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Committee advances bill to regulate digital asset kiosks with consumer protections aimed at older adults
Summary
Senate Bill 1083, a work-in-progress establishing state regulations for digital asset kiosks and consumer protections to reduce fraud and scams, passed out of committee after the sponsor said it remains subject to title restoration and drafting work.
Senate Bill 1083, which would establish state regulations and consumer protections for digital asset kiosks, passed the House Banking, Financial Services and Pensions Committee after explanation by Chairman LePak and additional remarks from the committee chair.
Chairman LePak said the bill creates consumer protections intended to reduce fraud and scams, “particularly for the elderly,” and establishes state regulation of kiosks that dispense or enable purchases and transfers of digital assets. Committee members noted the bill arrived as a work in progress from the Senate; LePak said title language could not be restored in this committee and that the sponsor plans to add title as soon as possible.
Committee members voted to pass the bill; the committee clerk later recorded committee passage with spoken tallies consistent with an 8 yes, 0 no committee vote.
The bill was described as a draft product that may be revised; the committee did not take up final title language or provide details on enforcement mechanisms or fiscal impacts during the hearing.
