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Creates the Virtual Currency Kiosk Consumer Protection Act. Provides that specified information reported to the Department of Financial and Professional Regulation by virtual currency kiosk shall be confidential, except as otherwise provided in the Act. Establishes warning and general terms and conditions disclosure requirements for a virtual currency kiosk operator opening an account for a new customer and prior to entering into an initial transaction for, on behalf of, or with the customer. Requires a receipt to be provided to each customer following a transaction. Requires all virtual currency kiosk operators to have live customer service, as specified; create anti-fraud, enhanced due diligence, and federal and State law compliance policies; designate a compliance officer and a consumer protection officer; and use blockchain analytics software to assist in the prevention of sending purchased virtual currency from a virtual currency kiosk operator to a digital wallet known to be affiliated with fraudulent activity at the time of a transaction; and report the location of each virtual currency kiosk located within this State within 45 days after the end of the calendar quarter. Requires a virtual currency kiosk operator to receive a money transmitter license. Sets forth supervision duties for the Department and the Secretary of Financial and Professional Regulation.
Introduced
May 22, 2025
Last Action
Aug 18, 2025
Session
IL 104th
Sponsors
2 primary · 11 co
Effective Date August 18, 2025
Governor Approved
Public Act . . . . . . . . . 104-0429
Sent to the Governor
Senate Concurs
House Floor Amendment No. 1 Senate Concurs 039-018-000
3/5 Vote Required
Passed Both Houses
House Floor Amendment No. 1 Adopted
Added as Chief Co-Sponsor Sen. Mattie Hunter
House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 009-004-000
House Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive
House Floor Amendment No. 1 Motion to Concur Referred to Assignments
House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Laura Ellman
Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2025
Secretary's Desk - Concurrence House Amendment(s) 1
Third Reading - Short Debate - Passed 081-036-000
Placed on Calendar Order of 3rd Reading - Short Debate
House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000
Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
Held on Calendar Order of Second Reading - Short Debate
Second Reading - Short Debate
House Floor Amendment No. 1 Referred to Rules Committee
House Floor Amendment No. 1 Filed with Clerk by Rep. Curtis J. Tarver, II
Placed on Calendar 2nd Reading - Short Debate
Motion Filed to Suspend Rule 21 Financial Institutions and Licensing Committee; Rep. Bob Morgan
Committee/Final Action Deadline Extended-9(b) May 31, 2025
Motion to Suspend Rule 21 - Prevailed 070-039-000
Assigned to Financial Institutions and Licensing Committee
Added as Co-Sponsor Sen. Graciela Guzmán
Added as Co-Sponsor Sen. Laura M. Murphy
Arrived in House
Recalled to Second Reading
Senate Floor Amendment No. 1 Adopted; Ellman
Senate Floor Amendment No. 3 Adopted; Ellman
Placed on Calendar Order of 3rd Reading
Third Reading - Passed; 039-019-000
Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
Chief House Sponsor Rep. Curtis J. Tarver, II
First Reading
Referred to Rules Committee
Added Alternate Co-Sponsor Rep. Natalie A. Manley
Senate Floor Amendment No. 3 Assignments Refers to Executive
Senate Floor Amendment No. 3 Recommend Do Adopt Executive; 009-004-000
Added as Co-Sponsor Sen. Sara Feigenholtz
Senate Floor Amendment No. 3 Referred to Assignments
Senate Floor Amendment No. 3 Filed with Secretary by Sen. Laura Ellman
Senate Floor Amendment No. 2 Assignments Refers to Executive
Added as Co-Sponsor Sen. Doris Turner
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman
Senate Floor Amendment No. 2 Referred to Assignments
Added as Co-Sponsor Sen. Mike Porfirio
Added as Co-Sponsor Sen. Mary Edly-Allen
Added as Co-Sponsor Sen. Christopher Belt
Rule 2-10 Third Reading Deadline Established As May 23, 2025
Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 008-003-000
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
Senate Floor Amendment No. 1 Assignments Refers to Executive
Senate Floor Amendment No. 1 Referred to Assignments
Rule 2-10 Third Reading Deadline Established As May 9, 2025
Placed on Calendar Order of 3rd Reading April 11, 2025
Second Reading
Placed on Calendar Order of 2nd Reading April 10, 2025
Do Pass Executive; 012-001-000
Rule 2-10 Committee Deadline Established As April 11, 2025
Postponed - Executive
Rule 2-10 Committee Deadline Established As April 4, 2025
Added as Co-Sponsor Sen. Karina Villa
Added as Co-Sponsor Sen. Mark L. Walker
Assigned to Executive
First Reading
Referred to Assignments
Filed with Secretary by Sen. Laura Ellman
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Public Act . . . . . . . . . 104-0429
Curtis J. Tarver, II
Natalie A. Manley
Mark L. Walker
Laura M. Murphy