The Controllable Electronic Record Fraud Prevention Act aims to regulate financial transactions involving controllable electronic records, such as cryptocurrencies, by establishing guidelines for operators of controllable electronic record kiosks. Key provisions require these operators to obtain a license under the Nebraska Money Transmitters Act, disclose potential fraud risks to customers, and implement an antifraud policy. Operators must also use blockchain analytics software to prevent fraudulent transactions and appoint a compliance officer to ensure adherence to the new regulations. The bill sets transaction limits of $2,000 for new customers and $10,500 for existing customers, mandates necessary disclosures regarding transaction details and fees, and allows for refunds in cases of fraudulent inducement.

Additionally, the bill introduces requirements for live customer service availability from Monday to Friday, between 7:00 a.m. and 9:00 p.m., via a toll-free number displayed on the kiosk. It mandates a dedicated contact method for law enforcement, which must be monitored daily and made available on the operator's website. The legislation also defines "gift certificates" and "gift cards," requiring sellers to inform purchasers about fraud risks and display conspicuous notices at points of sale. It establishes penalties for non-compliance and amends existing statutes to include "controllable electronic records" in the definition of property related to search warrants. A severability clause is included to ensure the validity of remaining provisions if any part of the act is deemed unconstitutional.

Statutes affected:
Introduced: 28-416, 28-512, 28-602, 28-603, 28-639, 28-813.01, 28-1111, 28-1463.06, 28-1601, 28-1602
Final Reading: 29-817
Slip Law: 29-817