Iowa payments and fintech laws

What it would do: Requires wire transmission licensees to collect a five dollar fee plus two percent on amounts over five hundred dollars, with quarterly remittance to the Department of Revenue for distribution to human trafficking office, school security grants, and prison infrastructure. Establishes a school security grant program for school districts to fund safety infrastructure and resource officers.

What it would do: Requires payment card networks to exclude tax amounts from interchange fee calculations for electronic payment transactions involving specified Iowa taxes, either by deducting the tax amount at settlement or rebating proportionate interchange fees, with $1,000 civil penalties per violation.

What it would do: Reclassifies violations of digital financial asset transaction kiosk regulations as unlawful consumer fraud practices, allowing civil penalties up to $100,000 for injunction violations and removing the limitation that repeated conduct affecting multiple persons counts as a single violation.

What it would do: Prohibits financial institutions with over $100 billion in assets from discriminating by using social credit scores based on protected speech, religious exercise, political status, or refusal to adopt ESG, DEI, or abortion policies. Requires written explanation within 14 business days if services are denied and allows civil penalties up to $30,000.

What it would do: Creates criminal penalties for gift card crimes: theft or possession without consent (aggravated misdemeanor), alteration or tampering (forgery, aggravated misdemeanor), fraudulent schemes to obtain cards (class C felony to serious misdemeanor based on value), and unauthorized use of obtained cards (class C felony to serious misdemeanor based on value).

What it would do: Establishes requirements for digital financial asset transaction kiosks, including a $1,000 daily transaction limit per consumer, maximum charges of $5 or 15% of transaction value, mandatory written disclosures and receipts, and operator reporting to the division of banking.

What it would do: Requires money transmission licensees to collect a $5 fee per wire transmission of $500 or less, plus 2% of amounts exceeding $500, remit fees quarterly to the Department of Revenue, which pays them to the office to combat human trafficking, and allows customers an income tax credit for fees paid.

What it would do: Creates a 50 percent tax on remittance transfers made by cash, money order, or cashier's check in Iowa, collected by remittance transfer providers and deposited to the general fund, applicable to transfers occurring on or after July 1, 2026.

What it would do: Requires payment card networks to exclude tax amounts from interchange fee calculations for electronic payment transactions involving specified state and local taxes, either through deduction at settlement or rebate, with $1,000 civil penalties per violation.

What it would do: Requires commercial enterprises operating from a physical location in Iowa to accept cash as payment and prohibits cash-free locations, with violations resulting in revocation of the business license.