Bill > SB482

This bill establishes consumer protections for digital asset transaction kiosks, which are self-service terminals allowing people to buy, sell, or transfer digital assets like cryptocurrency using cash or other payment methods. Recognizing that these kiosks have been exploited by scammers, particularly targeting older adults, the bill mandates that operators must hold a customer's first digital asset transaction for at least 48 hours, with the option for the customer to cancel it within that period. Operators must also verify customer identities, limit daily transactions per customer to $2,000, and display prominent warnings about common scams, requiring customers to answer fraud-screening questions. Additionally, kiosks must disclose all fees and the difference between their price and the market price, provide detailed receipts, and use blockchain analytics to block transactions with addresses linked to illicit activities. Operators are required to maintain anti-fraud policies and provide a dedicated, monitored communication line for law enforcement and regulatory agencies. In cases of fraudulent inducement, customers can receive a full refund if they report the fraud to the operator and a government agency within 14 days of their last transaction. Violations of these provisions will be treated as unfair or deceptive practices, allowing for enforcement through existing consumer protection laws.