AB 1326 Summary

• Establishes the Digital Currency Business Enrollment Program, administered by the Commissioner of Business Oversight, requiring persons engaging in digital currency business to enroll by January 1, 2022.

• Requires enrollees to pay up to $5,000 nonrefundable enrollment fee and $2,500 annual maintenance fee, provide fingerprints and business information, and obtain commissioner approval before acquiring control of an enrollee.

• Mandates enrollees provide detailed consumer disclosures in English and other languages spoken by majority of customers regarding digital currency risks, terms, conditions, and complaint procedures before transactions.

• Requires enrollees to maintain advertising materials, file annual audits and quarterly reports, and provide receipts with specified information; violations subject to fines up to $100 per violation.

• Authorizes commissioner to issue cease and desist orders, bring civil enforcement actions seeking up to $25,000 penalties per violation, and disenroll businesses for non-compliance; repeals prohibition on issuing non-U.S. currency.