Bill Text: IA SSB1142 | 2025-2026 | 91st General Assembly | Introduced
Bill Title: A bill for an act relating to digital financial asset transaction kiosks.(See SF 449.)
Spectrum: Committee Bill
Status: (Introduced) 2025-02-25 - Committee report approving bill, renumbered as SF 449. [SSB1142 Detail]
Download: Iowa-2025-SSB1142-Introduced.html
Senate
Study
Bill
1142
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
TECHNOLOGY
BILL
BY
CHAIRPERSON
McCLINTOCK)
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
2.
Daily
transactions.
An
operator
shall
not,
via
a
digital
24
financial
asset
transaction
kiosk,
accept
from
a
consumer
or
25
dispense
to
a
consumer
more
than
one
thousand
dollars
per
26
calendar
day.
27
3.
Maximum
charges.
An
operator
shall
not
directly
or
28
indirectly
collect
charges
related
to
a
digital
financial
asset
29
transaction
from
a
consumer
that
exceed
the
greater
of
the
30
following:
31
a.
Five
dollars.
32
b.
Fifteen
percent
of
the
United
States
currency
equivalent
33
of
the
digital
financial
assets
involved
in
the
digital
34
financial
asset
transaction
according
to
the
public
quoted
35
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_____
market
price
of
the
digital
financial
asset
on
a
licensed
1
digital
financial
asset
exchange
at
the
date
and
time
the
2
consumer
initiates
the
digital
financial
asset
transaction.
3
4.
Required
disclosure.
4
a.
Prior
to
a
digital
financial
asset
transaction,
the
5
operator
shall
provide
a
written
disclosure
to
the
consumer
in
6
English,
and
in
the
primary
language
used
by
the
operator
to
7
advertise,
solicit,
or
negotiate
with
the
consumer,
containing
8
the
terms
and
conditions
of
the
digital
financial
asset
9
transaction,
including,
at
a
minimum,
all
of
the
following:
10
(1)
The
dollar
amount,
in
United
States
currency
11
equivalent,
of
the
digital
financial
asset
involved
in
the
12
transaction.
13
(2)
Any
charges
to
be
collected
by
the
operator.
14
(3)
If
an
operator
fails
to
provide
a
process
to
reverse
or
15
refund
a
digital
financial
asset
transaction,
a
warning
that
16
all
digital
financial
asset
transactions
are
final.
17
b.
A
disclosure
required
under
paragraph
“a”
shall
be
18
clear
and
conspicuous
and
provided
separately
from
any
other
19
disclosures
or
information
provided
by
the
operator.
20
5.
Required
receipt.
For
any
digital
financial
asset
21
transaction
made
at
an
operator’s
digital
financial
asset
22
transaction
kiosk,
the
operator
shall
provide
the
consumer
with
23
a
receipt
that
includes
all
of
the
following
information:
24
a.
The
name
of
the
consumer.
25
b.
The
date
and
time
of
the
digital
financial
asset
26
transaction.
27
c.
The
legal
name
of
the
operator.
28
d.
The
dollar
amount
of
the
digital
financial
asset
involved
29
in
the
transaction.
30
e.
(1)
The
dollar
amount
of
all
charges
collected
by
31
the
operator
in
relation
to
the
digital
financial
asset
32
transaction.
33
(2)
The
legal
name
of
the
licensed
digital
financial
asset
34
exchange
the
operator
used
to
calculate
the
charges
described
35
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_____
in
subsection
1,
paragraph
“a”
,
subparagraph
(2).
1
6.
Required
report.
An
operator
shall
provide
a
list
to
2
the
division
of
banking
of
the
street
address
locations
of
all
3
digital
financial
asset
transaction
kiosks
that
the
operator
4
owns,
operates,
or
manages
in
this
state.
An
operator
shall
5
provide
the
division
with
updates
to
the
list
within
thirty
6
calendar
days
of
any
change
to
the
list.
The
division
shall
7
make
each
operator’s
list
available
to
the
public
via
the
8
division’s
internet
site.
9
7.
Operator
duties.
If
an
operator
does
not
engage
in
10
digital
financial
asset
transactions,
but
facilitates
or
11
permits
another
person
to
engage
in
digital
financial
asset
12
transactions
via
the
operator’s
digital
financial
asset
13
transaction
kiosk,
the
operator
shall
do
all
of
the
following:
14
a.
Ensure
that
the
person
engaging
in
digital
financial
15
asset
transactions
has
a
license
to
engage
in
the
business
of
16
money
transmission
under
section
533C.301.
17
b.
Ensure
that
charges
collected
from
a
consumer
via
the
18
digital
financial
asset
transaction
kiosk
comply
with
this
19
section.
20
c.
Ensure
that
the
person
complies
with
this
section.
21
EXPLANATION
22
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
23
the
explanation’s
substance
by
the
members
of
the
general
assembly.
24
This
bill
relates
to
digital
financial
asset
transaction
25
kiosks.
“Digital
financial
asset
transaction
kiosk”
(kiosk)
26
is
defined
in
the
bill.
27
Under
the
bill,
an
operator
shall
not,
via
a
kiosk,
accept
28
from,
or
dispense
to,
a
consumer
more
than
$1,000
per
day.
29
“Operator”
is
defined
in
the
bill.
An
operator
shall
not
30
collect
charges
from
a
consumer
related
to
a
digital
financial
31
asset
transaction
that
exceed
the
greater
of
$5
or
15
percent
32
of
the
United
States
currency
equivalent
of
digital
financial
33
assets
involved
in
the
transaction.
34
Prior
to
a
transaction,
the
operator
shall
provide
a
written
35
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_____
disclosure
to
the
consumer
including
the
dollar
amount
of
1
the
digital
financial
asset
involved
in
the
transaction,
any
2
charges
collected
by
the
operator,
and,
if
an
operator
does
3
not
provide
a
method
to
reverse
or
refund
a
transaction,
a
4
warning
that
all
transactions
are
final.
The
disclosure
shall
5
be
clear
and
conspicuous
and
provided
separately
from
any
other
6
disclosure
provided
by
the
operator.
7
For
any
transaction
made
at
an
operator’s
kiosk,
the
8
operator
shall
provide
the
consumer
with
a
receipt
that
9
includes
the
information
detailed
in
the
bill.
An
operator
10
shall
provide
a
list
to
the
division
of
banking
(division)
11
of
all
locations
of
the
operator’s
kiosks
in
the
state.
An
12
operator
shall
provide
the
division
with
updates
to
the
list
13
within
30
days
of
a
change.
The
division
shall
make
each
14
operator’s
list
available
to
the
public
via
the
division’s
15
internet
site.
16
If
an
operator
does
not
engage
in
digital
financial
asset
17
transactions,
but
facilitates
or
permits
another
person
18
to
engage
in
digital
financial
asset
transactions
via
the
19
operator’s
kiosk,
the
operator
shall
ensure
that
the
person
20
has
a
license
under
Code
section
533C.301,
and
that
charges
21
collected
from
a
consumer
via
the
kiosk
comply
with
the
bill.
22
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