B) for a transaction that involves virtual currency, all disclosures required pursuant
to subsection 2574(c) of this chapter, a clear explanation of who is imposing each
consideration to be charged for the transaction, and that such consideration is in
addition to any fees or charges that may be imposed by other entities relevant to
the particular transaction, and the method by which the user may cancel the transaction
to avoid the imposition of the consideration and other fees or charges.
(d) Any alterations in the form, content, timing, or location of previously approved disclosures
must be submitted to and approved by the Commissioner prior to their adoption and
use.
(e) To ensure adequate consumer protection, the Commissioner may by rule or order specify
additional minimum disclosure standards for money transmission kiosks, including the
form, content, timing, and location of such disclosures.
(f) Immediately following the completion of each transaction, each money transmission
kiosk shall provide the user of the money transmission kiosk with a receipt that is
compliant with sections 2562 and 2574 of this chapter as applicable to the particular
transaction. (Added 2023, No. 110 (Adj. Sess.), § 40, eff. July 1, 2024.)