Consumer protection: other; cryptocurrency kiosks; prohibit the installation and operation of. Creates new act.

This bill, known as the Cryptocurrency Kiosk Fraud Prevention Act, prohibits the installation and operation of cryptocurrency kiosks in Michigan. It defines these kiosks as electronic terminals that allow users to buy, sell, or exchange digital currencies for traditional money. The law applies to all individuals and businesses, preventing them from setting up or allowing these terminals on any property they own or control. Violations of the ban result in civil fines ranging from $2,000 to $5,000 for a first offense and $5,000 to $10,000 for subsequent offenses.