summary
Introduced
02/07/2025
02/07/2025
In Committee
05/29/2025
05/29/2025
Crossed Over
05/22/2025
05/22/2025
Passed
08/18/2025
08/18/2025
Dead
Signed/Enacted/Adopted
08/18/2025
08/18/2025
Introduced Session
104th General Assembly
Bill Summary
Creates the Digital Asset Kiosks Act. Sets forth provisions concerning the general powers and duties of the Department of Financial and Professional Regulation in administering and enforcing registrations for digital asset kiosk operators and transactions. Provides that moneys collected by the Department under the Act shall be deposited into the Digital Asset Kiosk Fund. Establishes transaction and charge limits on digital asset kiosk operators. Requires disclosures for digital asset kiosk operators before engaging in each digital asset kiosk transaction with a customer and requires operators to report the physical location of digital asset kiosks. Requires digital asset kiosk operators to issue refunds for fraudulent transactions at the request of a new customer within the new customer period. Requires digital asset kiosk operators to register with the Department and sets forth provisions concerning renewal and refusal of registration. Establishes surety bond and tangible net worth requirements for registrants. Provides a private right of action for violations of the Act. Exempts specified entities from the requirements of the Act. Provides that, if and only if House Bill 742 of the 104th General Assembly becomes law in the form in which it passed the House on April 10, 2025, then the Digital Asset Kiosks Act is amended by repealing the specified provisions of the Act. Amends the State Finance Act to create the Digital Asset Kiosk Fund. Effective immediately.
AI Summary
This bill establishes the Digital Asset Kiosks Act, which creates comprehensive regulations for digital asset kiosks (ATM-like machines that facilitate buying, selling, or exchanging digital assets) in Illinois. The bill requires operators to register with the Department of Financial and Professional Regulation, maintain a surety bond of at least $100,000, and meet specific operational requirements. Key provisions include daily transaction limits ($2,500 for new customers and $10,500 for existing customers), a cap on transaction charges (less than $5 or 18% of the transaction value), and mandatory customer disclosures about the risks of digital assets. Operators must provide live customer service, use blockchain analytics to prevent fraud, maintain a dedicated law enforcement communication line, and offer refunds for fraudulent transactions. The bill mandates that operators disclose all kiosk locations to the department, implement anti-fraud policies, and comply with various reporting and operational standards. The legislation aims to protect consumers by establishing clear guidelines and consumer protections in the digital asset kiosk industry, with potential civil penalties for non-compliance and provisions for the Department to investigate and take enforcement actions against violators.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (13)
Laura Ellman (D)*,
Curtis Tarver (D)*,
Christopher Belt (D),
Mary Edly-Allen (D),
Sara Feigenholtz (D),
Graciela Guzmán (D),
Mattie Hunter (D),
Natalie Manley (D),
Laura Murphy (D),
Mike Porfirio (D),
Doris Turner (D),
Karina Villa (D),
Mark Walker (D),
Last Action
Public Act . . . . . . . . . 104-0429 (on 08/18/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...