This bill modifies the Uniform Commercial Code.
This bill:
- defines terms;
- excludes programmable money from the standard definition of money;
- prohibits a person from requiring the use of programmable money for a transaction unless the person also offers a free, non-digital alternative;
- outlaws an issuer denying a transaction based on discriminatory criteria, including a person's political opinions, religious beliefs, medical history, or lawful ownership of a firearm;
- prevents an issuer from using environmental, social, or governance standards and diversity programming compliance as a basis for failing or restricting a transaction;
- requires an issuer to provide a detailed written statement of the specific reason for a denied transaction or terminated service within 30 days of an affected party's request;
- establishes that violations are class A misdemeanors punishable by a fine of up to $10,000;
- grants an aggrieved party the right to seek punitive damages or the revocation of an issuer's business authorization; and
- does not prohibit the purchase or sale of cryptocurrency or other assets by public or private parties.

Statutes affected:
Introduced: 15-8-4, 32B-14-102, 46-4-403, 70A-3-103, 70C-2-204
Substitute #1: 15-8-4, 32B-14-102, 46-4-403, 70A-3-103, 70C-2-204