Bill Text: IA SF449 | 2025-2026 | 91st General Assembly | Introduced
Bill Title: A bill for an act relating to digital financial asset transaction kiosks.(Formerly SSB 1142.)
Spectrum: Committee Bill
Status: (Introduced) 2025-02-26 - Committee report, approving bill. S.J. 372. [SF449 Detail]
Download: Iowa-2025-SF449-Introduced.html
Senate
File
449
-
Introduced
SENATE
FILE
449
BY
COMMITTEE
ON
TECHNOLOGY
(SUCCESSOR
TO
SSB
1142)
A
BILL
FOR
An
Act
relating
to
digital
financial
asset
transaction
kiosks.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
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Section
1.
NEW
SECTION
.
533C.1004
Digital
financial
asset
1
transaction
kiosks.
2
1.
Definitions.
As
used
in
this
section,
unless
the
context
3
otherwise
requires:
4
a.
“Charges”
means
any
of
the
following:
5
(1)
A
fee
or
expense
paid
by
a
consumer.
6
(2)
The
difference
between
the
current
market
price
of
a
7
digital
financial
asset
on
a
licensed
digital
financial
asset
8
exchange
and
the
price
of
the
digital
financial
asset
charged
9
to
a
consumer.
10
b.
“Digital
financial
asset”
means
a
virtual
representation
11
of
value
or
rights
that
can
be
transferred,
stored,
or
traded
12
electronically
and
used
for
payment
or
investment
purposes.
13
c.
“Digital
financial
asset
transaction
kiosk”
means
an
14
electronic
information
processing
device
that
is
capable
of
15
accepting
or
dispensing
United
States
coin
and
paper
currency
16
in
exchange
for
a
digital
financial
asset.
17
d.
“Licensed
digital
financial
asset
exchange”
means
a
18
digital
financial
asset
exchange
that
is
not
an
operator
and
19
that
has
a
license
under
section
533C.301
to
engage
in
the
20
business
of
money
transmission
in
this
state.
21
e.
“Operator”
means
a
person
who
owns,
operates,
or
manages
22
a
digital
financial
asset
transaction
kiosk
in
this
state.
23
f.
“Transaction
hash”
means
a
unique
identifier
made
up
of
24
a
string
of
characters
that
act
as
a
record
of,
and
proof
of,
a
25
digital
financial
asset
transaction
being
verified
and
added
to
26
a
blockchain.
27
2.
Daily
transactions.
An
operator
shall
not,
via
a
digital
28
financial
asset
transaction
kiosk,
accept
from
a
consumer
or
29
dispense
to
a
consumer
more
than
one
thousand
dollars
per
30
calendar
day.
31
3.
Maximum
charges.
An
operator
shall
not
directly
or
32
indirectly
collect
charges
related
to
a
digital
financial
asset
33
transaction
from
a
consumer
that
exceed
the
greater
of
the
34
following:
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a.
Five
dollars.
1
b.
Fifteen
percent
of
the
United
States
currency
equivalent
2
of
the
digital
financial
assets
involved
in
the
digital
3
financial
asset
transaction
according
to
the
public
quoted
4
market
price
of
the
digital
financial
asset
on
a
licensed
5
digital
financial
asset
exchange
at
the
date
and
time
the
6
consumer
initiates
the
digital
financial
asset
transaction.
7
4.
Required
disclosure.
8
a.
Prior
to
a
digital
financial
asset
transaction,
the
9
operator
shall
provide
a
written
disclosure
to
the
consumer
in
10
English,
and
in
the
primary
language
used
by
the
operator
to
11
advertise,
solicit,
or
negotiate
with
the
consumer,
containing
12
the
terms
and
conditions
of
the
digital
financial
asset
13
transaction,
including,
at
a
minimum,
all
of
the
following:
14
(1)
The
dollar
amount,
in
United
States
currency
15
equivalent,
of
the
digital
financial
asset
involved
in
the
16
transaction.
17
(2)
Any
charges
to
be
collected
by
the
operator.
18
(3)
If
an
operator
fails
to
provide
a
process
to
reverse
or
19
refund
a
digital
financial
asset
transaction,
a
warning
that
20
all
digital
financial
asset
transactions
are
final.
21
(4)
The
following
written
warning
against
fraud:
22
WARNING:
CONSUMER
FRAUD
OFTEN
STARTS
WITH
CONTACT
FROM
A
23
STRANGER
WHO
IS
INITIATING
A
DISHONEST
SCHEME.
CRIMINAL
24
ACTIVITY
MAY
APPEAR
IN
MANY
FORMS,
INCLUDING
BUT
NOT
LIMITED
25
TO
THE
FOLLOWING:
26
1.
Claims
of
a
frozen
bank
account
or
credit
card.
27
2.
Claims
of
fraudulent
financial
transactions.
28
3.
Claims
of
identity
theft
or
job
offers
in
exchange
for
29
payment.
30
4.
Requests
for
payment
to
government
agencies
or
31
companies.
32
5.
Requests
for
disaster
relief
donations
or
loans.
33
6.
Offers
to
purchase
tickets
for
lotteries,
sweepstakes,
34
or
drawings
for
vehicles.
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7.
Prompts
to
click
on
desktop
pop-ups,
such
as
virus
1
warnings
or
communication
from
alleged
familiar
merchants.
2
8.
Communication
from
someone
impersonating
a
3
representative
of
your
bank
or
a
law
enforcement
officer.
4
IF
YOU
BELIEVE
YOU
ARE
BEING
SCAMMED,
CALL
YOUR
LOCAL
LAW
5
ENFORCEMENT.
6
WARNING:
TRANSACTIONS
CONDUCTED
ON
THIS
DIGITAL
FINANCIAL
ASSET
7
TRANSACTION
KIOSK
ARE
IRREVERSIBLE.
PROTECT
YOURSELF
FROM
8
FRAUD.
NEVER
SEND
MONEY
TO
SOMEONE
YOU
DO
NOT
KNOW.
9
b.
A
disclosure
required
under
paragraph
“a”
shall
be
10
clear
and
conspicuous
and
provided
separately
from
any
other
11
disclosures
or
information
provided
by
the
operator.
12
5.
Required
receipt.
For
any
digital
financial
asset
13
transaction
made
at
an
operator’s
digital
financial
asset
14
transaction
kiosk,
the
operator
shall
provide
the
consumer
with
15
a
receipt.
When
possible,
the
receipt
shall
be
a
physical
16
receipt.
The
operator
may
provide
the
receipt
in
multiple
17
communications,
if
necessary.
The
receipt
shall
include,
at
a
18
minimum,
all
of
the
following
information:
19
a.
The
name
of
the
consumer.
20
b.
The
date
and
time
of
the
digital
financial
asset
21
transaction,
the
type,
value,
and
transaction
hash
of
the
22
digital
financial
asset
transaction,
and
each
applicable
23
virtual
currency
address.
24
c.
The
legal
name
of
the
operator
and
the
operator’s
contact
25
information,
including
a
telephone
number,
that
may
be
used
26
by
the
consumer
to
get
answers
to
questions
and
to
register
27
complaints.
28
d.
The
dollar
amount
of
the
digital
financial
asset
involved
29
in
the
transaction
and
the
exchange
rate
of
the
virtual
30
currency
to
dollars.
31
e.
(1)
The
dollar
amount
of
all
charges
collected
by
32
the
operator
in
relation
to
the
digital
financial
asset
33
transaction.
34
(2)
The
legal
name
of
the
licensed
digital
financial
asset
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exchange
the
operator
used
to
calculate
the
charges
described
1
in
subsection
1,
paragraph
“a”
,
subparagraph
(2).
2
f.
A
list
of
relevant
state
and
local
law
enforcement
and
3
regulatory
agencies
for
reporting
fraud.
4
g.
A
statement
of
the
operator’s
refund
policy.
5
h.
Any
additional
information
the
operator
deems
necessary.
6
i.
Any
additional
information
required
by
federal
law.
7
6.
Required
report.
An
operator
shall
provide
a
list
to
8
the
division
of
banking
of
the
street
address
locations
of
all
9
digital
financial
asset
transaction
kiosks
that
the
operator
10
owns,
operates,
or
manages
in
this
state.
An
operator
shall
11
provide
the
division
with
updates
to
the
list
within
thirty
12
calendar
days
of
any
change
to
the
list.
The
division
shall
13
make
each
operator’s
list
available
to
the
public
via
the
14
division’s
internet
site.
15
7.
Operator
duties.
16
a.
If
an
operator
does
not
engage
in
digital
financial
17
asset
transactions,
but
facilitates
or
permits
another
person
18
to
engage
in
digital
financial
asset
transactions
via
the
19
operator’s
digital
financial
asset
transaction
kiosk,
the
20
operator
shall
do
all
of
the
following:
21
(1)
Ensure
that
the
person
engaging
in
digital
financial
22
asset
transactions
has
a
license
to
engage
in
the
business
of
23
money
transmission
under
section
533C.301.
24
(2)
Ensure
that
charges
collected
from
a
consumer
via
the
25
digital
financial
asset
transaction
kiosk
comply
with
this
26
section.
27
(3)
Ensure
that
the
person
complies
with
this
section.
28
b.
An
operator
shall
provide
live
customer
service
a
minimum
29
of
Monday
through
Friday
between
the
hours
of
8:00
a.m.
and
30
10:00
p.m.
The
customer
service
toll-free
telephone
number
31
shall
be
displayed
on
the
digital
financial
asset
transaction
32
kiosk.
33
c.
An
operator
shall
use
blockchain
analytics
software
34
to
assist
in
the
prevention
of
sending
a
purchased
digital
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financial
asset
from
an
operator
to
a
virtual
currency
wallet
1
known
to
be
affiliated
with
fraudulent
activity
at
the
time
2
of
a
digital
financial
asset
transaction,
and
to
detect
3
transaction
patterns
indicative
of
fraud
or
other
illicit
4
activities.
The
superintendent
may
request
evidence
from
an
5
operator
of
current
use
of
blockchain
analytics
software.
6
d.
For
the
purpose
of
facilitating
law
enforcement
and
7
regulatory
agency
communications
with
the
operator
in
the
event
8
of
a
consumer
report
of
fraud,
an
operator
shall
maintain
a
9
dedicated
telephone
number
or
email
address
for
use
by
law
10
enforcement
and
regulatory
agencies.
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
This
bill
relates
to
digital
financial
asset
transaction
15
kiosks.
“Digital
financial
asset
transaction
kiosk”
(kiosk)
16
is
defined
in
the
bill.
17
Under
the
bill,
an
operator
shall
not,
via
a
kiosk,
accept
18
from,
or
dispense
to,
a
consumer
more
than
$1,000
per
day.
19
“Operator”
is
defined
in
the
bill.
An
operator
shall
not
20
collect
charges
from
a
consumer
related
to
a
digital
financial
21
asset
transaction
(transaction)
that
exceed
the
greater
of
22
$5,
or
15
percent
of
the
United
States
currency
equivalent
of
23
digital
financial
assets
(asset)
involved
in
the
transaction.
24
Prior
to
a
transaction,
the
operator
shall
provide
a
25
written
disclosure
to
the
consumer
that
includes
the
dollar
26
amount
of
the
asset
involved
in
the
transaction,
any
charges
27
collected
by
the
operator,
if
an
operator
does
not
provide
28
a
method
to
reverse
or
refund
a
transaction,
a
warning
that
29
all
transactions
are
final,
and
a
warning
against
fraud.
30
The
disclosure
shall
be
clear
and
conspicuous
and
provided
31
separately
from
any
other
disclosure
provided
by
the
operator.
32
For
any
transaction
made
at
an
operator’s
kiosk,
the
33
operator
shall
provide
the
consumer
with
a
receipt
that
34
includes
the
information
detailed
in
the
bill.
When
possible,
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the
receipt
shall
be
a
physical
receipt.
The
operator
may
1
provide
the
receipt
in
multiple
communications
if
necessary.
2
An
operator
shall
provide
a
list
to
the
division
of
banking
3
(division)
of
all
locations
of
the
operator’s
kiosks
in
the
4
state.
An
operator
shall
provide
the
division
with
updates
to
5
the
list
within
30
days
of
a
change.
The
division
shall
make
6
each
operator’s
list
available
to
the
public
via
the
division’s
7
internet
site.
8
If
an
operator
does
not
engage
in
asset
transactions,
9
but
facilitates
or
permits
another
person
to
engage
in
asset
10
transactions
via
the
operator’s
kiosk,
the
operator
shall
11
ensure
that
the
person
has
a
license
under
Code
section
12
533C.301,
and
that
charges
collected
from
a
consumer
via
the
13
kiosk
comply
with
the
bill.
An
operator
shall
provide
live
14
customer
service
as
detailed
in
the
bill.
An
operator
shall
15
use
blockchain
analytics
software
to
protect
against
fraud
16
as
detailed
in
the
bill,
and
an
operator
shall
maintain
a
17
dedicated
telephone
number
and
email
address
for
use
by
law
18
enforcement
and
regulatory
agencies.
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