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
7 provisions identified: 5 benefits, 2 costs, 0 mixed.
Full refunds for kiosk fraud victims
The law took effect May 19, 2025; its Iowa digital asset kiosk refund rules apply beginning July 1, 2025. Operators must refund the full amount of covered transactions on request when fraud tricked you into making them. New customers get coverage for transactions during their first 30 calendar days with that operator. They must report fraud within 90 calendar days after their last transaction in that period; existing customers have 90 calendar days from the transaction. Both groups must report to the operator and a government or law enforcement agency, and give the operator proof, such as a police report or sworn statement.
Clearer costs and help for kiosk users
Beginning July 1, 2025, Iowa kiosk operators must give separate, clear written disclosures before transactions and require customers to confirm receipt. Disclosures must explain terms, dollar value, charges, and fraud warnings in English and the main language used to reach the customer. They must warn that transactions are final when no refund or reversal process is offered. Each transaction needs a receipt, on paper when possible, showing the customer’s name, date and time, asset type, dollar value, exchange rate, blockchain transaction identifier, and asset addresses. Receipts must also show operator contact details, itemized charges, the licensed exchange used, refund policy, fraud-reporting agencies, and required federal information. Operators must display a toll-free number and provide live help at least Monday through Friday, 8:00 a.m. to 10:00 p.m.
Fee caps for digital asset kiosks
Beginning July 1, 2025, Iowa kiosk charges cannot exceed the greater of $5 or 15% of the assets’ dollar value. Charges include fees, expenses, and the gap between the market price and the price charged to you. Asset value comes from a licensed exchange’s public market price when you start the transaction.
More fraud safeguards for kiosk users
Beginning July 1, 2025, Iowa kiosk operators must take reasonable steps to detect and prevent fraud. They must use blockchain analysis software themselves or through an established specialist. It must help stop transfers to wallets known to be linked to fraud and detect patterns of fraud or illegal activity. Written antifraud policies must cover risk checks, safeguards, monitoring duties, and regular review and updates. The banking superintendent can request proof of software use, and operators must maintain a dedicated phone or email for agency fraud inquiries.
Public kiosk listings and state enforcement
Beginning July 1, 2025, operators must report all Iowa kiosk street addresses and update changes within 30 calendar days. The Iowa Division of Banking must post each operator’s list online. The Attorney General alone can bring civil enforcement cases when there is reasonable belief of a violation. The office can seek orders stopping violations, compliance, other legal remedies, and penalties up to $10,000 per violation. Violating an injunction can bring penalties up to $100,000, and the Attorney General must create an electronic system for reporting violations.
New transaction limits for kiosk users
Beginning July 1, 2025, Iowa kiosk operators cannot accept from or pay out to one customer more than $1,000 per calendar day. The limit applies across that operator’s kiosks, not separately at each machine. Customers new to an operator also face a $10,000 total limit during their first 30 calendar days. These caps limit how much money you can move through kiosks.
Kiosk operators face new compliance duties
Beginning July 1, 2025, Iowa kiosk operators must maintain and enforce written compliance policies approved by their board or similar governing body. Each operator must employ a qualified, full-time compliance officer to monitor kiosk rules and applicable state and federal laws. The officer cannot own more than 20% of the operator. Operators that only facilitate another person’s transactions must ensure that person holds an Iowa money-transmission license. They must also ensure that person follows charge limits and kiosk rules.
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.
5/20/2025HouseSigned by Governor.
5/19/2025SenateReported correctly enrolled, signed by President and Speaker, and sent to Governor.
5/19/2025SenateMessage from House.
5/12/2025SenateImmediate message.
5/12/2025HousePassed House, yeas 77, nays 12.
5/12/2025HouseAmendment H-1314 filed, withdrawn.
5/12/2025HousePlaced on calendar under unfinished business.
4/10/2025HousePlaced on calendar.
4/2/2025HouseCommittee vote: Yeas, 18. Nays, 1. Excused, 3.
4/2/2025HouseCommittee report, recommending passage.
4/2/2025HouseSubcommittee recommends passage.
3/31/2025legislatureSubcommittee Meeting: 03/31/2025 12:00PM House Lounge.
3/28/2025HouseSubcommittee: Lundgren, Judge and Lawler.
3/28/2025HouseRead first time, referred to Commerce.
3/27/2025HouseMessage from Senate.
3/26/2025HouseImmediate message.
3/26/2025SenatePassed Senate, yeas 45, nays 2.
3/26/2025SenateAmendment S-3057 filed, adopted.
3/26/2025SenateCommittee report, approving bill.
2/26/2025SenateIntroduced, placed on calendar.
2/26/2025Senate
Bill Text
As Introduced
Enrolled
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