Technology

Establish Subtitle 13 of KRS Chapter 286 and create new sections thereof to regulate virtual currency kiosks; establish definitions; provide for enforcement by the commissioner of the Department of Financial Institutions; establish license requirements for virtual currency kiosks; require regulatory filings to be submitted to a nationwide licensing system registry; establish initial and renewal application processes and requirements, reporting, surety bond and tangible net worth, and change of control requirements for virtual currency kiosk operators; require the commissioner to promulgate administrative regulations to establish format, document submission, fee, and trade practice requirements for virtual currency kiosk operators; establish record retention requirements for persons required to be licensed as virtual currency kiosk operators; establish trade practice requirements relating to protection of resident assets, virtual currency kiosk transactions, prohibited practices, and fraud and information security compliance procedures; authorize the commissioner to conduct investigations and examinations; provide for the confidentiality of certain documents provided to the commissioner; authorize the commissioner to share, disclose, and report information and take other actions to assist in the commissioner's duties; require the commissioner to submit an annual licensing report to the Legislative Research Commission; establish due process requirements for adverse actions taken by the commissioner against licensees and other persons; establish requirements for the denial, suspension, or revocation of a license; authorize the commissioner to enter cease and desist orders and emergency orders; authorize the commissioner to order civil penalties against persons that violate the subtitle; require the commissioner of the Department of Financial Institutions to promulgate any required emergency and ordinary administrative regulations on or before January 1, 2027; EFFECTIVE, in part, March 31, 2027.

Create a new section of KRS Chapter 189 to define terms related to automated license plate readers; restrict use of automated license plate readers; establish limitations on use and sale of data captured by automated license plate readers; provide that captured license plate data may be retained longer than 90 days only if it is being used in a criminal or insurance investigation or has become subject to a preservation of evidence notification; require law enforcement agencies to adopt and make public a written policy governing use of automated license plate readers; provide that any recorded images or data captured by an automated license plate reader may be made available to the National Insurance Crime Bureau or its successor organization; require the Transportation Cabinet to establish a permit process for installation of automated license plate readers on highway rights-of-way and to promulgate administrative regulations; amend KRS 189.990 to establish penalty for violation.