HB1647
HI
introduced
Relating To Consumer Protection.
Hosts
Liability
Digital Financial Asset Transaction Kiosk
privacy
Plain-English summary
1. **ONE-SENTENCE SUMMARY:** This bill holds businesses that host digital financial asset transaction kiosks responsible for fraud committed through those kiosks on their premises.
2. **KEY REQUIREMENTS:**
- Ensure that any contracts to host digital financial asset transaction kiosks are compliant with consumer protection laws.
- Monitor transactions at kiosks to prevent and address any fraudulent activities.
3. **DEADLINES:**
- The bill is effective starting 7/1/2027.
- Contracts entered into on or after this date must comply immediately.
- Existing contracts will need to comply by the effective date as well.
4. **PENALTIES:**
- Hosts may face civil penalties for fraud committed through their kiosks.
- Specific fine amounts are not detailed in the bill but could lead to significant financial liability.
5. **SMB IMPACT:** Small businesses hosting these kiosks will need to implement measures to prevent fraud and ensure compliance with the new law, which may require additional resources or training. Failure to comply could result in financial penalties, impacting their bottom line.
Source description
Subjects hosts of digital financial asset transaction kiosks to civil penalties for acts of fraud committed through the use of the digital financial asset transaction kiosk located on the host's premises. Applies to contracts to host digital financial asset transaction kiosks that are entered into on or after the effective date of this Act. Beginning 7/1/2027, applies to contracts to host digital financial asset transaction kiosks that are in effect as of the day before the effective date of this Act.
Not legal advice. Summaries are generated by AI from publicly available bill text and may contain errors or omissions. Always consult counsel before making compliance decisions.