House
File
618
H-1236
Amend
House
File
618
as
follows:
1
1.
Page
54,
after
line
4
by
inserting:
2
<
DIVISION
___
3
FINANCIAL
INSTITUTIONS
4
Sec.
___.
NEW
SECTION
.
525.1
Definitions.
5
As
used
in
this
chapter,
unless
the
context
otherwise
6
requires:
7
1.
“Cryptocurrency”
means
any
electronic
token
that
8
represents
or
evidences
economic
value
or
economic,
9
proprietary,
or
access
rights,
may
be
used
as
payment
in
10
specified
markets,
and
is
digitally
recorded
on
a
distributed
11
ledger.
12
2.
“Financial
institution”
means
and
includes
any
bank
13
incorporated
under
the
provisions
of
any
state
or
federal
14
law,
any
savings
and
loan
association
incorporated
under
the
15
provisions
of
federal
law,
any
credit
union
organized
under
16
the
provisions
of
any
state
or
federal
law,
any
corporation
17
licensed
as
an
industrial
loan
company
under
chapter
536A,
and
18
any
affiliate
of
a
bank,
savings
and
loan
association,
credit
19
union,
or
industrial
loan
company.
20
Sec.
2.
NEW
SECTION
.
525.2
Financial
institutions
——
21
prohibition
on
cryptocurrency.
22
A
financial
institution
in
the
state
shall
not
do
any
of
the
23
following:
24
1.
Accept
cryptocurrency
for
deposit.
25
2.
Require
cryptocurrency
for
payment.
26
3.
Issue
cryptocurrency.
27
Sec.
3.
NEW
SECTION
.
525.3
Remedies
——
injunction.
28
A
person
who
suffers
a
violation
of
this
chapter
may
bring
an
29
action
to
recover
actual
damages
and
reasonable
attorney
fees.
30
The
court
shall
suspend
a
financial
institution’s
license
31
issued
pursuant
to
Title
XIII,
subtitle
2,
for
seventy-two
32
hours
following
an
order
for
injunction.
>
33
2.
By
renumbering
as
necessary.
34
-1-
HF
618.1150
(3)
90
da/jh
1/
3
#1.
______________________________
THOMSON
of
Floyd
______________________________
SHERMAN
of
Iowa
______________________________
GOLDING
of
Linn
______________________________
ANDREWS
of
Polk
______________________________
STOLTENBERG
of
Scott
______________________________
DIEKEN
of
O’Brien
______________________________
M.
THOMPSON
of
Wright
______________________________
CISNEROS
of
Muscatine
______________________________
HENDERSON
of
Woodbury
-2-
HF
618.1150
(3)
90
da/jh
2/
3
______________________________
SHIPLEY
of
Van
Buren
-3-
HF
618.1150
(3)
90
da/jh
3/
3