All Roll Calls
Yes: 122 • No: 14
IowaSF 44991st General Assembly (2025–2026)SenateWALLET
A bill for an act relating to digital financial asset transaction kiosks and including penalties, and effective date and applicability provisions. (Formerly SSB 1142.) Effective date: 05/19/2025. Applicability date: 07/01/2025.
Sponsored By: COMMITTEE ON TECHNOLOGY
Signed by Governor
commerce
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Full refunds for crypto kiosk fraud
Beginning July 1, 2025, kiosk operators must refund victims of fraud. New customers get back all transactions made in their first 30 days with that operator. Existing customers get back the full amount of each scammed transaction. You must report the fraud to the operator and to a government or law enforcement agency within 90 days. You must provide proof, like a police report or sworn statement.
Fee cap and clear kiosk disclosures
Beginning July 1, 2025, kiosk fees are capped at the greater of $5 or 15% of the asset’s U.S. dollar value at the time you start the transaction, using a licensed exchange price. Before you pay, the operator must give you a clear written disclosure in English and its main advertising language that shows the dollar amount, all charges, if refunds or reversals exist and how to ask, and a fraud warning. You must confirm you got it before finishing. For every transaction, you must get a receipt with key details, including the exchange rate used, the charges, the operator’s contact, a list of relevant agencies, and the refund policy. A physical receipt is given when possible.
Daily and 30-day limits at kiosks
Beginning July 1, 2025, you can put in or take out no more than $1,000 per calendar day at a crypto kiosk. If you are new to that operator, your total over the first 30 days is capped at $10,000.
New compliance rules for kiosk operators
Beginning July 1, 2025, kiosk operators face new compliance duties. They must employ a qualified, full-time compliance officer who owns no more than 20% of the company. They must adopt board-approved compliance policies and a written anti-fraud program, and use blockchain analytics to block known scam wallets and spot risky patterns (and show proof on request). They must offer live customer service at least Monday–Friday, 8:00 a.m.–10:00 p.m., post a toll-free number on each kiosk, and keep a dedicated contact for law enforcement and regulators. They must report every kiosk’s street address to the banking division and update changes within 30 days; the state posts these locations. If a third party runs transactions at their kiosks, operators must ensure that party is licensed for money transmission and follows the fee and consumer-protection rules.
State fines for kiosk rule violations
Beginning July 1, 2025, the attorney general can sue kiosk operators that break these rules, stop further violations, and seek civil penalties. Fines can be up to $10,000 per violation, and up to $100,000 for violating a court order. People can report violations to the attorney general, who must run an online reporting system.
Sponsors & Cosponsors
Sponsor
COMMITTEE ON TECHNOLOGY
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 5/12/2025
Passed House
Yes: 77 • No: 12
Senate vote • 3/26/2025
Passed Senate
Yes: 45 • No: 2
Actions Timeline
Explanation of vote.
5/20/2025legislatureSigned by Governor.
5/19/2025GovernorReported correctly enrolled, signed by President and Speaker, and sent to Governor.
5/19/2025SenateMessage from House.
5/12/2025HouseImmediate message.
5/12/2025legislaturePassed House, yeas 77, nays 12.
5/12/2025HouseAmendment H-1314 filed, withdrawn.
5/12/2025legislaturePlaced on calendar under unfinished business.
4/10/2025legislaturePlaced on calendar.
4/2/2025legislatureCommittee vote: Yeas, 18. Nays, 1. Excused, 3.
4/2/2025legislatureCommittee report, recommending passage.
4/2/2025legislatureSubcommittee recommends passage.
3/31/2025legislatureSubcommittee Meeting: 03/31/2025 12:00PM House Lounge.
3/28/2025HouseSubcommittee: Lundgren, Judge and Lawler.
3/28/2025legislatureRead first time, referred to Commerce.
3/27/2025legislatureMessage from Senate.
3/26/2025SenateImmediate message.
3/26/2025legislaturePassed Senate, yeas 45, nays 2.
3/26/2025SenateAmendment S-3057 filed, adopted.
3/26/2025legislatureCommittee report, approving bill.
2/26/2025legislatureIntroduced, placed on calendar.
2/26/2025legislature
Bill Text
As Introduced
Enrolled
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