Bill > SB401

This bill would provide for the regulation of digital financial asset transaction kiosks by the Department of Financial Protection and Innovation. The key provisions include: 1. Prohibiting operators from accepting or dispensing more than $1,000 in a day from or to a customer via a digital financial asset transaction kiosk. 2. Requiring operators to provide written disclosures in English and the same language used to advertise or solicit the customer, containing the terms and conditions of the transaction, including the amount of the digital financial asset involved and any fees or charges. 3. Requiring operators to provide customers with a receipt for each transaction, including details like the customer's name, transaction date and time, and the amount of any fees or spread between the customer's price and the market price. 4. Requiring operators to provide the department with a list of all their digital financial asset transaction kiosk locations, which the department will make publicly available. 5. Requiring operators to ensure any person engaging in digital financial asset business activity via their kiosks has the appropriate license, and that any charges comply with the specified limits. This bill would only become operative if Assembly Bill 39 of the 2023-24 Regular Session is enacted and takes effect on or before January 1, 2024.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB401