Multiple Agency Fiscal Note Summary — 5280 SB, Virtual Currency Kiosks

Summary

Multiple Agency Fiscal Note Summary for 5280 SB, titled Virtual currency kiosks, showing zero estimated expenditures for the Office of Attorney General and the Department of Financial Institutions, followed by their individual fiscal notes. The Attorney General's Office note is checked No Fiscal Impact and says its Government Compliance & Enforcement Division, Solicitor General's Office and Consumer Protection Division expect no change in workload. The Department of Financial Institutions note says the legislation limits the value of virtual currency kiosk transactions to $1,000 per day and modifies reporting requirements, and has no fiscal impact. It says rulemaking may be required and costs will be absorbed.

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“Multiple Agency Fiscal Note Summary — 5280 SB, Virtual Currency Kiosks.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-01-29-a32584-d276653-5280-sb-fn-final-01-21-25-2548f7cec7/, SHA-256 010add3a7dab9ebfc292dbbbc5f7ec1f358b7692e3cd5272f828517114a5b375.

Full text

Multiple Agency Fiscal Note Summary
Bill Number: 5280 SB Title: Virtual currency kiosks

Estimated Cash Receipts
NONE

Estimated Operating Expenditures
Agency Name 2025-27 2027-29 2029-31
FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total
Office of .0 0 0 0 .0 0 0 0 .0 0 0 0
Attorney
General
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Financial
Institutions

Total $ 0.0 0 0 0 0.0 0 0 0 0.0 0 0 0

Estimated Capital Budget Expenditures
Agency Name 2025-27 2027-29 2029-31
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Office of Attorney .0 0 0 .0 0 0 .0 0 0
General
Department of Financial .0 0 0 .0 0 0 .0 0 0
Institutions

Total $ 0.0 0 0 0.0 0 0 0.0 0 0

Estimated Capital Budget Breakout
NONE

Prepared by: Megan Tudor, OFM Phone: Date Published:
(360) 890-1722 Final 1/21/2025

FNPID 71653
:
FNS029 Multi Agency rollup
Individual State Agency Fiscal Note

Bill Number: 5280 SB Title: Virtual currency kiosks Agency: 100-Office of Attorney
General

Part I: Estimates
X No Fiscal Impact

Estimated Cash Receipts to:

NONE

Estimated Operating Expenditures from:
NONE

Estimated Capital Budget Impact:

NONE

The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.

Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).

Capital budget impact, complete Part IV.

Requires new rule making, complete Part V.

Legislative Contact: John Kim Phone: 360-786-7453 Date: 01/15/2025
Agency Preparation: Dave Merchant Phone: 360-753-1620 Date: 01/17/2025
Agency Approval: Leah Snow Phone: 360-586-2104 Date: 01/17/2025
OFM Review: Gwen Stamey Phone: (360) 790-1166 Date: 01/20/2025

Form FN (Rev 1/00) 197,266.00 Request # 050-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5280 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.

1. The Attorney General’s Office (AGO) Government Compliance & Enforcement Division (GCE) has reviewed this bill
and determined it will not increase or decrease the division’s workload. GCE provides legal advice and litigation support to
the Department of Financial Institutions (DFI). SB 5280 requires virtual currency kiosk licensees to register with the
Nationwide Licensing System, sets forth daily transaction limits for consumers, places limits on aggregate fees and charges,
and provides for additional disclosure requirements. Although this bill creates additional requirements for virtual currency
kiosk licensees, neither DFI nor GCE anticipates any new advice requests or increase in litigation if this bill is enacted.
Therefore, no costs are included in this request.

2. The AGO Solicitor General’s Office (SGO) has reviewed this bill and determined it will not increase or decrease the
division’s workload. Therefore, no costs are included in this request.

3. The AGO Consumer Protection Division (CPR) has reviewed this bill and determined it will not increase or decrease the
division’s workload. The enactment of this bill will not impact the provision of legal services as it only addresses licensed
conduct and does not have a consumer protection enforcement mechanism included in the RCW or bill. Penalties for
violations are administrative or criminal in nature. Therefore, no costs are included in this request.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.

II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.

Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE

III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE

III. D - Expenditures By Program (optional)
NONE

Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE

Virtual currency kiosks 100-Office of Attorney General
Form FN (Rev 1/00) 197,266.00 Request # 050-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5280 SB
IV. B - Expenditures by Object Or Purpose
NONE

IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE

IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.

NONE

Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.

Virtual currency kiosks 100-Office of Attorney General
Form FN (Rev 1/00) 197,266.00 Request # 050-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5280 SB
Individual State Agency Fiscal Note

Bill Number: 5280 SB Title: Virtual currency kiosks Agency: 102-Department of Financial
Institutions

Part I: Estimates
X No Fiscal Impact

Estimated Cash Receipts to:

NONE

Estimated Operating Expenditures from:
NONE

Estimated Capital Budget Impact:

NONE

Capital budget impact, complete Part IV.

X Requires new rule making, complete Part V.

Legislative Contact: John Kim Phone: 360-786-7453 Date: 01/15/2025
Agency Preparation: Cale Zimmerman Phone: (360) 902-0507 Date: 01/15/2025
Agency Approval: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/15/2025
OFM Review: Megan Tudor Phone: (360) 890-1722 Date: 01/21/2025

Form FN (Rev 1/00) 197,079.00 Request # 25-007-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5280 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.

The Department of Financial Institutions (DFI) currently licenses money service providers. This legislation limits the value
of virtual currency kiosk transactions to $1,000 per day and modifies certain reporting requirements for licensees that
operate virtual currency kiosks. This bill would not increase the number of licensees that are regulated by DFI, and the new
reporting requirements in the bill will not warrant additional staffing. This legislation does not have fiscal impact for DFI.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.

Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE

III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE

III. D - Expenditures By Program (optional)
NONE

Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE

IV. B - Expenditures by Object Or Purpose
NONE

IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE

IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.

NONE

Virtual currency kiosks 102-Department of Financial Institutions
Form FN (Rev 1/00) 197,079.00 Request # 25-007-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5280 SB
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.

Rulemaking may be required to update provisions related to receipt, disclosure, and reporting requirements. Rulemaking costs
will be absorbed.

Virtual currency kiosks 102-Department of Financial Institutions
Form FN (Rev 1/00) 197,079.00 Request # 25-007-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5280 SB

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