HB 327 Summary

• Creates Idaho Utility Token Act establishing that open blockchain tokens with predominant consumptive purposes constitute intangible personal property, requiring developers/sellers to file notice of intent with the Director of Finance and pay $500 filing fee.

• Establishes Financial Technology Sandbox allowing persons to test innovative financial products or services with waiver of specified statutory or rule requirements for an initial period not to exceed 24 months.

• Requires sandbox applicants to submit application with $500 fee, undergo criminal history checks, and post surety bond of at least $10,000 commensurate with risk profile; Director must approve or deny within 60 days.

• Mandates sandbox participants provide written disclosures to consumers stating the product is temporary, undergoing testing, may not function as intended, carries financial risk, and that Idaho does not endorse or guarantee the product.

• Authorizes Director to revoke or suspend sandbox authorization for violations, material misstatements, or if continued testing would harm consumers or fail to serve sandbox purposes; allows up to 12-month extension if statutory amendments or permanent licensing is pending.