The Controllable Electronic Record Fraud Prevention Act establishes regulations for financial transactions involving controllable electronic records, such as cryptocurrencies, by setting guidelines for operators of controllable electronic record kiosks. Key requirements include obtaining a license under the Nebraska Money Transmitters Act, disclosing potential fraud risks to customers, and implementing an antifraud policy. Operators must utilize blockchain analytics software to prevent fraud and appoint a compliance officer to ensure adherence to these regulations. The bill also imposes transaction limits, capping daily transactions at $2,000 for new customers and $10,500 for existing customers, while outlining necessary disclosures regarding risks and operator liability.

Additionally, the bill mandates live customer service availability during specified hours and requires operators to provide a dedicated contact method for law enforcement. It defines "gift certificates" and "gift cards," obligating sellers to inform purchasers about fraud risks and ensuring conspicuous notice at the point of sale. The Attorney General is empowered to issue citations for violations, with penalties for repeat offenders. The legislation amends existing statutes to include "controllable electronic records" in the definition of property related to search warrants, preserving law enforcement's rights to conduct searches and seizures. A severability clause is included to maintain the validity of the 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