Senate File 2296 amends existing laws regarding digital financial kiosks in Iowa, specifically addressing the definitions and regulations surrounding digital financial assets and their transactions. The bill updates the terminology used to describe digital financial assets, changing "current market price" to "prevailing market value" and clarifying that these assets are not considered money. It introduces a new requirement for operators of digital financial asset kiosks to obtain a license, categorizing their activities as money transmission. Additionally, the bill modifies the civil penalties for violations, establishing that such violations are considered unlawful practices under Iowa law.

The legislation also mandates that operators report the locations of their kiosks to the division of banking and provides for updates to this information. It enhances the authority of the attorney general to enforce compliance with the new regulations, allowing for civil penalties of up to $100,000 for violations of injunctions related to these laws. The bill is effective immediately upon enactment and applies to civil actions initiated after its effective date.

Statutes affected:
Introduced: 533C.1004, 714.16
Reprinted: 533C.1004
Enrolled: 533C.1004