Protecting Our Children from Age-Restricted Internet Products and Services Act of 2006

Protecting Our Children from Age-Restricted Internet Products and Services Act of 2006 - Requires Internet payment processing businesses used by sellers of age-restricted products or services harmful to minors (under age 17) to include: (1) an interactive age verification process; (2) a network of authorized money receiving businesses; (3) a designated Internet payment account for each customer; and (4) procedures for ensuring that the customer's identity and age are independently verified.

Establishes in the Department of the Treasury the Office of Electronic Funding Oversight to coordinate federal efforts to prevent minors from purchasing age-restricted products or services on the Internet.

Prohibits noncompliant Internet payment processing businesses from processing financial transactions for the purchase of age-restricted products or services harmful to minors.

Authorizes the Attorney General or any state Attorney General to apply for an injunction or temporary restraining order to prevent or restrain a violation of this Act.

Imposes a fine and/or prison term of up to five years for violations of this Act.