Florida 2024 Regular Session

Florida House Bill H0977 Compare Versions

Only one version of the bill is available at this time.

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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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14	14	A bill to be entitled 1
15	15	An act relating to virtual currency kiosk businesses; 2
16	16	amending s. 560.103, F.S.; defining terms; amending s. 3
17	17	560.105, F.S.; requiring the Office of Financial 4
18	18	Regulation of the Financial Services Commission to 5
19	19	supervise registrants; authorizing the commissi on to 6
20	20	adopt rules; creating part V of ch. 560, F.S., 7
21	21	entitled "Virtual Currency Kiosk Businesses"; creating 8
22	22	s. 560.501, F.S.; providing legislative intent; 9
23	23	creating s. 560.502, F.S.; prohibiting a virtual 10
24	24	currency kiosk business from operating without 11
25	25	registering with the state; providing exemptions; 12
26	26	requiring certain entities to be licensed as money 13
27	27	services businesses; providing criminal penalties for 14
28	28	money transmitters that operate or solicit business as 15
29	29	a virtual currency kiosk business under certain 16
30	30	circumstances; providing criminal penalties for 17
31	31	persons who register or attempt to register as a 18
32	32	virtual currency kiosk business by certain means; 19
33	33	providing that a virtual currency kiosk business 20
34	34	registration is not transferable or assignable; 21
35	35	creating s. 560.503, F.S.; specifying application 22
36	36	requirements for registering as a virtual currency 23
37	37	kiosk business; requiring a registrant to report 24
38	38	certain changes in information within a specified 25
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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49	49
50	50
51	51	timeframe; specifying requirements for a registrant to 26
52	52	renew its registration; requiring that the 27
53	53	registration of a virtual currency kiosk business be 28
54	54	made inactive if such business does not renew its 29
55	55	registration by a certain date; specifying 30
56	56	requirements for a virtual currency kiosk business to 31
57	57	renew its registration after becoming inactive; 32
58	58	providing that a registration becomes null and void 33
59	59	under certain circumstances; prohibiting the office 34
60	60	from accepting certain applications under certain 35
61	61	circumstances; requiring that certain applications be 36
62	62	denied under certain circums tances; providing that 37
63	63	certain false statements made by the virtual currency 38
64	64	kiosk business render registration void; providing 39
65	65	construction; authorizing the commission to adopt 40
66	66	rules; creating s. 560.504, F.S.; specifying 41
67	67	requirements for certain disclosu res and attestations 42
68	68	displayed by the virtual currency kiosk; authorizing 43
69	69	the commission to adopt rules; creating s. 560.505, 44
70	70	F.S.; requiring a registrant to transact business 45
71	71	under its legal name; providing exceptions; creating 46
72	72	s. 560.506, F.S.; requiring a registrant to hold new 47
73	73	customers' assets in initial transactions in 48
74	74	segregated wallets for a specified period before 49
75	75	initiating transactions; authorizing customers to 50
76	76
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88	88	request refunds during such holding periods; 51
89	89	authorizing such customers' assets to be sold at 52
90	90	market value and returned to the customers; requiring 53
91	91	certain customers to be queried for specified 54
92	92	information under certain circumstances; creating s. 55
93	93	560.507, F.S.; providing criminal penalties for 56
94	94	violation of certain provisions or performing c ertain 57
95	95	acts; authorizing a court to invalidate the 58
96	96	registration of a registrant under certain 59
97	97	circumstances; providing an effective date. 60
98	98	61
99	99	Be It Enacted by the Legislature of the State of Florida: 62
100	100	63
101	101	Section 1. Present subsections (4) through (36) of section 64
102	102	560.103, Florida Statutes, are redesignated as subsections (5) 65
103	103	through (37), respectively, and a new subsection (4) and 66
104	104	subsections (38) through (41) are added to that section, to 67
105	105	read: 68
106	106	560.103 Definitions. —As used in this chapter, the term: 69
107	107	(4) "Blockchain analytics" refers to the process of 70
108	108	examining, monitoring, and gathering insights from the data and 71
109	109	transaction patterns on a blockchain network. The primary aim of 72
110	110	blockchain analytics is to understand and monitor the network's 73
111	111	health, track money flows, and identify potential security 74
112	112	threats, including illicit activity, to extract actionable 75
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121	121	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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125	125	insights. 76
126	126	(38) "Virtual currency kiosk" means an electronic terminal 77
127	127	that acts as a mechanical agent of the owner -operator, enabling 78
128	128	the owner-operator to facilitate the exchange of virtual 79
129	129	currency for fiat currency or other virtual currency for a 80
130	130	customer. 81
131	131	(39) "Virtual currency kiosk business" or "registrant" 82
132	132	means a corporation, limited liability company, limited 83
133	133	liability partnership, or foreig n entity qualified to do 84
134	134	business in this state which operates a virtual currency kiosk 85
135	135	and which is not a money transmitter as defined in this section. 86
136	136	(40) "Virtual currency kiosk transaction" means the 87
137	137	process in which a customer uses a virtual curren cy kiosk to 88
138	138	exchange virtual currency for fiat currency or other virtual 89
139	139	currency. A transaction begins at the point at which the 90
140	140	customer is able to initiate a transaction, after the customer 91
141	141	is given the option to select the type of transaction or 92
142	142	account, and does not include any of the screens that display 93
143	143	the required terms and conditions, disclaimers, or attestations. 94
144	144	(41) "Wallet" means hardware or software that enables 95
145	145	customers to store and use virtual currency. 96
146	146	Section 2. Paragraph (a) of su bsection (1) and paragraph 97
147	147	(b) of subsection (2) of section 560.105, Florida Statutes, are 98
148	148	amended to read: 99
149	149	560.105 Supervisory powers; rulemaking. — 100
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158	158	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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162	162	(1) The office shall: 101
163	163	(a) Supervise all money services businesses and their 102
164	164	authorized vendors and registrants. 103
165	165	(2) The commission may adopt rules pursuant to ss. 104
166	166	120.536(1) and 120.54 to administer this chapter. 105
167	167	(b) Rules adopted to regulate money services businesses, 106
168	168	including deferred presentment providers and registrants, must 107
169	169	be responsive to cha nges in economic conditions, technology, and 108
170	170	industry practices. 109
171	171	Section 3. Part V of chapter 560, Florida Statutes, 110
172	172	consisting of ss. 560.501 -560.507, Florida Statutes, is created 111
173	173	and entitled "Virtual Currency Kiosk Businesses." 112
174	174	Section 4. Section 560.501, Florida Statutes, is created 113
175	175	to read: 114
176	176	560.501 Legislative intent. —The Legislature intends to 115
177	177	reduce unlawful and fraudulent activities by requiring virtual 116
178	178	currency kiosk businesses to register with the state and by 117
179	179	requiring such busine sses and money transmitter licensees to 118
180	180	regularly and consistently disclose to all customers of virtual 119
181	181	currency kiosks certain specified risks relating to virtual 120
182	182	currency kiosk transactions. 121
183	183	Section 5. Section 560.502, Florida Statutes, is created 122
184	184	to read: 123
185	185	560.502 Registration required; exemptions; penalties. — 124
186	186	(1) A virtual currency kiosk business in this state may 125
187	187
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195	195	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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199	199	not operate without first registering, or renewing its 126
200	200	registration, in accordance with s. 560.503 and being issued a 127
201	201	certificate of registration by the office. 128
202	202	(2) A money transmitter licensed as a money services 129
203	203	business pursuant to s. 560.141 is exempt from registration as a 130
204	204	virtual currency kiosk business but is subject to ss. 560.504, 131
205	205	560.505, and 560.506. 132
206	206	(3) If an entity, in t he course of its business, acts as 133
207	207	an intermediary with the ability to unilaterally execute or 134
208	208	indefinitely prevent a virtual currency kiosk transaction, or 135
209	209	otherwise meets the definition of a money transmitter as defined 136
210	210	in s. 560.103, the entity must be licensed pursuant to s. 137
211	211	560.141. 138
212	212	(4) Unless licensed as a money services business pursuant 139
213	213	to s. 560.141, a money transmitter that operates or solicits 140
214	214	business as a virtual currency kiosk business without first 141
215	215	being issued a certificate of registration by the office or 142
216	216	without maintaining a certificate of registration commits a 143
217	217	felony of the third degree, punishable as provided in s. 144
218	218	775.082, s. 775.083, or s. 775.084. 145
219	219	(5) A person who registers or attempts to register as a 146
220	220	virtual currency kiosk busi ness by means of fraud, 147
221	221	misrepresentation, or concealment commits a felony of the third 148
222	222	degree, punishable as provided in s. 775.082, s. 775.083, or s. 149
223	223	775.084. 150
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232	232	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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236	236	(6) A virtual currency kiosk business registration issued 151
237	237	under this part is not transferable or assignable. 152
238	238	Section 6. Section 560.503, Florida Statutes, is created 153
239	239	to read: 154
240	240	560.503 Registration applications. — 155
241	241	(1) To apply to be registered as a virtual currency kiosk 156
242	242	business under this part, the applicant must submit all of the 157
243	243	following to the office: 158
244	244	(a) A completed registration application on forms 159
245	245	prescribed by rule of the commission which must include the 160
246	246	following information: 161
247	247	1. The legal name, including any fictitious or trade names 162
248	248	used by the applicant in the conduct of its business, and the 163
249	249	physical and mailing address of the applicant. 164
250	250	2. The date of the applicant's formation and the state in 165
251	251	which the applicant was formed, if applicable. 166
252	252	3. The name, social security number, alien identification 167
253	253	or taxpayer identificati on number, business and residence 168
254	254	addresses, and employment history for the past 5 years for each 169
255	255	person who meets the definition of a control person. 170
256	256	4. A description of the organizational structure of the 171
257	257	applicant, including the identity of any parent or subsidiary of 172
258	258	the applicant, and the disclosure of whether any parent or 173
259	259	subsidiary is publicly traded. 174
260	260	5. The name of the registered agent in this state for 175
261	261
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269	269	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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273	273	service of process. 176
274	274	6. The physical address of the location of each virtual 177
275	275	currency kiosk through which the applicant proposes to conduct 178
276	276	or is conducting business in this state. 179
277	277	7. Any other information as required by this chapter or 180
278	278	commission rule. 181
279	279	(b) A nonrefundable fee in accordance with s. 182
280	280	560.143(1)(b). 183
281	281	(c) Any information needed to resolve any deficiencies 184
282	282	found in the application. This information must be submitted 185
283	283	within 30 days after the date of the application or the date of 186
284	284	any request by the office, whichever is later. 187
285	285	(2) A registrant shall report, on a form prescribed b y 188
286	286	rule of the commission, any change in the information contained 189
287	287	in an initial application form, or an amendment thereto, within 190
288	288	30 days after the change is effective. 191
289	289	(3) A registrant must renew its registration annually on 192
290	290	or before December 31 of the year of expiration. A registrant 193
291	291	may not receive a prorated fee for registration. To renew such 194
292	292	registration, the registrant must provide all of the following: 195
293	293	(a) The information required in paragraph (1)(a) if there 196
294	294	are changes in the application info rmation, or an affidavit 197
295	295	signed by the registrant that the information remains the same 198
296	296	as the prior year. 199
297	297	(b) Upon request, evidence that the registrant has been 200
298	298
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310	310	operating in compliance with ss. 560.504 and 560.505. Such 201
311	311	evidence may be prescribed by ru le by the commission and may 202
312	312	include, but is not limited to, all of the following: 203
313	313	1. Current disclosures presented to customers during the 204
314	314	transaction process. 205
315	315	2. Current use of blockchain analytics to prevent 206
316	316	transfers to wallet addresses linked to known criminal activity. 207
317	317	(4) The registration of a virtual currency kiosk business 208
318	318	that does not renew its registration by December 31 of the year 209
319	319	of expiration must be made inactive for 60 days. A virtual 210
320	320	currency kiosk business may not conduct business while its 211
321	321	registration is inactive. 212
322	322	(5) Within 60 days after the registration becoming 213
323	323	inactive pursuant to subsection (4), a virtual currency kiosk 214
324	324	business must renew its registration by submitting all of the 215
325	325	following: 216
326	326	(a) The information required in paragraph (1)(a) if there 217
327	327	are changes in the application information, or an affidavit 218
328	328	signed by the registrant that the information remains the same 219
329	329	as the prior year. 220
330	330	(b) Evidence that the registrant was operating in 221
331	331	compliance with ss. 560.504 and 5 60.505. Such evidence may be 222
332	332	prescribed by rule by the commission and may include, but is not 223
333	333	limited to, all of the following: 224
334	334	1. Current disclosures presented to customers during the 225
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343	343	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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347	347	transaction process. 226
348	348	2. Current use of blockchain analytics to prev ent 227
349	349	transfers to wallet addresses linked to known criminal activity. 228
350	350	229
351	351	Any renewal registration made pursuant to this subsection 230
352	352	becomes effective upon the date of any certificate of 231
353	353	registration that is issued by the office. 232
354	354	(6) Failure to submit an appl ication to renew the virtual 233
355	355	currency kiosk business's registration within 60 days after the 234
356	356	registration becoming inactive pursuant to subsection (5) shall 235
357	357	result in the registration becoming null and void. If the 236
358	358	registration is null and void, a new appl ication to register the 237
359	359	virtual currency kiosk business must be submitted to the office 238
360	360	and a certification of registration must be issued by the office 239
361	361	before the virtual currency kiosk business may resume conducting 240
362	362	business in this state. 241
363	363	(7) If a control person of a registrant or prospective 242
364	364	registrant has engaged in any unlawful business practices, or 243
365	365	been convicted or found guilty of a crime involving dishonest 244
366	366	dealing, fraud, acts of moral turpitude, or other acts that 245
367	367	reflect an inability to engag e lawfully in the business of a 246
368	368	registered virtual currency kiosk business, the office may not 247
369	369	accept the prospective registrant's initial registration 248
370	370	application or the registrant's renewal application. 249
371	371	(8) A virtual currency kiosk business's renewal 250
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380	380	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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384	384	application that fails to provide evidence of compliance, if 251
385	385	requested in paragraph (3)(b) or as required in paragraph 252
386	386	(5)(b), must be denied by the office. 253
387	387	(9) Any false statement made by a virtual currency kiosk 254
388	388	business with respect to the name of the business or its 255
389	389	business address or location in any application for registration 256
390	390	under this section renders the registration void. A void 257
391	391	registration may not be construed as creating a defense to any 258
392	392	prosecution for violation of this chapter. 259
393	393	(10) The commission may adopt rules to administer this 260
394	394	section. 261
395	395	Section 7. Section 560.504, Florida Statutes, is created 262
396	396	to read: 263
397	397	560.504 Disclosures. — 264
398	398	(1) Disclosures or attestations required by this section 265
399	399	and displayed by a virtual currency kiosk must me et all of the 266
400	400	following requirements: 267
401	401	(a) Be full and complete. 268
402	402	(b) Contain no material misrepresentations. 269
403	403	(c) Be readily understandable and in the language in which 270
404	404	the virtual currency kiosk transaction is conducted. 271
405	405	(d) Be displayed in at least 14-point type. 272
406	406	(2) Before authorizing a customer to initiate a virtual 273
407	407	currency kiosk transaction, the virtual currency kiosk business 274
408	408	shall ensure that the virtual currency kiosk displays the 275
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417	417	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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421	421	disclosures in this section on two separate screens: 276
422	422	(a) The first disclosure must be in substantially the 277
423	423	following form: 278
424	424	279
425	425	WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM 280
426	426	A STRANGER WHO IS INITIATING A DISHONEST SCHEME. I 281
427	427	UNDERSTAND THAT DISHONEST SCHEMES MAY APPEAR IN MANY 282
428	428	FORMS, INCLUDING, BUT NOT LIMIT ED TO: 283
429	429	284
430	430	1. Claims of a frozen bank account or credit card. 285
431	431	2. Fraudulent bank transactions. 286
432	432	3. Claims of identity theft or job offerings in 287
433	433	exchange for payments. 288
434	434	4. Requests for payments to government agencies or 289
435	435	companies. 290
436	436	5. Requests for disaster relief donations or loans. 291
437	437	6. Offers to purchase tickets for lotteries, 292
438	438	sweepstakes, or drawings for vehicles. 293
439	439	7. Prompts to click on desktop pop -ups, such as virus 294
440	440	warnings or communication from alleged familiar 295
441	441	merchants. 296
442	442	8. Communication from someone impersonating a 297
443	443	representative of your bank or a law enforcement 298
444	444	officer. 299
445	445	9. Requests from persons who are impersonating 300
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454	454	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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457	457
458	458	relatives or friends in need or promoting investment 301
459	459	or romance scams. 302
460	460	303
461	461	PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO 304
462	462	SOMEONE YOU DON'T KNOW. 305
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464	464	(b) The second disclosure must be in substantially the 307
465	465	following form: 308
466	466	309
467	467	WARNING: FUNDS LOST DUE TO USER ERROR OR FRAUD MAY NOT 310
468	468	BE RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS VIRTUAL 311
469	469	CURRENCY KIOSK ARE IRREVERSIBLE. I UNDERSTAND THESE 312
470	470	RISKS AND WISH TO CONTINUE WITH CONDUCTING MY VIRTUAL 313
471	471	CURRENCY KIOSK TRANSACTION. 314
472	472	315
473	473	PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO 316
474	474	SOMEONE YOU DON'T KNOW. 317
475	475	318
476	476	(3)(a) After the disclosures provided in subsection (2) 319
477	477	are acknowledged by the customer, the virtual cu rrency kiosk 320
478	478	business must ensure that the virtual currency kiosk displays on 321
479	479	a pop-up window the following question to the customer: "ARE YOU 322
480	480	USING THIS KIOSK TO SEND VIRTUAL CURRENCY TO A WALLET OWNED BY 323
481	481	SOMEONE ELSE?" 324
482	482	(b) The virtual currency kiosk bu siness must require the 325
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491	491	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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495	495	customer to respond to the question in paragraph (a) with a "no" 326
496	496	response before the customer can proceed to the attestation 327
497	497	required in subsection (4). 328
498	498	(c) The virtual currency kiosk business must ensure that 329
499	499	the virtual currency kiosk terminates a customer's virtual 330
500	500	currency kiosk transaction if the customer has provided a "yes" 331
501	501	response to the question in paragraph (a). 332
502	502	(4) After the disclosure provided in subsection (2) and 333
503	503	the negative answer to the question provided in para graph 334
504	504	(3)(a), the virtual currency kiosk business must ensure that the 335
505	505	virtual kiosk displays, on a screen by itself, the following 336
506	506	attestation: "I ATTEST THAT I AM YOUNGER THAN 60 YEARS OF AGE." 337
507	507	(a) If a customer attests that he or she is younger than 338
508	508	60 years of age, the virtual currency kiosk may allow the 339
509	509	customer to proceed with the virtual currency kiosk transaction. 340
510	510	(b) If a customer attests that he or she is 60 years of 341
511	511	age or older, the virtual currency kiosk business must ensure 342
512	512	that the virtual currency kiosk provides such customer with a 343
513	513	toll-free number to contact regarding the risks of engaging in 344
514	514	virtual currency transactions. The toll -free number must be 345
515	515	displayed on the virtual currency kiosk display after the 346
516	516	customer attests that he or she is 60 years of age or older. 347
517	517	(c) After displaying the toll -free number required under 348
518	518	paragraph (b), the virtual kiosk business must ensure that the 349
519	519	virtual currency kiosk displays, on a screen by itself, the 350
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528	528	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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530	530
531	531
532	532	following attestation in substantially t he following form: 351
533	533	352
534	534	I ATTEST THAT I AM 60 YEARS OF AGE OR OLDER. I ALSO 353
535	535	ATTEST THAT I HAVE BEEN GIVEN A TOLL -FREE NUMBER AND 354
536	536	THAT I HAVE HAD AN OPPORTUNITY TO CALL SUCH NUMBER TO 355
537	537	SPEAK WITH SOMEONE REGARDING THE RISKS OF ENGAGING IN 356
538	538	VIRTUAL CURRENCY KIOSK TRANSACTIONS. I FURTHER ATTEST 357
539	539	THAT I UNDERSTAND THAT I MAY BE SOLELY RESPONSIBLE FOR 358
540	540	LOSS OF FUNDS DUE TO USER ERROR OR FRAUD. 359
541	541	360
542	542	(d) If a customer makes the attestation in paragraph (c), 361
543	543	the virtual currency kiosk may allow the customer to proceed 362
544	544	with the virtual currency kiosk transaction. 363
545	545	(e) If the customer does not make the attestation in 364
546	546	paragraph (c), the virtual currency kiosk business must ensure 365
547	547	that the virtual currency kiosk terminates the customer's 366
548	548	virtual currency kiosk transaction. 367
549	549	(5) The commission may adopt rules to administer this 368
550	550	section and to ensure that virtual currency kiosk disclosures 369
551	551	are responsive to consumer fraud and emerging technology. 370
552	552	Section 8. Section 560.505, Florida Statutes, is created 371
553	553	to read: 372
554	554	560.505 Conduct of business.—A virtual currency kiosk 373
555	555	business may transact business under this part only under the 374
556	556	legal name by which such business is registered. The use of a 375
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569	569	fictitious name is allowed if the fictitious name has been 376
570	570	registered with the Department o f State and disclosed to the 377
571	571	office as part of an initial registration or license 378
572	572	application, or subsequent amendment to the application, before 379
573	573	its use. 380
574	574	Section 9. Section 560.506, Florida Statutes, is created 381
575	575	to read: 382
576	576	560.506 Enhanced due diligenc e.— 383
577	577	(1)(a) A virtual currency kiosk business must hold a new 384
578	578	customer's assets in an initial transaction in a segregated 385
579	579	wallet for 48 hours before initiating the transaction. 386
580	580	(b) A virtual currency kiosk business may not accept or 387
581	581	dispense more than $1,000 from or to a customer in an initial 388
582	582	transaction. 389
583	583	(2) A customer may request a refund within the 48 -hour 390
584	584	holding period provided in paragraph (1)(a), and the assets may 391
585	585	be sold at market value and returned to the customer by the 392
586	586	virtual currency kiosk business in the same method by which the 393
587	587	customer completed his or her initial purchase, notwithstanding 394
588	588	any fees. 395
589	589	(3) A customer who is 60 years of age or older must be 396
590	590	queried for the following information on a single transaction 397
591	591	that is exceeds $3,000: 398
592	592	(a) The source of the fund. 399
593	593	(b) The purpose of the transaction. 400
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606	606	(c) The customer's occupation. 401
607	607	(4) The information required in paragraph (3)(a) shall be 402
608	608	queried of a customer if the customer is: 403
609	609	(a) Sixty years of age or older and has reach ed an 404
610	610	aggregate number of transactions totaling $25,000 or more; or 405
611	611	(b) Fifty-nine years of age or younger and has reached an 406
612	612	aggregate number of transactions totaling $50,000 or more. 407
613	613	Section 10. Section 560.507, Florida Statutes, is created 408
614	614	to read: 409
615	615	560.507 Penalties.— 410
616	616	(1) A virtual currency kiosk business that violates s. 411
617	617	560.504 commits a felony of the third degree, punishable as 412
618	618	provided in s. 775.082, s. 775.083, or s. 775.084. 413
619	619	(2) Each of the following violations constitutes a 414
620	620	misdemeanor of the second degree, punishable as provided in s. 415
621	621	775.082 or s. 775.083: 416
622	622	(a) Operating under any name other than that designated in 417
623	623	the registration, unless written notification is given to the 418
624	624	office. 419
625	625	(b) Assigning or attempting to assign a virtual currency 420
626	626	kiosk business registration issued under this part. 421
627	627	(3) In addition to the criminal penalties provided for 422
628	628	under this section, a court may invalidate the registration of 423
629	629	any registrant under this part who has been found guilty of 424
630	630	conduct prohibited in subsection (1) or subsection (2). 425
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643	643	Section 11. This act shall take effect January 1, 2025. 426