The Controllable Electronic Record Fraud Prevention Act aims to regulate financial transactions involving controllable electronic records, such as cryptocurrencies, by establishing guidelines for kiosk operators. Key provisions require these operators to obtain a license under the Nebraska Money Transmitters Act, disclose potential fraud risks to customers, and implement antifraud policies. Operators must utilize blockchain analytics software to prevent fraud and appoint a compliance officer to ensure adherence to the new regulations. The bill also sets 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 for kiosk operators and requires a dedicated communication method for law enforcement. It defines "gift certificates or gift cards" and imposes obligations on sellers to inform purchasers about potential fraud risks. The legislation amends existing statutes to include controllable electronic records in the definition of property subject to search and seizure, emphasizes the confidentiality of search warrants, and establishes penalties for unauthorized disclosures. A severability clause is included to ensure the enforceability of remaining sections if any part of the act is invalidated, and the original section 29-817 of the Reissue Revised Statutes of Nebraska is repealed.

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