Kentucky payments and fintech laws

What it would do: Amends Kentucky money transmitter law to regulate virtual currency kiosk operators, requiring licensure, surety bonds of $500,000 to $5,000,000, quarterly reporting, and transaction limits of $500 per day and $10,000 per 30 days per user, with implementation delayed until January 1, 2027.

What it would do: Requires wallet providers to offer live customer service via toll-free phone 8 a.m. to 10 p.m. local time and assist customers with resetting passwords, PINs, seed phrases, or similar access information. Violations are treated as unfair trade practices enforceable by the Attorney General.

What it would do: Prohibits individuals from being denied the right to accept digital assets, credit cards, or debit cards as payment for legal goods or services, and prohibits additional taxes or charges based solely on using these payment methods, while allowing equal taxation as legal tender transactions.

What it would do: Establishes licensing requirements for earned income access providers offering early wage access to Kentucky consumers, capping fees at $5 per $100 of proceeds, requiring no-cost options, prohibiting credit checks and debt collection, and mandating a real-time database to track transactions.

What it would do: Establishes licensing and regulatory requirements for earned wage access services providers in Kentucky, requiring non-natural persons to obtain licenses, maintain financial reserves, and comply with consumer protection standards including fee disclosures and prohibitions on late fees and credit reporting.

What it would do: Prohibits Kentucky state and local government entities from accepting central bank digital currency as payment. Establishes a regulatory framework for digital assets including digital consumer assets, digital securities, and virtual currency, with filing requirements for open blockchain tokens and authorization for financial institutions to provide custodial services for digital assets.