SF 2296: A bill for an act relating to digital financial kiosks, modifying civil penalties, and including effective date and applicability provisions. - Iowa

Reprinted Marked Up → Reprinted · 5 edits

MODERATE

This bill updates Iowa's regulations on digital financial kiosks by clarifying definitions, requiring operators to obtain money transmission licenses, and establishing specific civil penalties for violations. It also mandates that operators report the locations of their kiosks to the state's division of banking.

Scope change

The bill applies to any entity operating, owning, or managing digital financial asset kiosks in Iowa, expanding regulatory oversight to include those who facilitate exchanges of digital assets for money or credit.

DEFINITION

Refined the definition of 'digital financial asset' to exclude certain rewards program values and in-game items, while clarifying what constitutes a transaction kiosk.

REQUIREMENT

Added a new requirement that any operator of a digital financial asset kiosk must obtain a money transmission license from the state.

Required operators to submit a list of all kiosk locations to the division of banking and update the list within 30 days of any changes.

ENFORCEMENT

Established civil penalties of up to $10,000 per violation for non-compliance and up to $100,000 for violating court injunctions.

TIMELINE

Set the effective date of the Act to immediately upon enactment.

Enrolled with Governor's Action → Reprinted Marked Up · 1 edit

MINOR

This bill reprints the text of Senate File 2296 in a marked-up format to reflect the Governor's approval and signature. The substantive policy content remains unchanged, establishing a licensing requirement for digital financial asset kiosks, defining what constitutes a digital financial asset, and setting civil penalties for violations.

Scope change

The bill's scope and applicability remain unchanged; the document format has been updated from an enrolled bill to a signed, reprinted version.

TECHNICAL

The document format was changed from an enrolled bill to a reprinted marked-up version showing the Governor's signature and date of approval.

Enrolled → Enrolled with Governor's Action · 2 edits · May 6, 2026

MINOR

The bill text was updated from its final 'Enrolled' version to the 'Enrolled with Governor's Action' version, which includes the Governor's signature and certification. The substantive legislative content regarding digital financial asset kiosks, licensing requirements, and penalties remains unchanged.

Scope change

No change in the scope or applicability of the law; the change is purely administrative, reflecting the bill's final approval.

TECHNICAL

Added the Governor's signature line, certification of origin, and approval date to finalize the bill as law.

Removed the 'Enrolled' header and the placeholder signature lines for the Senate President and House Speaker.

Signed Enrolled Bill (PDF) → Enrolled · 1 edit · May 6, 2026

MINOR

The bill was finalized by the Governor and certified by the Secretary of State, transitioning from a draft with handwritten edits to an official enrolled version. The substantive policy content remains focused on regulating digital financial kiosks, defining digital assets, and establishing licensing and penalty requirements.

Scope change

The bill's scope remains unchanged; the text represents the final, enacted version of the legislation previously shown in draft form.

TECHNICAL

The document format was updated from a signed draft with handwritten corrections to the official enrolled bill ready for publication.

Introduced → Signed Enrolled Bill (PDF) · 4 edits · May 6, 2026

MODERATE

The bill was converted from a draft legislative text into an official signed enrolled bill, adding the Governor's signature and formal transmission details. The substantive content of the bill itself was completely rewritten to redefine 'digital financial asset' and establish new licensing requirements for kiosks, replacing previous enforcement mechanisms with stricter civil penalties.

Scope change

The bill's scope expanded to explicitly define digital financial assets and impose a mandatory money transmission license requirement on kiosk operators, whereas the previous version focused primarily on general enforcement authority.

DEFINITION

The definition of 'digital financial asset' was completely rewritten to include specific exclusions for game currencies and merchant rewards, clarifying exactly what assets fall under the law.

REQUIREMENT

A new requirement was added mandating that any operator of a digital financial asset kiosk must obtain a money transmission license from the state.

ENFORCEMENT

Enforcement mechanisms were changed to allow the Attorney General to seek civil penalties of up to $100,000 for violations of injunctions, replacing the previous $40,000 limit.

TECHNICAL

The document format changed from a draft bill to an official enrolled bill, including the Governor's signature, date of approval, and formal transmission to the Secretary of State.

A bill for an act relating to digital financial kiosks, modifying civil penalties, and including effective date and applicability provisions.

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