assembly Bill A9899

2017-2018 Legislative Session

Relates to financial technology products and services; establishes a regulatory sandbox program

download bill text pdf

Sponsored By

Current 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

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 18, 2018 print number 9899a
Apr 18, 2018 amend (t) and recommit to banks
Feb 21, 2018 referred to banks

Co-Sponsors

Multi-Sponsors

A9899 - Details

Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

A9899 - Summary

Relates to financial technology products and services; establishes a regulatory sandbox program.

A9899 - Bill Text download pdf

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

                                  9899

                          I N  A S S E M B L Y

                            February 21, 2018
                               ___________

Introduced  by  M. of A. KIM, VANEL, QUART, SEPULVEDA -- Multi-Sponsored
  by -- M. of A.  LUPARDO -- read once and referred to the Committee  on
  Banks

AN  ACT  to  amend the banking law, in relation to safeguarding New York
  cryptocurrency business activity and prohibiting  licensing  fees  for
  such business activity

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

  Section 1. The banking law is amended by adding a new section  9-x  to
read as follows:
  S  9-X. AUDIT OF CRYPTOCURRENCY BUSINESS ACTIVITY; PROHIBITING LICENS-
ING FEES. 1. THE FOLLOWING TERMS, WHEN USED IN THIS SECTION, SHALL  HAVE
THE FOLLOWING MEANINGS:
  (A) "CRYPTOCURRENCY BUSINESS ACTIVITY" MEANS THE CONDUCT OF ANY OF THE
FOLLOWING TYPES OF ACTIVITIES INVOLVING NEW YORK OR A NEW YORK RESIDENT:
  (I)  RECEIVING CRYPTOCURRENCY FOR TRANSMISSION OR TRANSMITTING CRYPTO-
CURRENCY, EXCEPT WHERE THE TRANSACTION IS UNDERTAKEN  FOR  NON-FINANCIAL
PURPOSES AND DOES NOT INVOLVE THE TRANSFER OF MORE THAN A NOMINAL AMOUNT
OF CRYPTOCURRENCY;
  (II) STORING, HOLDING, OR MAINTAINING CUSTODY OR CONTROL OF CRYPTOCUR-
RENCY ON BEHALF OF OTHERS;
  (III) BUYING AND SELLING CRYPTOCURRENCY AS A CUSTOMER BUSINESS;
  (IV)  PERFORMING  EXCHANGE  SERVICES  OF  CRYPTOCURRENCY AS A CUSTOMER
BUSINESS; OR
  (V) CONTROLLING, ADMINISTERING, OR ISSUING A CRYPTOCURRENCY.
  (B) "CRYPTOCURRENCY" MEANS A DIGITAL CURRENCY WHICH  ENCRYPTION  TECH-
NIQUES  ARE  USED  TO  REGULATE THE GENERATION OF UNITS AND CURRENCY AND
VERIFY THE TRANSFER OF FUNDS, OPERATING  INDEPENDENTLY  FORM  A  CENTRAL
BANK.
  2.  ANY PERSON, CORPORATION, PARTNERSHIP OR OTHER ENTITY THAT CONDUCTS
CRYPTOCURRENCY BUSINESS ACTIVITY SHALL BE AUDITED BY A PUBLIC OR PRIVATE
THIRD PARTY DEPOSITORY  SERVICE.  SUCH  THIRD-PARTY  DEPOSITORY  SERVICE
SHALL:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14772-02-8

Co-Sponsors

Multi-Sponsors

A9899A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

A9899A (ACTIVE) - Summary

Relates to financial technology products and services; establishes a regulatory sandbox program.

A9899A (ACTIVE) - Bill Text download pdf

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

                                 9899--A

                          I N  A S S E M B L Y

                            February 21, 2018
                               ___________

Introduced  by  M.  of  A.  KIM,  VANEL, QUART, SEPULVEDA, D'URSO, RA --
  Multi-Sponsored by -- M. of A. LUPARDO -- read once  and  referred  to
  the  Committee on Banks -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the financial services law, in relation  to  creating  a
  regulatory  sandbox  program; to amend the banking law, in relation to
  safeguarding financial technology products and services and  prohibit-
  ing  licensing  fees for such products and services; and providing for
  the repeal of such provisions upon expiration thereof

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

  Section 1. The financial services law is amended by adding a new arti-
cle 7 to read as follows:
                                ARTICLE 7
                       REGULATORY SANDBOX PROGRAM
SECTION 701. DEFINITIONS.
        702. REPORTS; STUDIES.
        703. PROGRAM PURPOSE.
        704. APPLICATION PROCESS AND REQUIREMENTS.
        705. CONSULTATION WITH APPLICABLE AGENCIES; ADMISSION AUTHORITY;
               SCOPE; INSURANCE PRODUCTS; INVESTMENT MANAGEMENT.
        706. CONSUMER PROTECTION.
        707. EXIT REQUIREMENTS.
        708. EXTENSIONS.
        709. AUDITING BY THIRD PARTY DEPOSITORY OR CUSTODIAN SERVICES.
        710. RECORDKEEPING AND REPORTING REQUIREMENTS.
        711. RECORDS; DISCLOSURE; EVIDENTIARY EFFECT.
        712. REPORTING  REQUIREMENTS;  MONITORING;  ENFORCEMENT;  AGREE-
               MENTS.
  S 701. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING  TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  (A)  "SECURITIES  INVESTOR  PROTECTION  CORPORATION" MEANS A FEDERALLY
MANDATED, NON-PROFIT, MEMBER-FUNDED, UNITED STATES  CORPORATION  CREATED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14772-03-8

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