House
File
618
H-1234
Amend
House
File
618
as
follows:
1
1.
Page
54,
after
line
4
by
inserting:
2
<
DIVISION
___
3
FINANCIAL
INSTITUTIONS
4
Sec.
___.
NEW
SECTION
.
526.1
Definitions.
5
1.
“Digital
currency”
means
any
electronic
token
that
is
6
digitally
recorded
on
a
distributed
leger;
that
represents
7
or
evidences
economic
value
or
economic
proprietary,
or
8
access
rights;
and
that
may
be
used
as
payment
or
a
medium
of
9
exchange.
10
2.
“Financial
institution”
means
any
bank
incorporated
under
11
the
provisions
of
any
state
or
federal
law,
any
savings
and
12
loan
association
incorporated
under
the
provisions
of
federal
13
law,
any
credit
union
organized
under
the
provisions
of
any
14
state
or
federal
law,
any
corporation
licensed
as
an
industrial
15
loan
company
under
chapter
536A,
and
any
affiliate
of
a
bank,
16
savings
and
loan
association,
credit
union,
or
industrial
loan
17
company.
18
3.
“Money”
means
an
item
recognized
by
the
United
States
19
that
evidences
economic
value
when
used
as
payment
or
a
medium
20
of
exchange.
21
4.
“Physical
currency
of
the
United
States”
means
coins
or
22
paper
currency
of
the
United
States.
23
Sec.
___.
NEW
SECTION
.
526.2
Use
of
physical
currency
of
24
the
United
States.
25
1.
A
financial
institution
doing
business
in
this
state
26
shall
recognize
physical
currency
of
the
United
States
as
the
27
primary
form
of
money
in
this
state.
28
2.
A
financial
institution
shall
not
do
any
of
the
29
following:
30
a.
Penalize
a
person
for
use
of
physical
currency
of
the
31
United
States.
32
b.
Provide
an
incentive
to
a
person
for
using
digital
33
currency.
34
Sec.
___.
NEW
SECTION
.
526.3
Tax
rate.
35
-1-
HF
618.1479
(3)
90
da/jh
1/
3
#1.
This
state
shall
not
tax
digital
currency
and
physical
1
currency
of
the
United
States
at
different
rates.
2
Sec.
___.
NEW
SECTION
.
526.4
Remedy.
3
A
person
who
is
injured
as
the
proximate
cause
of
a
violation
4
of
this
chapter
by
a
financial
institution
may
bring
a
cause
of
5
action
to
recover
actual
damages
and
reasonable
attorney
fees
6
as
compensation.
>
7
2.
Title
page,
by
striking
line
2
and
inserting
<
and
use
of
8
certain
items
designated
as
a
medium
of
exchange,
electronic
9
records
and
digital
assets,
and
forms
of
currency.
>
10
3.
By
renumbering
as
necessary.
11
______________________________
THOMSON
of
Floyd
______________________________
SHERMAN
of
Iowa
______________________________
GOLDING
of
Linn
______________________________
ANDREWS
of
Polk
______________________________
STOLTENBERG
of
Scott
______________________________
DIEKEN
of
O’Brien
-2-
HF
618.1479
(3)
90
da/jh
2/
3
#2.
#3.
______________________________
M.
THOMPSON
of
Wright
______________________________
CISNEROS
of
Muscatine
______________________________
HENDERSON
of
Woodbury
______________________________
SHIPLEY
of
Van
Buren
-3-
HF
618.1479
(3)
90
da/jh
3/
3