Amendment H-1234 to HF 618
Relating to commercial transactions, including control and transmission of electronic records and digital assets
Never voted on
Filed April 12, 2023 in the House by
What it changes
- Page 54, after line 4 by inserting: “DIVISION ___ FINANCIAL INSTITUTIONS Sec. ___. NEW SECTION . 526.1 Definitions.
- “Digital currency” means any electronic token that is digitally recorded on a distributed leger; that represents or evidences economic value or economic proprietary, or access rights; and that may be used as payment or a medium of exchange.
- “Financial institution” means any bank incorporated under the provisions of any state or federal law, any savings and loan association incorporated under the provisions of federal law, any credit union organized under the provisions of any state or federal law, any corporation licensed as an industrial loan company under chapter 536A, and any affiliate of a bank, savings and loan association, credit union, or industrial loan company.
- “Money” means an item recognized by the United States that evidences economic value when used as payment or a medium of exchange.
- “Physical currency of the United States” means coins or paper currency of the United States. Sec. ___. NEW SECTION . 526.2 Use of physical currency of the United States.
- A financial institution doing business in this state shall recognize physical currency of the United States as the primary form of money in this state.
- A financial institution shall not do any of the following: a. Penalize a person for use of physical currency of the United States. b. Provide an incentive to a person for using digital currency. Sec. ___. NEW SECTION . 526.3 Tax rate. This state shall not tax digital currency and physical currency of the United States at different rates. Sec. ___. NEW SECTION . 526.4 Remedy. A person who is injured as the proximate cause of a violation of this chapter by a financial institution may bring a cause of action to recover actual damages and reasonable attorney fees as compensation.”
- Title page, by striking line 2 and inserting “and use of certain items designated as a medium of exchange, electronic records and digital assets, and forms of currency.”
- By renumbering as necessary.