For each virtual currency transaction at a licensee's virtual currency kiosk, the licensee shall provide a user a disclosure that: (1) Is written in a clear, conspicuous, and easily readable manner; (2) Is in the chosen language of the user; (3) Describes the material risks associated with the transaction, including that: (a) Virtual currency is not issued or backed by the United States government and is not legal tender; (b) Virtual currency is not subject to protections by the Federal Deposit Insurance Corporation, National Credit Union Administration, or Securities Investor Protection Corporation; and (c) The value of the virtual currency relative to the United States dollar may fluctuate significantly; (4) States the name, address, and telephone number of the licensee and the days and times a user may contact the licensee for assistance; (5) Contains a prominent warning in bold type, provided separately from the other disclosure provisions, which states that: (a) This technology may be used to defraud a user; (b) If the user is asked to deposit money at the kiosk by someone who claims to be a friend or family member in a telephone call or electronic message, a government agent, a computer software representative, a bill collector, a law enforcement officer, or anyone not known personally by the user, the transaction should be stopped immediately and local law enforcement and the kiosk operator should be notified; and (c) The user should not send money to anyone not known personally by the user; and (6) Provides a full listing of all fees and charges applied to the transaction. The licensee shall cause contact information for any relevant state and local law enforcement and government agencies for reporting fraud to be displayed on the kiosk, at the location of the kiosk, or on the kiosk's first screen that is visible to the user. Any time a user engages with a kiosk, the user must acknowledge receipt of all disclosures required pursuant to this section and must confirm the user's consent to use the kiosk, and the kiosk must transmit notice of the user's acknowledgment and confirmation to the licensee. Acknowledgment of the disclosures required by this section does not affect or prevent a fraud victim's eligibility for a refund pursuant to § 51A-18-7 .
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.