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North Dakota House Bill HB1447

North Dakota 2025-2026 Regular Session

North Dakota House Bill HB1447 Compare Versions

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1-Sixty-ninth Legislative Assembly of North Dakota
2-In Regular Session Commencing Tuesday, January 7, 2025
3-HOUSE BILL NO. 1447
4-(Representatives Swiontek, Christy, Hanson, Heinert, Schauer, J. Olson, Richter)
5-(Senators Hogan, Klein, Lee, Rummel, Sickler)
6-AN ACT to create and enact sections 13-09.1-50, 13-09.1-51, 13-09.1-52, 13-09.1-53, and 13-09.1-54
7-of the North Dakota Century Code, relating to virtual-currency kiosks; and to amend and reenact
8-section 13-09.1-44 of the North Dakota Century Code, relating to virtual-currency kiosks.
1+25.1011.02001
2+Title.03000
3+Adopted by the Senate Industry and
4+Business Committee
5+Sixty-ninth
6+March 12, 2025
7+Legislative Assembly
8+of North Dakota
9+Introduced by
10+Representatives Swiontek, Christy, Hanson, Heinert, Schauer, J. Olson, Richter
11+Senators Hogan, Klein, Lee, Rummel, Sickler
12+A BILL for an Act to create and enact sections 13-09.1-50, 13-09.1-51, 13-09.1-52, 13-09.1-53,
13+and 13-09.1-54 of the North Dakota Century Code, relating to virtual-currency kiosks; and to
14+amend and reenact section 13-09.1-44 of the North Dakota Century Code, relating to virtual-
15+currency kiosks.
916 BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:
10-SECTION 1. AMENDMENT. Section 13-09.1-44 of the North Dakota Century Code is amended and
11-reenacted as follows:
17+SECTION 1. AMENDMENT. Section 13-09.1-44 of the North Dakota Century Code is
18+amended and reenacted as follows:
1219 13-09.1-44. Definitions.
13-For the purposes of sections 13-09.1-44 through 13-09.1-4913 - 09.1 - 54 , the following definitions
14-apply:
15-1."Blockchain analytics" means the analysis of data from blockchains or publicly distributed
16-ledgers, including associated transaction information to provide risk-specific information about
17-virtual - currency transactions and virtual currency addresses.
18-2."Control of virtual currency", when used in reference to a transaction or relationship involving
19-virtual currency, means the power to execute unilaterally or prevent indefinitely a virtual-
20-currency transaction.
21-2.3."Exchange", used as a verb, means to assume control of virtual currency from or on behalf of
22-a person, at least momentarily, to sell, trade, or convert:
23-a.Virtual currency for money, bank credit, or one or more forms of virtual currency; or
20+For the purposes of sections 13-09.1-44 through 13-09.1-4913 - 09.1 - 54 , the following
21+definitions apply:
22+1."Blockchain analytics" means the analysis of data from blockchains or publicly
23+distributed ledgers, including associated transaction information .
24+ 2. "Blockchain analytics software" means a software service that uses blockchain
25+analytics data to provide risk-specific information about virtual - currency
26+wallet transactions and virtual currency addresses.
27+3. 2. "Control of virtual currency", when used in reference to a transaction or relationship
28+involving virtual currency, means the power to execute unilaterally or prevent
29+indefinitely a virtual-currency transaction.
30+2.4. 3. "Exchange", used as a verb, means to assume control of virtual currency from or on
31+behalf of a person, at least momentarily, to sell, trade, or convert:
32+Page No. 1 25.1011.02001
33+ENGROSSED HOUSE BILL NO. 1447
34+FIRST ENGROSSMENT
35+PROPOSED AMENDMENTS TO
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57+a.Virtual currency for money, bank credit, or one or more forms of virtual currency;
58+or
2459 b.Money or bank credit for one or more forms of virtual currency.
25-4."Transaction hash" means a unique identifier made up of a string of characters that act as a
26-record and provide proof the transaction was verified and added to the blockchain.
27-3.5."Transfer" means to assume control of virtual currency from or on behalf of a person and to:
60+5. 4. "Transaction hash" means a unique identifier made up of a string of characters that act
61+as a record and provide proof the transaction was verified and added to the
62+blockchain.
63+3.6. 5. "Transfer" means to assume control of virtual currency from or on behalf of a person
64+and to:
2865 a.Credit the virtual currency to the account of another person;
29-b.Move the virtual currency from one account of a person to another account of the same
30-person; or
66+b.Move the virtual currency from one account of a person to another account of the
67+same person; or
3168 c.Relinquish control of virtual currency to another person.
32-4.6."United States dollar equivalent of virtual currency" means the equivalent value of a particular
33-virtual currency in United States dollars shown on a virtual-currency exchange based in the
34-United States for a particular date or period specified in this chapter.
35-5.7."Virtual currency":
69+4.7. 6. "United States dollar equivalent of virtual currency" means the equivalent value of a
70+particular virtual currency in United States dollars shown on a virtual-currency
71+exchange based in the United States for a particular date or period specified in this
72+chapter.
73+5.8. 7. "Virtual currency":
3674 a.Means a digital representation of value that:
37-(1)Is used as a medium of exchange, unit of account, or store of value; and H. B. NO. 1447 - PAGE 2
75+(1)Is used as a medium of exchange, unit of account, or store of value; and
3876 (2)Is not money, whether or not denominated in money; and
3977 b.Does not include:
40-(1)A transaction in which a merchant grants, as part of an affinity or rewards program,
41-value that cannot be taken from or exchanged with the merchant for money, bank
42-credit, or virtual currency; or
43-(2)A digital representation of value issued by or on behalf of a publisher and used
44-solely within an online game, game platform, or family of games sold by the same
45-publisher or offered on the same game platform.
46-8."Virtual - currency address" means an alphanumeric identifier associated with a virtual - currency
47-wallet identifying the location to which a virtual - currency transaction may be sent.
48-6.9."Virtual-currency administration" means issuing virtual currency with the authority to redeem
49-the currency for money, bank credit, or other virtual currency.
50-7.10."Virtual-currency business activity" means:
51-a.Exchanging, transferring, or storing virtual currency or engaging in virtual-currency
52-administration, whether directly or through an agreement with a virtual-currency control-
53-services vendor;
54-b.Holding electronic precious metals or electronic certificates representing interests in
55-precious metals on behalf of another person or issuing shares or electronic certificates
56-representing interests in precious metals; or
57-c.Exchanging one or more digital representations of value used within one or more online
58-games, game platforms, or family of games for:
59-(1)Virtual currency offered by or on behalf of the same publisher from which the
60-original digital representation of value was received; or
61-(2)Money or bank credit outside the online game, game platform, or family of games
62-offered by or on behalf of the same publisher from which the original digital
63-representation of value was received.
64-8.11."Virtual-currency control-services vendor" means a person that has control of virtual currency
65-solely under an agreement with a person that, on behalf of another person, assumes control of
66-virtual currency.
67-12."Virtual - currency kiosk" means an electronic terminal acting as a mechanical agent of the
68-virtual - currency kiosk operator to enable the virtual - currency kiosk operator to facilitate the
69-exchange of virtual currency for money, bank credit, or other virtual currency, including by:
70-a.Connecting directly to a separate virtual - currency exchange that performs the actual
71-virtual-currency transmission; or
72-b.Drawing upon the virtual currency in the possession of the electronic terminal's operator.
73-13."Virtual - currency kiosk operator" means a person that operates a virtual currency kiosk in this
74-state.
75-14."Virtual - currency kiosk transaction" means:
76-a.A transaction conducted or performed, in whole or in part, by electronic means via a
77-virtual - currency kiosk. H. B. NO. 1447 - PAGE 3
78-b.A transaction made at a virtual - currency kiosk to purchase virtual currency with fiat
79-currency or to sell virtual currency for fiat currency.
80-15."Virtual - currency wallet" means a software application or other mechanism providing a means
81-to hold, store, or transfer virtual currency.
82-SECTION 2. Section 13-09.1-50 of the North Dakota Century Code is created and enacted as
83-follows:
78+(1)A transaction in which a merchant grants, as part of an affinity or rewards
79+program, value that cannot be taken from or exchanged with the merchant
80+for money, bank credit, or virtual currency; or
81+(2)A digital representation of value issued by or on behalf of a publisher and
82+used solely within an online game, game platform, or family of games sold
83+by the same publisher or offered on the same game platform.
84+9. 8. "Virtual - currency address" means an alphanumeric identifier associated with a
85+virtual - currency wallet identifying the location to which a virtual - currency transaction
86+may be sent.
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119+6.10. 9. "Virtual-currency administration" means issuing virtual currency with the authority to
120+redeem the currency for money, bank credit, or other virtual currency.
121+7.11. 10. "Virtual-currency business activity" means:
122+a.Exchanging, transferring, or storing virtual currency or engaging in virtual-
123+currency administration, whether directly or through an agreement with a virtual-
124+currency control-services vendor;
125+b.Holding electronic precious metals or electronic certificates representing interests
126+in precious metals on behalf of another person or issuing shares or electronic
127+certificates representing interests in precious metals; or
128+c.Exchanging one or more digital representations of value used within one or more
129+online games, game platforms, or family of games for:
130+(1)Virtual currency offered by or on behalf of the same publisher from which
131+the original digital representation of value was received; or
132+(2)Money or bank credit outside the online game, game platform, or family of
133+games offered by or on behalf of the same publisher from which the original
134+digital representation of value was received.
135+8.12. 11. "Virtual-currency control-services vendor" means a person that has control of virtual
136+currency solely under an agreement with a person that, on behalf of another person,
137+assumes control of virtual currency.
138+13. 12. "Virtual - currency kiosk" means an electronic terminal acting as a mechanical agent of
139+the virtual - currency kiosk operator to enable the virtual - currency kiosk operator to
140+facilitate the exchange of virtual currency for money, bank credit, or other virtual
141+currency, including by:
142+a.Connecting directly to a separate virtual - currency exchange that performs the
143+actual virtual-currency transmission; or
144+b.Drawing upon the virtual currency in the possession of the electronic terminal's
145+operator.
146+14. 13. "Virtual - currency kiosk operator" means a person that engages in virtual-currency
147+business activity via a money transmission kiosk located in this state or a person that
148+owns, operates, or manages a money transmission kiosk located in this state through
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181+which virtual-currency business activity is offered operates a virtual cu rrency kiosk in
182+this state .
183+15. 14. "Virtual - currency kiosk transaction" means:
184+a.A transaction conducted or performed, in whole or in part, by electronic means
185+via a virtual - currency kiosk.
186+b.A transaction made at a virtual - currency kiosk to purchase virtual currency with
187+fiat currency or to sell virtual currency for fiat currency.
188+16. 15. "Virtual - currency wallet" means a software application or other mechanism providing a
189+means to hold, store, or transfer virtual currency.
190+SECTION 2. Section 13-09.1-50 of the North Dakota Century Code is created and enacted
191+as follows:
84192 13 - 09.1 - 50. Virtual - currency kiosks.
85-1.A kiosk operator may not engage in virtual-currency business activity or hold itself out as being
86-able to engage in virtual-currency business activity with or on behalf of another person unless
87-the kiosk operator is licensed in this state as a money transmitter.
88-2.A virtual - currency kiosk operator shall comply with all requirements of a money transmitter
89-under this chapter.
193+1.A kiosk operator may not engage in virtual-currency business activity or hold itself out
194+as being able to engage in virtual-currency business activity with or on behalf of
195+another person unless the kiosk operator is licensed in this state as a money
196+transmitter.
197+2.A virtual - currency kiosk operator shall comply with all requirements of a money
198+transmitter under this chapter.
90199 3.A virtual - currency kiosk operator may not locate, or allow a third party to locate, a
91200 virtual - currency kiosk in this state unless the virtual - currency kiosk:
92201 a.Is placed in a commercially accessible area;
93-b.Is accessible to users with sufficient space to account for mobility limitations of users;
94-and
202+b.Is accessible to users with sufficient space to account for mobility limitations of
203+users; and
95204 c.Is subject to security features, including sufficient lighting and surveillance.
96-4.Each virtual - currency kiosk operator shall submit a quarterly report of the location of each
97-virtual - currency kiosk located within the state to the commissioner within forty - five days of the
98-end of the calendar quarter. The location report must include:
205+4.Each virtual - currency kiosk operator shall submit a quarterly report of the location of
206+each virtual - currency kiosk located within the state to the commissioner within
207+forty - five days of the end of the calendar quarter. The location report must include:
99208 a.The company's legal name;
100209 b.Any fictitious or trade name;
101210 c.The physical address;
102211 d.The start date of operation of the virtual - currency kiosk at the location;
103-e.The end date of operation of the virtual - currency kiosk at the location, if applicable; and
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245+e.The end date of operation of the virtual - currency kiosk at the location, if
246+applicable; and
104247 f.The virtual - currency addresses associated with the virtual - currency kiosk.
105-SECTION 3. Section 13-09.1-51 of the North Dakota Century Code is created and enacted as
106-follows:
248+SECTION 3. Section 13-09.1-51 of the North Dakota Century Code is created and enacted
249+as follows:
107250 13 - 09.1 - 51. Disclosures.
108-1.A virtual - currency kiosk operator shall disclose in a clear, conspicuous, and easily readable
109-manner in the chosen language of the customer, all relevant terms and conditions generally
110-associated with the products, services, and activities of the virtual - currency kiosk operator and
111-virtual currency.
112-2.The virtual - currency kiosk operator must receive acknowledgment of receipt of all disclosures
113-required under this section via confirmation of consent.
114-3.Each virtual - currency kiosk must include a warning written prominently and in bold type, stated
115-in substantially the following form: H. B. NO. 1447 - PAGE 4
251+1.A virtual - currency kiosk operator shall disclose in a clear, conspicuous, and easily
252+readable manner in the chosen language of the customer, all relevant terms and
253+conditions generally associated with the products, services, and activities of the
254+virtual - currency kiosk operator and virtual currency.
255+2.The virtual - currency kiosk operator must receive acknowledgment of receipt of all
256+disclosures required under this section via confirmation of consent.
257+3.Each virtual - currency kiosk must include a warning written prominently and in bold
258+type, stated in substantially the following form:
116259 a.WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM A
117-STRANGER WHO IS INITIATING A DISHONEST SCHEME. I UNDERSTAND THAT
118-CRIMINAL ACTIVITY MAY APPEAR IN MANY FORMS, INCLUDING:
260+STRANGER WHO IS INITIATING A DISHONEST SCHEME. I UNDERSTAND
261+THAT CRIMINAL ACTIVITY MAY APPEAR IN MANY FORMS, INCLUDING:
119262 (1)Claims of a frozen bank account or credit card.
120263 (2)Fraudulent bank transactions.
121264 (3)Claims of identity theft or job offerings in exchange for payments.
122265 (4)Requests for payments to government agencies or companies.
123266 (5)Requests for disaster relief donations or loans.
124-(6)Offers to purchase tickets for lotteries, sweepstakes, or drawings for vehicles.
125-(7)Prompts to click on desktop popups, such as virus warnings or communication from
126-alleged familiar merchants.
127-(8)Communication from someone impersonating a representative of your bank or a law
128-enforcement officer.
267+(6)Offers to purchase tickets for lotteries, sweepstakes, or drawings for
268+vehicles.
269+(7)Prompts to click on desktop popups, such as virus warnings or
270+communication from alleged familiar merchants.
271+(8)Communication from someone impersonating a representative of your bank
272+or a law enforcement officer.
129273 (9)IF YOU BELIEVE YOU ARE BEING SCAMMED, CALL A LOCAL LAW
130274 ENFORCEMENT OFFICER BEFORE ANY TRANSACTION.
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131307 b.WARNING: FUNDS LOST DUE TO USER ERROR OR FRAUD MAY NOT BE
132-RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS VIRTUAL - CURRENCY
133-KIOSK ARE IRREVERSIBLE. I UNDERSTAND THESE RISKS AND WISH TO
134-CONTINUE WITH CONDUCTING MY VIRTUAL - CURRENCY KIOSK TRANSACTION.
135-PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO SOMEONE YOU
136-DO NOT KNOW.
308+RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS
309+VIRTUAL - CURRENCY KIOSK ARE IRREVERSIBLE. I UNDERSTAND THESE
310+RISKS AND WISH TO CONTINUE WITH CONDUCTING MY
311+VIRTUAL - CURRENCY KIOSK TRANSACTION. PROTECT YOURSELF FROM
312+FRAUD. NEVER SEND MONEY TO SOMEONE YOU DO NOT KNOW.
137313 4.The commissioner shall require the disclosure of material risks associated with virtual
138314 currency and virtual-currency transactions, including:
139315 a.The transaction may not be reversed;
140316 b.The virtual - currency kiosk operator's liability for unauthorized virtual currency
141317 transactions;
142-c.The virtual - currency kiosk customer's liability for unauthorized currency transactions;
143-d.Virtual currency is not legal tender, backed or insured by the government, and accounts
144-and value balances are not subject to federal deposit insurance corporation, national
145-credit union administration, or securities investor protection corporation protections;
146-e.Some virtual currency transactions are deemed to be made when recorded on a public
147-ledger which may not be the date or time when the individual initiates the transaction;
148-f.Virtual currency's value may be derived from market participants' continued willingness to
149-exchange fiat currency for virtual currency, which may result in the permanent and total
150-loss of a particular virtual currency's value if the market for virtual currency disappears;
151-g.An individual who accepts a virtual currency as payment today is not required to accept
152-and might not accept virtual currency in the future;
153-h.The volatility and unpredictability of the price of virtual currency relative to fiat currency
154-may result in a significant loss over a short period; H. B. NO. 1447 - PAGE 5
318+c.The virtual - currency kiosk customer's liability for unauthorized currency
319+transactions;
320+d.Virtual currency is not legal tender, backed or insured by the government, and
321+accounts and value balances are not subject to federal deposit insurance
322+corporation, national credit union administration, or securities investor protection
323+corporation protections;
324+e.Some virtual currency transactions are deemed to be made when recorded on a
325+public ledger which may not be the date or time when the individual initiates the
326+transaction;
327+f.Virtual currency's value may be derived from market participants' continued
328+willingness to exchange fiat currency for virtual currency, which may result in the
329+permanent and total loss of a particular virtual currency's value if the market for
330+virtual currency disappears;
331+g.An individual who accepts a virtual currency as payment today is not required to
332+accept and might not accept virtual currency in the future;
333+h.The volatility and unpredictability of the price of virtual currency relative to fiat
334+currency may result in a significant loss over a short period;
155335 i.The nature of virtual currency means any technological difficulties experienced by
156-virtual - currency kiosk operators may prevent access to or use of an individual's virtual
157-currency; and
158-j.Any bond maintained by the virtual - currency kiosk operator for the benefit of an individual
159-may not cover all losses an individual incurs.
336+virtual - currency kiosk operators may prevent access to or use of an individual's
337+virtual currency; and
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371+j.Any bond maintained by the virtual - currency kiosk operator for the benefit of an
372+individual may not cover all losses an individual incurs.
160373 5.The commissioner shall require disclosure of:
161-a.The amount of the transaction denominated in United States dollars as well as the
162-applicable virtual currency.
374+a.The amount of the transaction denominated in United States dollars as well as
375+the applicable virtual currency.
163376 b.Any fees or expenses charged by the virtual - currency kiosk operator.
164377 c.Any applicable exchange rates.
165-d.A daily virtual-currency transaction limit of no more than two thousand dollars per day.
378+d.A daily virtual-currency transaction limit of no more than two thousand dollars for
379+the first five transactions within the first thirty - day period per day .
166380 e.Notice of a change in the virtual - currency kiosk operator's rules or policies.
167-f.The name, address, and telephone number of the owner of the kiosk and the days, time,
168-and means by which a consumer may contact the owner for consumer assistance. Any
169-relevant state and local law enforcement agency for reporting fraud must be displayed on
170-or at the location of the virtual - currency kiosk or on the first screen of the kiosk.
381+f.The name, address, and telephone number of the owner of the kiosk and the
382+days, time, and means by which a consumer may contact the owner for
383+consumer assistance. Any relevant state and local law enforcement agency for
384+reporting fraud must be displayed on or at the location of the virtual - currency
385+kiosk or on the first screen of the kiosk.
171386 g.Under what circumstances the virtual - currency kiosk operator, without a court or
172387 government order, discloses a person's account information to third parties.
173-h.Other disclosures customarily given in connection with a virtual currency transaction.
174-6.After the completion of each transaction, the virtual - currency kiosk operator shall provide an
175-individual with a choice of a physical or digital receipt secured with two - factor identification in
176-the language chosen by the customer containing the following:
388+h.Other disclosures customarily given in connection with a virtual currency
389+transaction.
390+6.After the completion of each transaction, the virtual - currency kiosk operator shall
391+provide an individual with a choice of a physical or digital receipt secured with
392+two - factor identification in the language chosen by the customer containing the
393+following:
177394 a.The virtual - currency kiosk operator's name and contact information, including a
178395 telephone number to answer questions and register complaints;
179-b.The relevant state and local law enforcement or government agency for reporting fraud;
180-c.The type, value, date, and precise time of the transaction, transaction hash, and each
181-applicable virtual - currency address;
182-d.A unique transaction number able to be linked to the sender during a fraud investigation;
183-e.A unique transaction number able to be linked to the designated recipient during a fraud
396+b.The relevant state and local law enforcement or government agency for reporting
397+fraud;
398+c.The type, value, date, and precise time of the transaction, transaction hash, and
399+each applicable virtual - currency address;
400+d.A unique transaction number able to be linked to the sender during a fraud
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435+e.A unique transaction number able to be linked to the designated recipient during
436+a fraud investigation;
185437 f.All fees charged;
186438 g.The exchange rate of the virtual currency to United States dollars;
187-h.A statement of the virtual - currency kiosk operator's liability for nondelivery or delayed
188-delivery; and
439+h.A statement of the virtual - currency kiosk operator's liability for nondelivery or
440+delayed delivery; and
189441 i.A statement of the virtual - currency kiosk operator's refund policy.
190-SECTION 4. Section 13-09.1-52 of the North Dakota Century Code is created and enacted as
191-follows: H. B. NO. 1447 - PAGE 6
442+SECTION 4. Section 13-09.1-52 of the North Dakota Century Code is created and enacted
443+as follows:
192444 13 - 09.1 - 52. Prevention of fraudulent activity.
193-1.A virtual - currency kiosk operator shall use blockchain analytics software to assist in the
194-detection and prevention of suspicious activity, including sending purchased virtual currency
195-from a virtual - currency kiosk operator to a virtual - currency wallet known to be affiliated with
196-fraudulent activity at the time of a transaction and identifying patterns that reflect money
197-laundering or other illicit activity. The commissioner may request evidence from any
198-virtual - currency kiosk operator of use of blockchain analytics.
199-2.A virtual - currency kiosk operator shall take reasonable steps to detect and prevent fraud,
200-including establishing and maintaining a written antifraud policy. The antifraud policy must
201-include:
445+1.A virtual - currency kiosk operator shall use blockchain analytics software to assist in
446+the detection and prevention of suspicious activity, including sending purchased virtual
447+currency from a virtual - currency kiosk operator to a virtual - currency wallet known to be
448+affiliated with fraudulent activity at the time of a transaction and identifying patterns
449+that reflect money laundering or other illicit activity. The commissioner may request
450+evidence from any virtual - currency kiosk operator of use of blockchain analytics.
451+2.A virtual - currency kiosk operator shall take reasonable steps to detect and prevent
452+fraud, including establishing and maintaining a written antifraud policy. The antifraud
453+policy must include:
202454 a.The identification and assessment of fraud-related risk areas;
203455 b.Procedures and controls to protect against identified risks;
204456 c.Allocation of responsibility for monitoring risks; and
205-d.Procedures for the periodic evaluation and revision of the antifraud procedures, controls,
206-and monitoring mechanisms.
207-3.Each virtual - currency kiosk operator shall designate and employ a compliance officer with the
208-following requirements:
209-a.The individual must be qualified to coordinate and monitor compliance with this chapter
210-and all other applicable federal and state laws and rules;
211-b.The individual must be employed full-time by the virtual - currency kiosk operator; and
212-c.The designated compliance officer may not be an individual who owns more than twenty
213-percent of the virtual - currency kiosk operator by whom the individual is employed.
457+d.Procedures for the periodic evaluation and revision of the antifraud procedures,
458+controls, and monitoring mechanisms.
459+3.Each virtual - currency kiosk operator shall designate and employ a compliance officer
460+with the following requirements:
461+a.The individual must be qualified to coordinate and monitor compliance with this
462+chapter and all other applicable federal and state laws and rules;
463+b.The individual must be employed full-time by the virtual - currency kiosk operator;
464+and
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497+c.The designated compliance officer may not be an individual who owns more than
498+twenty percent of the virtual - currency kiosk operator by whom the individual is
499+employed.
214500 4.Compliance responsibilities required under federal and state laws and rules must be
215501 completed by full-time employees of the virtual - currency kiosk operator.
216-5.A virtual - currency kiosk operator shall maintain, implement, and enforce a written enhanced
217-due diligence policy. The policy must be reviewed and approved by the virtual - currency kiosk
218-operator's board of directors or equivalent governing body.
219-6.A virtual - currency kiosk operator shall designate and employ a consumer protection officer.
220-The consumer protection officer:
221-a.Must be qualified to coordinate and monitor compliance with state and federal law;
502+5.A virtual - currency kiosk operator shall maintain, implement, and enforce a written
503+enhanced due diligence policy. The policy must be reviewed and approved by the
504+virtual - currency kiosk operator's board of directors or equivalent governing body.
505+6.A virtual - currency kiosk operator shall designate and employ a consumer protection
506+officer. The consumer protection officer:
507+a.Must be qualified to coordinate and monitor compliance with state and federal
508+law;
222509 b.Must be employed full - time by the virtual - currency kiosk operator; and
223510 c.May not own more than twenty percent of the virtual - currency kiosk operator.
224-SECTION 5. Section 13-09.1-53 of the North Dakota Century Code is created and enacted as
225-follows:
511+SECTION 5. Section 13-09.1-53 of the North Dakota Century Code is created and enacted
512+as follows:
226513 13 - 09.1 - 53. Daily transaction limit.
227-A virtual - currency kiosk operator may not accept transactions of more than two thousand dollars of
228-cash or the equivalent in virtual currency per calendar day with a single customer in this state via one or
229-more virtual - currency kiosks operated by the same virtual-currency operator.
230-SECTION 6. Section 13-09.1-54 of the North Dakota Century Code is created and enacted as
231-follows: H. B. NO. 1447 - PAGE 7
514+A virtual - currency kiosk operator may not accept transactions of more than two thousand
515+dollars of cash or the equivalent in virtual currency per calendar day for the first five
516+virtual - currency kiosk transactions occurring within the first thirty - days of the first transaction
517+with a single customer in this state via one or more virtual - currency kiosks operated by the
518+same virtual-currency operator.
519+SECTION 6. Section 13-09.1-54 of the North Dakota Century Code is created and enacted
520+as follows:
232521 13 - 09.1 - 54. Customer service.
233-A virtual - currency kiosk operator performing business in this state shall provide live customer
234-service at a minimum on Monday through Friday between eight a.m. central time and ten p.m. central
235-time. The customer service toll-free number must be displayed on the virtual - currency kiosk or the
236-virtual - currency kiosk screens. H. B. NO. 1447 - PAGE 8
237-____________________________ ____________________________
238-Speaker of the House President of the Senate
239-____________________________ ____________________________
240-Chief Clerk of the House Secretary of the Senate
241-This certifies that the within bill originated in the House of Representatives of the Sixty-ninth Legislative
242-Assembly of North Dakota and is known on the records of that body as House Bill No. 1447.
243-House Vote: Yeas 83 Nays 8 Absent 3
244-Senate Vote:Yeas 45 Nays 1 Absent 1
245-____________________________
246-Chief Clerk of the House
247-Received by the Governor at ________M. on _____________________________________, 2025.
248-Approved at ________M. on __________________________________________________, 2025.
249-____________________________
250-Governor
251-Filed in this office this ___________day of _______________________________________, 2025,
252-at ________ o’clock ________M.
253-____________________________
254-Secretary of State
522+A virtual - currency kiosk operator performing business in this state shall provide live
523+customer service at a minimum on Monday through Friday between eight a.m. central time and
524+ten p.m. central time. The customer service toll-free number must be displayed on the
525+virtual - currency kiosk or the virtual - currency kiosk screens.
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