This bill establishes a new chapter, Chapter 358-U, in the New Hampshire Revised Statutes to provide consumer protections for digital asset transaction kiosks. The legislation aims to safeguard consumers, particularly vulnerable populations like older adults, from scams that involve converting cash into digital assets. Key provisions include requiring kiosk operators to hold the first transaction for 48 hours, verify customer identities, and provide a dedicated communication line for law enforcement. Additionally, operators must not allow transactions under false identities and must implement fraud screening measures, including conspicuous warnings about potential scams.
The bill also outlines core consumer protections, such as limiting transactions to $2,000 per customer per day, requiring clear disclosures of fees and transaction details, and mandating refunds for customers who are fraudulently induced into transactions. Violations of these provisions are classified as unfair or deceptive acts, allowing for enforcement under existing consumer protection laws. The act is set to take effect 180 days after passage, with an indeterminable fiscal impact on state and local expenditures due to potential changes in judicial and correctional costs.