Loading chat...
IA SF449
Bill
AI Summary
-
Limits digital financial asset (cryptocurrency) kiosk transactions to $1,000 per day for all consumers, with new consumers restricted to $10,000 total in their first 30 days with an operator
-
Caps operator charges at the greater of $5 or 15% of the transaction's U.S. dollar equivalent based on the market price at a licensed exchange
-
Requires operators to provide written disclosures in English and the language used in advertising, including fraud warnings listing common scam tactics such as impersonation of banks/law enforcement, fake lottery offers, and claims of frozen accounts
-
Mandates full refunds for fraud victims who report within 90 days and submit proof such as a police report or sworn declaration, with new consumers eligible for refunds on all transactions during their first 30 days
-
Authorizes the Attorney General to bring civil actions with penalties up to $10,000 per violation and $100,000 for injunction violations, and requires operators to use blockchain analytics software to detect fraudulent activity
Legislative Description
A bill for an act relating to digital financial asset transaction kiosks and including penalties, and effective date and applicability provisions. (Formerly SSB 1142.) Effective date: 05/19/2025. Applicability date: 07/01/2025.
Last Action
Signed by Governor. S.J. 1052.
5/19/2025