SB 1083: Digital assets; digital asset kiosk; transactions; license requirement; permitting civil suits; requirements. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 5 edits

MODERATE

The bill was amended to transition from a House version to a Senate version, incorporating specific digital asset kiosk definitions and operational rules. The most significant change is the addition of a mandatory, prominent warning about the irreversible nature of digital asset transactions and common scam tactics that must be displayed to customers before any transaction occurs.

Scope change

The bill's scope remains focused on regulating digital asset kiosks in Oklahoma, but the Senate version adds stricter consumer protection requirements regarding disclosures and defines the 'new customer' period as 30 days instead of 72 hours.

REQUIREMENT

Added a mandatory, bold warning statement about transaction irreversibility and government impersonation scams that must be displayed to customers.

Added a requirement for digital asset kiosks to submit quarterly location reports to the Banking Department.

Added a requirement for kiosks to disclose material risks, including unauthorized transaction liability, in a clear and conspicuous manner.

DEFINITION

Changed the definition of a 'new customer' from 72 hours to 30 days after the first transaction.

Refined the definition of a 'digital asset kiosk' to explicitly include terminals that draw upon the operator's own digital assets.

SB1083 (3-26-25) (WEAVER) FS FA1.PDF → Floor (House) · 1 edit

MINOR

The bill text was converted from a Senate floor substitute to a House floor version, primarily changing the header and page numbering. The substantive policy content regarding digital asset kiosk regulations, including definitions, licensing requirements, and penalties, remains identical to the previous version.

Scope change

No change in scope or applicability; the legislative intent and rules are unchanged.

TECHNICAL

Updated document headers and page numbers to reflect the House floor version status.

House Committee Substitute for Senate Bill → SB1083 (3-26-25) (WEAVER) FS FA1.PDF · 3 edits

MINOR

The bill was reclassified from a 'Committee Substitute' to a 'Floor Substitute,' indicating it has moved to the legislative floor for final consideration. The substantive text of the bill remains largely intact, though the line-by-line diff includes minor formatting adjustments and a new bracketed section listing key topics like digital assets and kiosks.

TECHNICAL

The bill's procedural status changed from 'Committee Substitute' to 'Floor Substitute,' reflecting its progression in the legislative process.

A bracketed list of topics (digital assets, kiosks, licensure, etc.) was inserted near the title, likely serving as an index or summary of the bill's contents.

Minor formatting changes were made to page headers and line spacing throughout the document.

Proposed Committee Substitute (full committee) 1 → House Committee Substitute for Senate Bill · 4 edits

MODERATE

The bill was completely rewritten from scratch, replacing the previous version with a new Committee Substitute. While the core subject matter regarding digital asset kiosks remains the same, the text, section numbering, and specific regulatory requirements have been updated, likely to reflect feedback from the legislative committee.

Scope change

The bill's scope remains focused on regulating digital asset kiosks in Oklahoma, but the specific language defining operator duties and reporting requirements has been altered.

TECHNICAL

The entire original text of the bill was deleted and replaced with a new version.

The bill's title, section headers, and page reference numbers were updated to conform to the new committee substitute format.

REQUIREMENT

New specific requirements were added, such as a mandate for operators to provide at least ten days' notice to the Banking Department before locating or relocating a kiosk.

The detailed list of information required in quarterly location reports was restructured and expanded in the new version.

Enrolled (final version) → Proposed Committee Substitute (full committee) 1 · 3 edits

MINOR

The bill was amended to replace the original text with a revised version that clarifies the Attorney General's authority to create rules and adds a specific daily transaction limit of $2,000 for digital asset kiosks. The amendment also adjusts the fee structure description and updates the Banking Department's rule-making authority.

Scope change

The bill's scope remains focused on regulating digital asset kiosks, but the amendment introduces a new daily transaction cap and clarifies which state agencies have rule-making authority.

REQUIREMENT

Added a new requirement limiting digital asset kiosk operators from accepting transactions exceeding $2,000 in a single day.

ENFORCEMENT

Changed the rule-making authority from the Banking Department to the Attorney General for certain provisions.

DEFINITION

Updated the summary of penalties to specify fines and imprisonment terms more clearly.

Engrossed → Enrolled (final version) · 5 edits · May 19, 2025

MODERATE

The bill was finalized from its engrossed version, retaining the core requirement that digital asset kiosk operators must be licensed money transmitters. The final version adds a new requirement for operators to provide specific, bolded warnings about the irreversibility of digital asset transactions and the risk of theft. It also clarifies the seizure procedures for unlicensed kiosks and maintains the requirement for quarterly location reporting.

Scope change

The scope of applicability remains consistent, targeting digital asset kiosk operators in Oklahoma.

REQUIREMENT

Added a mandatory requirement for kiosk operators to display specific warnings in bold type stating that digital asset transactions are irreversible and may be used to steal funds.

Added a requirement for the Banking Department to promulgate rules to implement the bill's provisions.

ENFORCEMENT

Clarified the seizure process for unlicensed kiosks by explicitly stating that seized equipment must follow the procedures in Section 1738 of Title 21 of the Oklahoma Statutes.

DEFINITION

Refined the definition of 'Digital asset kiosk transaction' to explicitly include purchasing assets with currency or selling assets for currency at a kiosk.

TECHNICAL

Converted the document from an 'Engrossed' draft to an 'Enrolled' final version, updating the header and adding a formal subject summary.

Amended And Engrossed → Engrossed · 2 edits · May 15, 2025

MINOR

The bill was reorganized from a House amendment to a Senate version, updating the title and co-authorship. The substantive policy content remains largely the same, defining digital asset kiosks and requiring licenses, but the text was reformatted and renumbered to reflect the Senate's version of the legislation.

Scope change

The scope of the bill remains focused on regulating digital asset kiosks, requiring operators to be licensed money transmitters, and mandating specific disclosures and reporting. No new exemptions or expanded applicability were added in this version.

TECHNICAL

The document structure was updated from 'Engrossed House Amendment' to 'Engrossed Senate Bill,' indicating the bill has moved to the Senate for final approval.

The layout and line numbering were adjusted to match the Senate's formatting standards, while the core legal definitions and requirements for digital asset kiosks remained consistent.

Introduced → Amended And Engrossed · 6 edits · May 15, 2025

MODERATE

The bill was significantly amended to strengthen consumer protection and regulatory oversight for digital asset kiosks. The House added specific criminal penalties and seizure powers for unlicensed operators, required advance notice before opening or moving kiosks, and increased the grace period for new customers from 30 days to 72 hours. Additionally, the amendment clarifies that kiosks must use blockchain technology and expands the scope of required disclosures.

Scope change

The bill's scope expanded to include explicit civil liability for customers defrauded by unlicensed operators and stricter pre-approval requirements for kiosk locations.

ENFORCEMENT

Added criminal penalties (fines and jail time) and seizure authority for digital asset kiosks operated by unlicensed money transmitters.

Granted customers the right to file civil suits against operators who violate licensing requirements to recover losses.

TIMELINE

Extended the period during which a customer is considered 'new' from 30 days to 72 hours after their first transaction.

REQUIREMENT

Mandated that operators provide at least 10 days of notice to the Banking Department before activating or relocating a kiosk.

Required all digital asset kiosks to utilize blockchain technology for transactions.

DEFINITION

Refined the definition of a 'Digital asset kiosk operator' to focus on ownership or management of the physical kiosk rather than third-party location facilitation.

Digital assets; digital asset kiosk; transactions; license requirement; permitting civil suits; requirements. Effective date.

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