Bill > SF449

This bill establishes comprehensive regulations for digital financial asset transaction kiosks in Iowa, creating detailed requirements for operators who facilitate cryptocurrency transactions. The bill defines key terms like "digital financial asset" and sets strict operational guidelines, including a daily transaction limit of $1,000 for existing consumers and $10,000 for new consumers within their first 30 days. Operators must provide clear, multilingual disclosures about transaction details, including potential charges (capped at either $5 or 15% of the transaction value), and must include explicit fraud warnings. The bill mandates that operators provide detailed transaction receipts, maintain customer service hours, use blockchain analytics to detect fraudulent activities, and have a dedicated compliance officer. Operators must also implement written fraud prevention policies and provide refund options for consumers who can prove they were fraudulently induced into a transaction. The Attorney General is granted sole authority to enforce these regulations, with potential civil penalties up to $10,000 per violation and an additional $100,000 for violating injunctions. The bill will become applicable on July 1, 2025, and aims to protect consumers engaging in digital financial asset transactions through automated kiosks by establishing clear operational standards and consumer safeguards.

Business and Industry

Technology (Senate)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF449