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Amendments › HF 618

Amendment H-1236 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

  1. Page 54, after line 4 by inserting: “DIVISION ___ FINANCIAL INSTITUTIONS Sec. ___. NEW SECTION . 525.1 Definitions. As used in this chapter, unless the context otherwise requires:
  2. “Cryptocurrency” means any electronic token that represents or evidences economic value or economic, proprietary, or access rights, may be used as payment in specified markets, and is digitally recorded on a distributed ledger.
  3. “Financial institution” means and includes 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. Sec.
  4. NEW SECTION . 525.2 Financial institutions —— prohibition on cryptocurrency. A financial institution in the state shall not do any of the following:
  5. Accept cryptocurrency for deposit.
  6. Require cryptocurrency for payment.
  7. Issue cryptocurrency. Sec.
  8. NEW SECTION . 525.3 Remedies —— injunction. A person who suffers a violation of this chapter may bring an action to recover actual damages and reasonable attorney fees. The court shall suspend a financial institution’s license issued pursuant to Title XIII, subtitle 2, for seventy-two hours following an order for injunction.”
  9. By renumbering as necessary.

Official amendment (PDF) · In the Bill Book