Existing law requires a marketplace, as defined, to ensure that its terms and conditions regarding commercial relationships with marketplace sellers meet certain criteria, including that they are drafted in plain and intelligible language.
This bill would require a nonfungible token marketplace, as defined, to disclose the terms and conditions at the time a resident, as defined, contracts with the nonfungible token marketplace. The bill would require that disclosure to be written in a manner that is understandable to a reasonable resident who uses the relevant services and to include, among other things, the manner by which fees and charges imposed by the nonfungible token marketplace will be calculated if they are not identified and disclosed in advance of a transaction and the timing of the fees and charges. The bill would require a nonfungible token marketplace to develop, implement, and maintain a comprehensive information security program, as specified, and to maintain a dedicated contact channel to receive legal process from law enforcement. The bill would prohibit its provisions from being construed to create a private right of action under any other law.