HB 2643

                                                 PRINTER'S NO.   3622
                THE GENERAL ASSEMBLY OF PENNSYLVANIA
                    HOUSE BILL
                    No. 2643
                                          Session of
                                            2026
INTRODUCED BY CIRESI, HANBIDGE, KHAN, WAXMAN, MADDEN, GUZMAN,
   SANCHEZ, POWELL, NEILSON, D. WILLIAMS AND MERSKI,
   JUNE 16, 2026
REFERRED TO COMMITTEE ON COMMERCE, JUNE 16, 2026
                                AN ACT
1 Amending Title 7 (Banks and Banking) of the Pennsylvania
2    Consolidated Statutes, providing for virtual currency kiosks;
3    imposing requirements on the Department of Banking and
4    Securities; establishing the Virtual Currency Kiosk Public
5    Education Campaign Fund; and imposing penalties.
6    The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8    Section 1.    Title 7 of the Pennsylvania Consolidated Statutes
9 is amended by adding a chapter to read:
10CHAPTER 63
11VIRTUAL CURRENCY KIOSKS
12 Sec.
13 6301.   Definitions.
14 6302.   License required.
15 6303.   Requirements for license.
16 6304.   General requirements.
17 6305.   Public education campaign.
18 6306.   Authority of department.
19 6307.   Suspension, revocation or refusal.
1 6308.   Penalties.
2 § 6301.    Definitions.
3    The following words and phrases when used in this chapter
4 shall have the meanings given to them in this section unless the
5 context clearly indicates otherwise:
6    "Applicant."      A person who applies for a license under this
7 chapter.
8    "Branch."    A location, other than the principal place of
9 business, where a virtual currency kiosk is located.
10    "Commission."     The Banking and Securities Commission
11 established under section 1121-A of the act of May 15, 1933
12 (P.L.565, No.111), known as the Department of Banking and
13 Securities Code.
14    "Department."     The Department of Banking and Securities of
15 the Commonwealth.
16    "Existing customer."     A customer transacting at a virtual
17 currency kiosk who has been a customer of the licensee for more
18 than 30 days.
19    "Fund."    The Virtual Currency Kiosk Public Education Campaign
20 Fund established under section 6305(c) (relating to public
21 education campaign).
22    "Licensee."     A person licensed under this chapter.
23    "Money."     Currency, legal tender or any other product that is
24 generally recognized as a medium of exchange.
25    "New customer."     A customer transacting at a virtual currency
26 kiosk who has been a customer of the licensee for 30 days or
27 less.
28    "NMLS."    The Nationwide Multistate Licensing System and
29 Registry developed by the Conference of State Bank Supervisors
30 and the American Association of Residential Mortgage Regulators
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1 and owned and operated by the State Regulatory Registry, LLC, or
2 any successor or affiliated entity, for the licensing and
3 registration of persons in financial services industries.
4    "Person."    An individual, association, joint venture or
5 joint-stock company, partnership, limited partnership, limited
6 partnership association, limited liability company, business
7 corporation, nonprofit corporation or any other group of
8 individuals, however organized.
9    "Principal place of business."  The primary office of a
10 person at which the person's books, records, accounts and
11 documents are maintained unless otherwise agreed to by the
12 department.
13    "Tangible net worth."      A person's net worth less intangible
14 assets as determined by generally accepted accounting
15 principles.
16    "Virtual currency."      As follows:
17(1)     The term includes a digital representation of value
18    that:
19(i)    Is used as a medium of exchange, unit of account
20or store of value.
21(ii)    Is not money, unless the virtual currency was
22adopted or authorized by a domestic or international
23government as a medium of exchange, whether denominated
24in cash.
25(2)     The term does not include:
26(i)    A transaction in which a merchant grants, as
27part of an affinity or rewards program, value that cannot
28be taken from or exchanged with the merchant for money,
29bank credit or virtual currency.
30(ii)    A digital representation of value issued by or
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1on behalf of a publisher and used solely within an online
2game, game platform or family of games sold by the same
3publisher or offered on the same game platform.
4    "Virtual currency kiosk."     An electronic terminal that
5 enables the exchange of any combination of United States dollars
6 or virtual currency, including by:
7(1)   connecting directly to a separate virtual currency
8    exchange that performs the actual exchange; or
9(2)   drawing upon the virtual currency in the possession
10    of the licensee of the electronic terminal.
11 § 6302.    License required.
12    (a)    Requirement.--Except as provided under subsection (b), a
13 person may not operate a virtual currency kiosk without a
14 license from the department.
15    (b)    Exception.--A license under subsection (a) shall not be
16 required for banks, bank and trust companies, credit unions,
17 savings banks and trust companies organized under the laws of
18 this Commonwealth or similar banking institutions, credit
19 unions, savings and loan associations, building and loan
20 associations or any subsidiary of an organization under this
21 subsection organized under the laws of the United States or of
22 any other state.
23    (c)    Separate license.--A license under this act shall not
24 constitute a license under the act of September 2, 1965
25 (P.L.490, No.249), known as the Money Transmission and Virtual
26 Currency Transmission Business Licensing Law.
27 § 6303.    Requirements for license.
28    (a)    Application contents.--An application for a license
29 under this chapter shall be on a form prescribed and provided by
30 the department. All applicants and licensees shall use the NMLS
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1 to obtain and maintain licenses under this chapter. The
2 application shall include the full name of the following:
3(1)   The applicant, if an individual.
4(2)   Each partner, if the applicant is a partnership.
5(3)   Each trustee and officer, if the applicant is a
6    trust.
7(4)   Each officer and director, if the applicant is a
8    corporation, joint stock association or other unincorporated
9    association.
10(5)   Each other business in which the applicant and any
11    affiliated companies are engaged.
12    (b)   Additional information.--An applicant shall provide the
13 following:
14(1)   A statement that the applicant will undertake to
15    operate the business honestly, fairly, responsibly and in
16    accordance with this chapter.
17(2)   Policies and procedures to comply with all Federal,
18    State and local law, safeguard and secure information and
19    systems, prevent fraudulent activity and promptly respond to
20    consumer inquiries.
21(3)   A financial statement showing a tangible net worth
22    of at least $500,000, as determined by audited financial
23    statements prepared in accordance with United States
24    generally accepted accounting principles, and dated within
25    120 days of application. If the audited financial statement
26    is dated beyond 120 days of the date of application, an
27    interim attested financial statement dated within 90 days of
28    the date of application must be supplemented.
29    (c)   Investigation.--Upon receipt of an application for a
30 license, the department may conduct an investigation of the
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1 applicant or a director, officer, partner, employee, agent or
2 ultimate equitable owner of 10% or more of the applicant as the
3 department deems necessary.
4    (d)   Licensing.--All applicants and licensees must establish
5 and maintain a separate license for the principal place of
6 business and each branch.
7    (e)   Application fee and bond.--In addition to an
8 application, an applicant shall provide the department with the
9 following:
10(1)   A nonrefundable application fee in the following
11    amounts:
12(i)    Five thousand dollars in the case of a principal
13place of business.
14(ii)   One thousand dollars in the case of a branch.
15(2)   A bond in the sum of $1,000,000 executed by a surety
16    company authorized to transact business in this Commonwealth.
17    The bond shall run to the Commonwealth and shall be for the
18    use of the Commonwealth and of any person who may have a
19    cause of action against the licensee for violations of this
20    chapter. The condition of the bond shall be that the licensee
21    shall comply with and abide by the provisions of this chapter
22    and the rules and regulations of the department lawfully
23    promulgated under this chapter and that the licensee shall
24    pay to the Commonwealth, to the department or to any other
25    person any money that may become due from the licensee to the
26    Commonwealth or to the department or to any other person
27    under the provisions of this chapter. The bond must remain in
28    effect for at least 31 days following the last virtual
29    currency kiosk transaction at any location. If the
30    department, in its discretion, shall determine the bond
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1    provided for in this section is not adequate, the department
2    may require an additional bond in an amount up to the total
3    amount of United States dollar equivalent transactions in
4    this Commonwealth during the 30 days preceding the
5    department's requirement subject to the same conditions and
6    the same right of execution provided for in this section. If
7    a licensee becomes insolvent, the principal sum of the bond
8    shall be applied to the payment in full of claims arising out
9    of the virtual currency exchange transactions in this
10    Commonwealth and any administrative costs incurred and fines
11    imposed by the department.
12    (f)   Duty to update.--All applicants and licensees shall be
13 required to provide the department with notice of the change in
14 any information contained in an application for a license or for
15 any renewal of a license within 10 days of an applicant or
16 licensee becoming aware of the change.
17    (g)   Issuance of license.--
18(1)   Within 60 days of receipt of a completed
19    application, the department shall either issue a license or
20    refuse to issue a license.
21(2)   The department may refuse to issue a license for
22    failure to meet qualifications required under this chapter.
23(3)   The 60-day time limit required under paragraph (1)
24    may be extended by the department for an additional 30 days
25    if the department determines that the extension is necessary.
26    The department shall provide written notification to any
27    applicant whose application review has been extended and
28    include the final date by which a decision shall be rendered
29    regarding the application.
30    (h)   Denial of license for criminal conviction.--The
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1 department may deny a license if the applicant, or a director,
2 officer, partner, employee, agent or ultimate equitable owner of
3 10% or more of the applicant, has been convicted of a crime of
4 moral turpitude or felony in any jurisdiction, or has been
5 convicted of a crime which, if committed in this Commonwealth,
6 would constitute a crime of moral turpitude or felony, at any
7 time during the seven years prior to the license application.
8 For the purposes of this subsection, a person shall be deemed to
9 have been convicted of a crime if the person:
10(1)   has pleaded guilty or nolo contendere to a criminal
11    charge before a Federal magistrate or domestic, foreign or
12    military court; or
13(2)   has been found guilty by a decision or judgment of a
14    Federal magistrate or domestic, foreign or military court or
15    or by a verdict of a jury, irrespective of the pronouncement
16    of sentence or the suspension thereof, unless the plea of
17    guilty or nolo contendere or the decision, judgment or
18    verdict is set aside, vacated, reversed or otherwise
19    abrogated by lawful judicial process.
20    (i)   Denial of license for other reasons.--The department may
21 deny a license or otherwise restrict a license if the department
22 finds that the applicant or a director, officer, partner,
23 employee, agent or ultimate equitable owner of 10% or more of
24 the applicant:
25(1)   has had a license or license application denied, not
26    renewed, suspended or revoked by the department, another
27    Commonwealth licensing agency or any other Federal or State
28    regulatory agency;
29(2)   is the subject of an order of the department or any
30    other regulatory agency;
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1(3)   has violated or failed to comply with any provision
2    of this chapter or any regulation, statement of policy or
3    order of the department;
4(4)   has any outstanding debt to the Commonwealth or any
5    Commonwealth agency; or
6(5)   does not possess the financial responsibility,
7    character, reputation, integrity and general fitness to
8    command confidence of the public to warrant the belief that
9    the virtual currency kiosk will be operated lawfully,
10    honestly, fairly and within the legislative intent of this
11    chapter and in accordance with the general laws of this
12    Commonwealth. For purposes of this paragraph, an applicant is
13    not financially responsible if the applicant has shown a
14    disregard in the management of the applicant's own financial
15    condition. The factors that the department may consider in
16    making a determination regarding an applicant's financial
17    responsibility shall include:
18(i)    current outstanding judgments, other than
19judgments solely as a result of medical expenses;
20(ii)    current outstanding tax liens or other
21government liens and filings;
22(iii)    foreclosures or bankruptcies within the past
23three years; or
24(iv)    pattern of seriously delinquent accounts within
25the past three years.
26    (j)   Conditional license.--The department may impose
27 conditions on the issuance of a license. If the department
28 determines that conditions imposed upon a licensee have not been
29 fulfilled, the department may take any action authorized under
30 this chapter against the licensee that the department deems
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1 necessary.
2    (k)   Appeal of denial.--If the department refuses to issue a
3 license, the department shall notify the applicant in writing of
4 the denial, the reason for the denial and the applicant's right
5 to appeal the denial. An appeal from the department's refusal to
6 approve an application for a license must be filed by the
7 applicant within 30 days of notice of refusal.
8    (l)   Licensee fees.--
9(1)   No later than six months after the effective date of
10    this subsection, a licensee shall pay the department $1,000
11    per kiosk that is located in this Commonwealth and operated
12    by the licensee.
13(2)   Beginning the year after payment under paragraph
14    (1), each year for five years:
15(i)    a licensee shall pay the department $1,000 per
16kiosk that is in operation by the licensee and located in
17the Commonwealth; and
18(ii)   $1.00 per transaction for each kiosk that is
19located in this Commonwealth and operated by the
20licensee.
21(3)   Fees collected under paragraphs (1) and (2) shall be
22    deposited in the fund established under section 6305
23    (relating to public education campaign).
24    (m)   License terms.--A license issued by the department shall
25 be valid until the expiration date on December 31 annually. A
26 license issued by the department shall not be assignable or
27 transferable by operation of law or otherwise.
28    (n)   Renewal.--All applications for renewals of licenses
29 shall meet all application requirements in this section and must
30 be filed on NMLS by October 31 annually.
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1 § 6304.   General requirements.
2    (a)    Tangible net worth and bond.--A licensee must maintain
3 the minimum tangible net worth and bond prescribed by this
4 chapter at all times.
5    (b)    Records.--A licensee shall maintain at the principal
6 place of business, or other place of the licensee if agreed to
7 by the department, the original or a copy of any books,
8 accounts, records and documents or electronic or similar access
9 thereto, of the business conducted under the license as
10 prescribed by the department to enable the department to
11 determine whether the business of the licensee is being
12 conducted in accordance with the provisions of this chapter. All
13 instruments, documents, accounts, books and records relating to
14 the virtual currency exchange business shall be kept separate
15 and apart from the records of any other business conducted by
16 the licensee. All records shall be preserved and kept available
17 for investigation or examination by the department for a period
18 of four years, unless otherwise determined by the department.
19 The department shall have free access to and authorization to
20 examine records maintained by the licensee. The costs of the
21 examination, including travel costs, shall be borne by the
22 licensee. The department may deny or revoke the authority to
23 maintain records at another place for good cause in the interest
24 of protection for Commonwealth consumers, including for the
25 licensee's failure to provide books, accounts, records or
26 documents to the department upon request.
27    (c)    Compliance with chapter.--A licensee shall maintain,
28 implement and enforce policies and procedures to ensure
29 compliance with all applicable Federal, State and local laws,
30 rules and regulations. The policies and procedures shall be
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1 reviewed and updated regularly and approved annually by the
2 chief executive officer, chair of the board, executive board or
3 equivalent internal governing body of the licensee. A licensee
4 shall designate a compliance officer that is a full-time
5 employee owning less than 20% of the licensee, who coordinates,
6 monitors and conducts annual compliance review of compliance
7 with all applicable Federal, State and local laws, rules and
8 regulations.
9    (d)   Reports to department.--A licensee shall file
10 periodically, as determined by the department, a report as
11 prescribed by the department, setting forth information required
12 by the department concerning the virtual currency kiosk business
13 conducted by the licensee. Licensees who fail to file the
14 required report at the date required by the department may be
15 subject to a penalty of $100 for each day after the due date
16 until the report is filed.
17    (e)   Permissible fees.--A licensee may charge to an
18 individual for each transaction an aggregate fee of no more than
19 the greater of $5 or 3% of the United States dollar equivalent
20 of the transaction, inclusive of all fees, charges, sale price
21 markups over market price, exchange spreads or any other fees or
22 charges however delineated.
23    (f)   Daily transaction limits.--
24(1)   A new customer shall be limited to the United States
25    dollar equivalent of $500 in total transactions across all
26    the licensee's virtual currency kiosks in a 24-hour period.
27(2)   An existing customer shall be limited to the United
28    State dollar equivalent of $1,000 in total transactions
29    across all the licensee's virtual currency kiosks in a 24-
30    hour period.
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1    (g)   Warnings and specific statements.--Prior to the
2 initiation of any transaction, a virtual currency kiosk shall
3 clearly and conspicuously display on the screen all of the
4 following:
5(1)   General warnings informing customers that:
6(i)    The value of virtual currency may be derived
7from the continued willingness of market participants to
8exchange United States dollars for virtual currency which
9may result in the permanent and total loss of the value
10of a particular virtual currency if the market for that
11virtual currency disappears.
12(ii)    The volatility and unpredictability of the
13price of virtual currency relative to United States
14dollars may result in a significant loss over a short
15period of time.
16(iii)    Consumer fraud often starts with contact from
17a stranger, and the customer should never provide login
18credentials, wallet information, financial details,
19personal identification information, security
20verification details or remote access to anyone.
21(iv)    Examples of the most common types of fraudulent
22scheme involving virtual currency kiosks.
23(2)   The following specific statement:
24Virtual currency is not backed or insured by the
25government and accounts and value balances are not
26subject to protections of the Federal Deposit
27Insurance Corporation, National Credit Union
28Administration, Securities Investor Protection
29Corporation or any other government agency.
30No legitimate organization will ever ask you to
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1deposit cash into a Virtual Currency ATM to resolve
2an issue, protect your money or protect loved ones.
3You should contact the virtual currency kiosk
4customer service helpline or State or local law
5enforcement if you have any uncertainty surrounding
6this transaction or suspect fraudulent activity.
7    (h)   Customer service.--A licensee shall provide consumers
8 with access to customer service agents that are available during
9 all hours in which the virtual currency kiosk is in operation
10 and available to perform transactions at a toll-free number.
11    (i)   Government identification.--A virtual currency kiosk
12 must require a customer to scan a government-issued
13 identification prior to allowing the initiation of a
14 transaction.
15    (j)   Receipt.--A virtual currency kiosk must provide a
16 printed receipt in addition to an electronically provided
17 receipt. The receipt must contain at a minimum:
18(1)   The name and contact information of the licensee,
19    including a toll-free telephone number for customer service.
20(2)   The customer name and identification information
21    from scanned government-issued identification.
22(3)   The type, value, date and precise time of the
23    transaction.
24(4)   All fees charged, including those listed in
25    subsection (e), individually labeled.
26(5)   In the case of a new customer, and dependent upon
27    how the licensee chooses to comply with subsection (k), a
28    statement of either:
29(i)   "There is a 72-hour delay in execution of the
30transaction, and you have the right to cancel the
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1transaction within 72 hours"; or
2(ii)   "You have the right to cancel the transaction
3within 72 hours."
4(6)   A statement of the refund policy in compliance with
5    subsection (l).
6    (k)    Cancellation.--A licensee shall wait 72 hours before
7 processing a new customer's transactions or, at the licensee's
8 expense, shall allow the new customer to cancel and receive a
9 full refund for the transaction and fees.
10    (l)    Refunds.--If a customer has been fraudulently induced to
11 engage in a virtual currency kiosk transaction, the licensee
12 shall issue a full refund to include the transaction amount and
13 all fees charged, if the customer contacts the licensee within
14 60 days after the date of the transaction with the customer's
15 name, address, phone number, transaction receipt number and copy
16 of the report from State or local law enforcement.
17    (m)    Disclosures on virtual currency kiosk.--Each licensed
18 virtual currency kiosk must conspicuously display a unique NMLS
19 identification number, department issued license number, the
20 licensee's toll-free customer service number, transaction fee
21 schedule and any additional information as prescribed by the
22 department.
23 § 6305.    Public education campaign.
24    (a)    Duties.--No later that one year after the effective date
25 of this subsection, the department shall conduct a public
26 education campaign to provide information to the general public
27 and populations identified by the department as being
28 particularly susceptible to virtual currency kiosk scams and
29 frauds about virtual currency kiosks and fraudulent schemes
30 involving their use. The public education campaign may include
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1 public service announcements through television, radio, print
2 media and the department's publicly accessible Internet website.
3    (b)     Contents.--The department shall ensure that the public
4 education campaign under this section includes the following
5 information:
6(1)   What a virtual currency kiosk is.
7(2)   How a virtual currency kiosk operates.
8(3)   Identifying and avoiding virtual currency kiosk
9    scams and frauds.
10(4)   How to report suspected virtual currency kiosk scams
11    and frauds.
12(5)   Providing examples of responsible behavior when
13    engaging with virtual currency kiosks.
14    (c)     Fund.--The Virtual Currency Kiosk Public Education
15 Campaign Fund is established as a separate fund in the State
16 Treasury. The department shall administer the fund. During the
17 time period in which the public education campaign is active,
18 money in the fund shall be used to administer the public
19 education campaign required under this section. After expiration
20 of the public education campaign, money in the fund shall be
21 deposited into the General Fund. Interest earned on money in the
22 fund shall be credited to the fund and money in the fund shall
23 not lapse at the end of a fiscal year.
24    (d)     Report.--No later than one year prior to the expiration
25 of the public education campaign, the department shall submit a
26 report on the public education campaign to the chair and
27 minority chair of the Banking and Insurance Committee of the
28 Senate and the chair and minority chair of the Commerce
29 Committee of the House of Representatives. The report shall
30 include:
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1(1)   A summary of the public education campaign.
2(2)   An assessment of the public education campaign's
3    performance and impact.
4(3)   Recommendations on further action to achieve the
5    public education goals of the campaign.
6    (e)    Expiration.--The public education campaign required
7 under subsection (a) shall expire five years from the effective
8 date of this subsection.
9 § 6306.    Authority of department.
10    (a)    General authority.--The department shall have the
11 authority to:
12(1)   Examine any instrument, document, account, book,
13    record or file of a licensee or any person having a
14    connection to the licensee or make other investigation as may
15    be necessary to administer the provisions of this chapter.
16    The department may remove any instrument, document, account,
17    book, record or file of a licensee to a location outside of
18    the licensee's office location. The costs of the examination
19    shall be borne by the licensee or the entity subject to the
20    examination.
21(2)   Conduct administrative hearings on any matter
22    pertaining to this chapter, issue subpoenas to compel the
23    attendance of witnesses and the production of instruments,
24    documents, accounts, books and records at any hearing. The
25    instruments, documents, accounts, books and records may be
26    retained by the department until the completion of all
27    proceedings in connection with which the materials were
28    produced. A department official may administer oaths and
29    affirmations to a person whose testimony is required. In the
30    event a person fails to comply with a subpoena issued by the
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1  department or to testify on a matter concerning which the
2  person may be lawfully interrogated, on application by the
3  department, Commonwealth Court may issue an order requiring
4  the attendance of the person, the production of instruments,
5  documents, accounts, books and records and the giving of
6  testimony.
7(3)   Request and receive information or records of any
8  kind, including reports of criminal history record
9  information from any Federal, State, local or foreign
10  government entity regarding an applicant, licensee or person
11  related in any way to the business of the applicant or
12  licensee, at a cost to be paid by the applicant or licensee.
13(4)   Issue regulations, statements of policy or orders as
14  may be necessary for the proper conduct of the virtual
15  currency kiosk business by licensees, the issuance and
16  renewal of licenses and the enforcement of this chapter.
17(5)   Prohibit or permanently remove a person or licensee
18  responsible for a violation of this chapter from working in
19  the present capacity or in any other capacity of the person
20  or licensee related to activities regulated by the
21  department.
22(6)   Order a person or licensee to make restitution for
23  actual damages to consumers caused by a violation of this
24  chapter.
25(7)   Issue cease and desist orders that are effective
26  immediately, subject to a hearing as specified under
27  subsection (b) within 14 days of the issuance of the order.
28(8)   Impose other conditions as the department deems
29  appropriate.
30  (b)   Hearings.--A person aggrieved by a decision of the
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1 department may appeal the decision to the commission. The appeal
2 shall be conducted under 2 Pa.C.S. Ch. 5 Subch. A (relating to
3 practice and procedure of Commonwealth agencies).
4    (c)     Injunctions.--The department may maintain an action for
5 an injunction or other process against a person to restrain and
6 prevent the person from engaging in an activity violating this
7 chapter.
8    (d)     Final orders.--A decision of the commission or an order
9 of the department that has not been appealed shall be a final
10 order of the department and shall be enforceable in a court of
11 competent jurisdiction. The department may publish final
12 adjudications issued under this section, subject to redaction or
13 modification to preserve confidentiality. The department shall
14 regularly report violations of this chapter, enforcement actions
15 and other relevant information to the NMLS.
16    (e)     Appeals.--A person aggrieved by a decision of the
17 commission may appeal the decision under 2 Pa.C.S. Ch. 7 Subch.
18 A (relating to judicial review of Commonwealth agency action).
19 § 6307.    Suspension, revocation or refusal.
20    (a)     Departmental action.--The department may suspend, revoke
21 or refuse to renew a license issued under this chapter if any
22 fact or condition exists or is discovered, which, if it had
23 existed or had been discovered at the time of filing of the
24 application for the license, would have warranted the department
25 in refusing to issue the license or if a licensee or director,
26 officer, partner, employee or owner of a licensee has:
27(1)   Made a material misstatement in an application or
28    any report or submission required by this chapter or
29    department regulation, statement of policy or order.
30(2)   Failed to comply with or violated a provision of
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1  this chapter or an regulation or order promulgated or issued
2  by the department under this chapter.
3      (3)    Engaged in dishonest, fraudulent or illegal
4  practices or conduct in a business or unfair or unethical
5  practices or conduct in connection with the business.
6      (4)    Been convicted of or pleaded guilty or nolo
7  contendere to a crime of moral turpitude or felony.
8      (5)    Permanently or temporarily been enjoined by a court
9  of competent jurisdiction from engaging in or continuing
10  conduct or a practice involving an aspect of the virtual
11  currency kiosk business.
12      (6)    Become the subject of an order of the department
13  denying, suspending or revoking a license applied for or
14  issued under this chapter.
15      (7)    Become the subject of a United States Postal Service
16  fraud order.
17      (8)    Failed to comply with the requirements of this
18  chapter to make and keep records prescribed by regulation,
19  statement of policy or order of the department, to produce
20  records required by the department or to file financial
21  reports or other information that the department by
22  regulation, statement of policy or order may require.
23      (9)    Become the subject of an order of the department
24  denying, suspending or revoking a license under the
25  provisions of any other law administered by the department.
26      (10)    Demonstrated negligence or incompetence in
27  performing an act for which the licensee is required to hold
28  a license under this chapter.
29      (11)    Become insolvent, meaning that the liabilities of
30  the applicant or licensee exceed the assets of the applicant
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1    or licensee or that the applicant or licensee cannot meet the
2    obligations of the applicant or licensee as they mature or is
3    in such financial condition that the applicant or licensee
4    cannot continue in business with safety to the customers of
5    the applicant or licensee.
6(12)    Failed to comply with the terms of an agreement
7    under which the department authorizes a licensee to maintain
8    records at a place other than the licensee's principal place
9    of business.
10    (b)    Reinstatement.--The department may reinstate a license
11 which was previously suspended, revoked or denied renewal if all
12 of the following exist:
13(1)    The condition which warranted the original action
14    has been corrected to the department's satisfaction.
15(2)    The department has reason to believe that the
16    condition is not likely to occur again.
17(3)    The licensee satisfies all other requirements of
18    this chapter.
19 § 6308.    Penalties.
20    (a)    Persons operating without licenses.--A person subject to
21 the provisions of this chapter and not licensed by the
22 department that violates a provision of this chapter or that
23 commits an action which would subject a license to suspension,
24 revocation or nonrenewal under section 6307 (relating to
25 suspension, revocation or refusal) may be fined by the
26 department for up to $10,000 for each offense.
27    (b)    Violation by licensee.--A person licensed under this
28 chapter or director, officer, owner, partner, employee or agent
29 of a licensee that violates a provision of this chapter or that
30 commits an action which would subject the licensee to
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1 suspension, revocation or nonrenewal under section 6307 may be
2 fined by the department up to $10,000 for each offense.
3    Section 2.   This act shall take effect in 90 days.
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