assembly Bill A8780

2017-2018 Legislative Session

Relates to allowing signatures secured through blockchain technology to be considered an electronic signature

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to governmental operations
Nov 27, 2017 referred to governmental operations

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A8780 (ACTIVE) - Details

See Senate Version of this Bill:
S8858
Law Section:
State Technology Law
Laws Affected:
Amd §302, add §310, St Tech L
Versions Introduced in 2019-2020 Legislative Session:
A1683, S4142

A8780 (ACTIVE) - Summary

Relates to allowing signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

A8780 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8780

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            November 27, 2017
                               ___________

Introduced  by M. of A. VANEL -- read once and referred to the Committee
  on Governmental Operations

AN ACT to amend the state technology  law,  in  relation  to  blockchain
  technology and smart contracts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 302 of the  state  technology  law  is  amended  by
adding two new subdivisions 6 and 7 to read as follows:
  6.  "BLOCKCHAIN  TECHNOLOGY"  SHALL MEAN DISTRIBUTED LEDGER TECHNOLOGY
THAT USES A DISTRIBUTED, DECENTRALIZED, SHARED  AND  REPLICATED  LEDGER,
WHICH MAY BE PUBLIC OR PRIVATE, PERMISSIONED OR PERMISSIONLESS, OR DRIV-
EN BY TOKENIZED CRYPTO ECONOMICS OR TOKENLESS. THE DATA ON THE LEDGER IS
PROTECTED  WITH CRYPTOGRAPHY, IS IMMUTABLE AND AUDITABLE AND PROVIDES AN
UNCENSORED TRUTH.
  7. "SMART CONTRACT" SHALL MEAN AN EVENT-DRIVEN PROGRAM THAT RUNS ON  A
DISTRIBUTED,  DECENTRALIZED,  SHARED  AND REPLICATED LEDGER AND THAT CAN
TAKE CUSTODY OVER AND INSTRUCT TRANSFER OF ASSETS ON THAT LEDGER.
  § 2. The state technology law is amended by adding a new  section  310
to read as follows:
  §  310.  SIGNATURES  AND RECORDS SECURED THROUGH BLOCKCHAIN TECHNOLOGY
AND SMART CONTRACTS. 1. A SIGNATURE THAT IS SECURED  THROUGH  BLOCKCHAIN
TECHNOLOGY  IS CONSIDERED TO BE IN AN ELECTRONIC FORM AND TO BE AN ELEC-
TRONIC SIGNATURE.
  2. A RECORD OR CONTRACT THAT IS SECURED THROUGH BLOCKCHAIN  TECHNOLOGY
IS  CONSIDERED  TO  BE  IN  AN  ELECTRONIC  FORM AND TO BE AN ELECTRONIC
RECORD.
  3. SMART CONTRACTS MAY EXIST IN COMMERCE. A  CONTRACT  RELATING  TO  A
TRANSACTION  MAY  NOT BE DENIED LEGAL EFFECT, VALIDITY OR ENFORCEABILITY
SOLELY BECAUSE THAT CONTRACT CONTAINS A SMART CONTRACT TERM.
  4. NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE  CONTRARY,
A  PERSON  THAT,  IN  OR  AFFECTING INTERSTATE OR FOREIGN COMMERCE, USES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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