S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8686--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 23, 2019
                                ___________
 
 Introduced  by  M.  of A. KIM, MOSLEY, STECK, SOLAGES, QUART, DICKENS --
   read once and referred to the Committee on Banks -- recommitted to the
   Committee on Banks in accordance with  Assembly  Rule  3,  sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to amend the state finance law, the financial  services  law  and
   the  New  York state urban development corporation act, in relation to
   establishing the empire state inclusive value ledger establishment and
   administration act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall be known and may be cited as the "empire
 state inclusive value ledger establishment and administration act".
   § 2. Legislative intent. Many New  Yorkers,  be  they  individuals  or
 small businesses, lack access to retail banking services that can enable
 them  to  accumulate,  store,  and  transfer value in simple commercial,
 financial, testamentary and gift transactions on non-exploitative terms.
 Many New Yorkers also lack access to basic retail payment services  that
 can  enable  them to exchange value for value in retail and other trans-
 actions on non-exploitative terms. The aforementioned failures of access
 operate not only to marginalize and exclude large numbers of New Yorkers
 from ordinary interactions of the kind that underwrite  full  membership
 in society, but also to impede or obstruct multiple commercial and other
 transactions  that  determine  the size and scope of the state's economy
 and the prosperity of its residents. Since a money or currency  is  what
 'counts'  in  a  system  of  value accounting, storage, and payment, the
 aforementioned failures of access also operate to limit  the  state  and
 its  localities' aggregate currency supplies, which in turn prevents the
 remuneration of many value-adding  activities,  including  care  of  the
 needy,  maintenance  of  local  infrastructures,  and provision of other

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13914-02-0
              

 A. 8686--A                          2
 
 public goods. As a result, the failures of access discourage such  valu-
 able activities from being undertaken at all.
   A  system of individual digital wallets or payment accounts, linked to
 a single master account that enables payments to move between such indi-
 vidual wallets or payment accounts, is now easy to construct and  admin-
 ister  with the use of secure digital payment technologies. The state of
 New York annually disburses more than fifty-five billion dollars in  the
 form  of  tax  credits, procurement payments, pension payouts, and other
 program disbursals, all of which can readily be disbursed via  a  system
 of individual wallets or accounts linked to a master account.  The state
 of  New York also receives more than fifty-five billion dollars annually
 in the form of service payments, tax monies, licensing fees, civil fines
 and other remittances, all of which can be readily paid  into  a  master
 account from individual wallets or accounts of the kind just described.
   A system of individual digital wallets or payment accounts linked to a
 master account could accordingly function as a state-provided and admin-
 istered  payment  infrastructure,  in  and  through which value could be
 accumulated, stored, grown and exchanged in 'real-time,'  with  no  need
 for fees or other forms of exploitative value extraction, thereby assur-
 ing  that  all New Yorkers are (a) 'banked,' (b) able to create, receive
 and grow wealth, and (c) empowered to participate  fully  in  a  growing
 state economy suffering no shortage of currency or forgoing of commerce.
   The  state of New York now has the highest number of COVID-19 cases in
 the nation, while the novel Coronavirus outbreak that is spreading  this
 grave  illness  has  just been designated a global pandemic by the World
 Health Organization. New York's elderly  and  wage-laboring  communities
 are  already  being especially hard-hit by the Coronavirus outbreak, and
 will be much harder-hit in the weeks to come, as the elderly  are  espe-
 cially vulnerable to COVID-19 and wage-laborers have few options to work
 from  home,  few  healthcare options in the event that working in public
 exposes them to Coronavirus, and virtually  no  accumulated  savings  to
 fall  back  upon  in the event that they either have to leave work to be
 hospitalized or are furloughed from work as New  York's,  the  nation's,
 and  the  world's  economies contract in response to diminished consumer
 spending while the Coronavirus outbreak continues.
   New York's local economies  are  especially  vulnerable  both  to  the
 aforementioned  contraction  itself  and to the further contraction that
 will occur if wage-laborers  become  ill  or  are  furloughed  in  large
 numbers,  meaning that measures that buttress or boost consumer spending
 will be especially important to New York's economy in the  days,  weeks,
 and months just ahead. New York currently has sixteen billion dollars in
 unclaimed  remittances  according  to the New York State comptroller, of
 which one-third, or just over  five  billion  dollars,  can  legally  be
 liquidated at once in the event that the governor should issue an execu-
 tive emergency declaration of disaster.
   §  3.  The state finance law is amended by adding a new section 4-b to
 read as follows:
   § 4-B. EMPIRE STATE INCLUSIVE VALUE LEDGER ESTABLISHMENT AND  ADMINIS-
 TRATION.  1.  DEFINITIONS.  AS USED IN THIS SECTION, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   A. "MASTER ACCOUNT" MEANS A DIGITAL ACCOUNT WHICH ENABLES PAYMENTS  TO
 BE TRANSFERRED BETWEEN INDIVIDUAL WALLETS.
   B. "INDIVIDUAL WALLET" MEANS A DIGITAL ACCOUNT WHICH: (I) IS LINKED TO
 A  MASTER ACCOUNT; (II) ENABLES A RESIDENT TO SEND OR RECEIVE PAYMENT TO
 ANY ENTITY OF THE STATE OR TO ANOTHER RESIDENT; (III) ALLOWS VALUE TO BE
 ACCUMULATED, STORED, GROWN AND EXCHANGED; AND

 A. 8686--A                          3

   (IV) IS NOT SUBJECT TO FEES OR OTHER VALUE EXTRACTION FOR USE  OF  THE
 INDIVIDUAL WALLET.
   C. "RESIDENT" MEANS AN INDIVIDUAL OR A DOMESTIC CORPORATION OR FOREIGN
 CORPORATION AUTHORIZED TO DO BUSINESS IN THE STATE.
   D. "VALUE LEDGER" MEANS THE EMPIRE STATE INCLUSIVE VALUE LEDGER ESTAB-
 LISHED PURSUANT TO SUBDIVISION TWO OF THIS SECTION.
   E.  "STATE  ENTITY"  MEANS  ANY  DEPARTMENT,  BOARD, BUREAU, DIVISION,
 COMMISSION, COMMITTEE, COUNCIL, OFFICE OF THE STATE,  OR  OTHER  GOVERN-
 MENTAL ENTITY WITH STATEWIDE JURISDICTION.
   F.  "PAYMENT  SERVICE  PROVIDER" MEANS AN ENTITY WHICH PROVIDES ONLINE
 SERVICES FOR ACCEPTING ELECTRONIC PAYMENTS  BY  A  VARIETY  OF  METHODS,
 INCLUDING,  BUT  NOT  LIMITED TO, BY CREDIT CARD, DIRECT DEBIT, AND BANK
 TRANSFER.
   2. THE DEPARTMENT OF  FINANCIAL  SERVICES,  IN  COOPERATION  WITH  THE
 DEPARTMENT  OF  TAXATION  AND  FINANCE, THE OFFICE OF THE NEW YORK STATE
 COMPTROLLER, THE NEW YORK STATE AND LOCAL RETIREMENT SYSTEM, THE DEPART-
 MENT OF LABOR, AND THE DEPARTMENT  OF  SOCIAL  SERVICES  SHALL  DEVELOP,
 ESTABLISH, AND MAINTAIN A VALUE STORAGE AND PAYMENT PLATFORM TO BE KNOWN
 AS  THE  EMPIRE STATE INCLUSIVE VALUE LEDGER. THE EMPIRE STATE INCLUSIVE
 VALUE LEDGER SHALL CONSIST OF A DIGITAL MASTER ACCOUNT AND COORDINATE  A
 SYSTEM  OF INDIVIDUAL WALLETS WHICH SHALL BE MAINTAINED AND ADMINISTERED
 BY THE URBAN DEVELOPMENT CORPORATION AS DESCRIBED HEREIN.
   3. ALL FUNDS DISBURSED TO RESIDENTS BY A STATE  ENTITY  OR  ANY  OTHER
 STATE  INSTRUMENTALITY  SHALL BE MADE OUT OF THE MASTER ACCOUNT TO INDI-
 VIDUAL WALLETS LINKED TO THE MASTER ACCOUNT VIA THE VALUE LEDGER AND ANY
 REMITTANCE MADE TO A STATE ENTITY OR OTHER STATE  INSTRUMENTALITY  BY  A
 RESIDENT  SHALL  BE  PERMITTED TO BE MADE, AT THE OPTION OF THE RESIDENT
 MAKING THE REMITTANCE, FROM THE RESIDENT'S INDIVIDUAL WALLET.
   4.  ONE-THIRD OF THE SIXTEEN BILLION DOLLARS IN UNCLAIMED  REMITTANCES
 TO  THE  STATE,  OR  AT  LEAST FIVE BILLION THREE HUNDRED THIRTY MILLION
 DOLLARS, SHALL BE MADE IMMEDIATELY AVAILABLE FOR REMITTANCE TO NEW YORK-
 ERS WHO HAVE BEEN FURLOUGHED OR OTHERWISE UNABLE  TO  WORK  DUE  TO  THE
 CORONAVIRUS OUTBREAK OF TWO THOUSAND TWENTY.  ANY EXCESS FUNDS REMAINING
 AFTER  DISBURSEMENTS TO SUCH FURLOUGHED AND OTHERWISE UNABLE TO WORK NEW
 YORKERS SHALL BE MADE AVAILABLE FOR REMITTANCE TO SMALL LOCAL BUSINESSES
 PURSUANT TO A PRO RATA FORMULA TO BE DEVELOPED BY THE STATE COMPTROLLER.
 ADDITIONAL ONE-THIRD INCREMENTS OF THE UNCLAIMED  REMITTANCES  SHALL  BE
 MADE  AS PERMITTED BY LAWS, RULES, AND REGULATIONS GOVERNING THE USES OF
 SUCH FUNDS AS AND IF NECESSARY.
   5.  ALL RESIDENTS SHALL HAVE THE ABILITY  TO  MAKE  PAYMENTS  TO,  AND
 RECEIVE  PAYMENTS  FROM,  OTHER RESIDENTS THROUGH LINKS AMONG INDIVIDUAL
 WALLETS ON THE VALUE LEDGER. EACH PAYMENT SHALL BE EFFECTED BY A  SIMUL-
 TANEOUS CREDITING OF THE PAYEE'S INDIVIDUAL WALLET AND AN EQUAL DEBITING
 OF  THE  PAYER'S  INDIVIDUAL  WALLET.  SUCH PAYMENTS SHALL BE ABLE TO BE
 DIRECTED BY THE MEANS OF  PAYMENT  CARDS,  WIRE  SERVICES,  SMART-DEVICE
 APPS, OR OTHER ELECTRONIC FUNDS TRANSFER.
   6.  ANY  RESIDENT  MAKING  PAYMENT  TO, OR RECEIVING PAYMENT FROM, ANY
 OTHER RESIDENT MAY REQUIRE THAT  THE  PAYEE  OR  PAYER  ACCEPT  OR  MAKE
 PAYMENT  VIA  THE  SYSTEM  OF  INDIVIDUAL  WALLETS  ON THE VALUE LEDGER;
 PROVIDED, HOWEVER, THAT RESIDENTS  WHO  MAKE  PAYMENTS  TO,  OR  RECEIVE
 PAYMENTS  FROM,  OTHER  RESIDENTS SHALL NOT BE REQUIRED TO TRANSACT WITH
 EACH OTHER ON THE VALUE LEDGER IN THE EVENT THAT NO PARTY TO THE  TRANS-
 ACTION  OPTS  TO  DO SO AND FURTHER PROVIDED THAT NO TRANSACTING PARTY'S
 OPTING NOT TO DO SO IS COERCED BY ANY OTHER TRANSACTING PARTY OR ASSOCI-
 ATES OF SUCH TRANSACTING PARTY.

 A. 8686--A                          4
 
   7. ANY  COMMERCIAL  BANK,  OTHER  FINANCIAL  INSTITUTION,  OR  PAYMENT
 SERVICE PROVIDER DOING BUSINESS IN THE STATE SHALL BE REQUIRED TO:
   A. PROVIDE FOR FULL INTEROPERABILITY BETWEEN INDIVIDUAL WALLETS ON THE
 VALUE LEDGER AND ANY DEMAND DEPOSIT OR TRANSACTION ACCOUNT MAINTAINED BY
 THE  COMMERCIAL  BANK,  OTHER  FINANCIAL INSTITUTION, OR PAYMENT SERVICE
 PROVIDER FOR THE HOLDERS OF SUCH INDIVIDUAL WALLETS; AND
   B. PERMIT ALL HOLDERS OF INDIVIDUAL WALLETS TO MAKE DEPOSITS INTO  AND
 WITHDRAWALS  FROM  SUCH  INDIVIDUAL  WALLET  VIA  ANY  AUTOMATED  TELLER
 MACHINE, TELLER WINDOW, OR OTHER  DEPOSIT  OR  WITHDRAWAL  FACILITY  THE
 BANK,  FINANCIAL  INSTITUTION,  OR  PAYMENT  SERVICE  PROVIDER OFFERS TO
 CUSTOMERS. THERE SHALL BE NO PECUNIARY  OR  OTHER  CHARGE  ASSESSED  FOR
 ACCESS  TO  INDIVIDUAL  WALLETS; ANY COSTS ASSOCIATED WITH ACCESS TO AND
 USE OF INDIVIDUAL WALLETS  SHALL  BE  CONSIDERED  AN  INCIDENT  OF  SUCH
 COMMERCIAL BANK, OTHER FINANCIAL INSTITUTION, OR PAYMENT SERVICE PROVID-
 ER'S STATUS AS A PUBLICLY LICENSED FINANCIAL UTILITY.
   8.  THE  DEPARTMENT  OF FINANCIAL SERVICES SHALL ALSO DEVELOP AND MAKE
 AVAILABLE AT NO COST A DOWNLOADABLE SMART-DEVICE APPLICATION TO BE KNOWN
 AS THE EMPIRE STATE INCLUSIVE VALUE LEDGER APP THROUGH  WHICH  RESIDENTS
 CAN  ACCESS  AND  RECEIVE  AND  MAKE PAYMENTS INTO AND OUT OF INDIVIDUAL
 WALLETS. ALL ENTITIES OPERATING IN THE STATE THAT  ACCEPT  PAYMENTS  VIA
 SMART-DEVICE  APPLICATIONS  OF  ANY  KIND  SHALL  BE  REQUIRED TO ACCEPT
 PAYMENTS VIA THE VALUE LEDGER APPLICATION AT THE  OPTION  OF  ANY  PAYER
 WISHING TO PAY VIA SUCH VALUE LEDGER APPLICATION.
   9.  THE  DEPARTMENT  OF  TAXATION  AND FINANCE, THE NEW YORK STATE AND
 LOCAL RETIREMENT SYSTEM, AND THE DEPARTMENT OF SOCIAL SERVICES,  AS  THE
 STATE'S PRINCIPAL DISBURSERS AND RECEIVERS OF FUNDS, CREDITS, AND REMIT-
 TANCES,  SHALL EXERCISE SPECIAL CARE IN ASSISTING WITH AND PROMOTING THE
 ESTABLISHMENT AND WIDE USE OF THE VALUE LEDGER PAYMENTS SYSTEM, IN ORDER
 TO HASTEN BOTH:
   A. THE FULL 'BANKING' OF THE STATE'S 'UNBANKED' INDIVIDUALS AND  SMALL
 BUSINESSES; AND
   B.  INCLUSION  OF  THE STATE'S CURRENTLY MARGINALIZED RESIDENTS IN THE
 PROCESS OF VALUE CREATION, WEALTH ACCUMULATION, AND COMMERCIAL EXCHANGE.
   10. THE DEPARTMENT OF FINANCIAL SERVICES SHALL:
   A. ENSURE COMPLIANCE BY ALL BANKS, OTHER FINANCIAL  INSTITUTIONS,  AND
 PAYMENT SERVICE PROVIDERS WITH THE REQUIREMENTS OF THIS SECTION;
   B.  PROHIBIT  AND PREVENT ANY OTHER PERSON OR COMPANY IN THE FINANCIAL
 SERVICES OR PAYMENTS INDUSTRIES  FROM  EXPLOITING  VALUE  LEDGER  WALLET
 HOLDERS  OR OTHERWISE SUBVERTING THE VALUE-CREATING AND COMMERCE-PROMOT-
 ING PURPOSES OF THIS SECTION, INCLUDING BY OFFERING ADVANCES  ON  ANTIC-
 IPATED STATE REMITTANCES FOR FEES; AND
   C.  ENSURE  COMPLIANCE WITH STATE BANKING, REGULATORY, AND DIGITAL AND
 FINANCIAL PRIVACY LAWS BY ALL ENTITIES THAT OVERSEE OR TRANSACT VIA  THE
 VALUE LEDGER. THE DEPARTMENT, IN COORDINATION WITH THE URBAN DEVELOPMENT
 CORPORATION,  SHALL  ALSO COORDINATE WITH ANY RELEVANT REGULATORY AGENCY
 OF THE UNITED STATES TO ENSURE COMPLIANCE WITH FEDERAL BANKING,  REGULA-
 TORY, EMPLOYEE BENEFIT AND ANY OTHER APPLICABLE FEDERAL LAWS.
   11.  THE DEPARTMENT OF FINANCIAL SERVICES SHALL BE AUTHORIZED TO COOR-
 DINATE WITH ITS COUNTERPART AGENCIES IN OTHER STATES AND TERRITORIES  OF
 THE  UNITED STATES IN CONNECTION WITH ANY COMMON REGULATORY NEEDS IMPLI-
 CATED OR CHALLENGES RAISED BY STATE VALUE LEDGERS.
   § 4. Section 301 of the financial services law is amended by adding  a
 new subsection (d) to read as follows:
   (D)  THE  SUPERINTENDENT SHALL HAVE THE POWER TO DIRECT THE DEPARTMENT
 TO DEVELOP, ESTABLISH, AND MAINTAIN THE  EMPIRE  STATE  INCLUSIVE  VALUE
 LEDGER  ESTABLISHED PURSUANT TO SECTION FOUR-B OF THE STATE FINANCE LAW.

 A. 8686--A                          5
 
 THE SUPERINTENDENT SHALL ALSO HAVE THE POWER TO DIRECT THE DEPARTMENT TO
 COORDINATE WITH AGENCIES IN OTHER STATES AND TERRITORIES OF  THE  UNITED
 STATES THE REGULATORY NEEDS OR CHALLENGES RAISED BY STATE VALUE LEDGERS.
   §  5.  Section  5  of  section  1  of chapter 174 of the laws of 1968,
 constituting the New York state urban development  corporation  act,  is
 amended  by  adding  three  new  subdivisions  31,  32 and 33 to read as
 follows:
   (31) TO MAINTAIN AND ADMINISTER, IN CONSULTATION WITH  THE  DEPARTMENT
 OF  FINANCIAL  SERVICES,  THE DEPARTMENT OF LABOR, AND THE DEPARTMENT OF
 SOCIAL SERVICES, THE EMPIRE STATE  INCLUSIVE  VALUE  LEDGER  ESTABLISHED
 PURSUANT  TO  SECTION  FOUR-B  OF  THE STATE FINANCE LAW, WITH A VIEW TO
 ENCOURAGING THE EXPANSION OF COMMERCE AND THE BROAD GROWTH  AND  ACCUMU-
 LATION  OF  WEALTH  IN THE STATE.   THE CORPORATION, IN CONSULTATION AND
 COORDINATION WITH THE DEPARTMENT OF FINANCIAL SERVICES,  THE  DEPARTMENT
 OF  LABOR, THE DEPARTMENT OF SOCIAL SERVICES, THE DEPARTMENT OF TAXATION
 AND FINANCE AND THE NEW YORK STATE AND LOCAL  RETIREMENT  SYSTEM,  SHALL
 OBSERVE  AND  BUILD  INTO THE EMPIRE STATE INCLUSIVE VALUE LEDGER STRICT
 COMPLIANCE WITH THE HIGHEST STANDARDS OF COMMERCIAL AND  FINANCIAL  DATA
 PRIVACY.    SUCH  STANDARDS  SHALL ESTABLISH, AT A MINIMUM, THAT: (A) NO
 WEALTH ACCUMULATION OR SPENDING ACTIVITY OF ANY SORT THAT MAKES  USE  OF
 THE  EMPIRE STATE INCLUSIVE VALUE LEDGER SHALL BE SHARED WITH, INTIMATED
 TO, OR SOLD TO ANY NON-GOVERNMENTAL PERSON OR ENTITY; (B) ANY SHARING OF
 INFORMATION WITH GOVERNMENTAL ENTITIES SHALL BE SOLELY FOR  PURPOSES  OF
 OPTIMIZING  ADMINISTRATION OF THE EMPIRE STATE INCLUSIVE VALUE LEDGER OR
 FOR LAW ENFORCEMENT PURPOSES; (C) ANY PERSONAL DATA THAT  IS  NOT  BEING
 USED  SOLELY  TO ASSIST THE PERSON WHOSE DATA IS BEING ACCESSED AND THAT
 IS BEING USED FOR ADMINISTRATIVE  PURPOSES  SHALL  BE  CRYPTOGRAPHICALLY
 ANONYMIZED;  (D)  ANY PERSONAL DATA SHARED WITH LAW ENFORCEMENT AUTHORI-
 TIES SHALL BE SHARED SOLELY IN STRICT COMPLIANCE WITH THE FOURTH  AMEND-
 MENT  TO  THE  UNITED  STATES  CONSTITUTION AND ANY AND ALL OTHER STATE,
 FEDERAL AND LOCAL LEGAL CONSTRAINTS THAT PROTECT THE RIGHTS OF SUSPECTED
 OR ACCUSED PERSONS AND THE EMPIRE STATE INCLUSIVE VALUE LEDGER SHALL NOT
 LESSEN THE DEGREE OF LEGALLY ASSURED DATA PRIVACY OF  NEW  YORKERS;  AND
 (E)  ANY AND ALL PRACTICABLE MEASURES POSSIBLE SHALL BE TAKEN TO PREVENT
 ACCIDENTAL DATA PRIVACY BREACHES STEMMING FROM  OUTSIDE  OR  INADVERTENT
 DISCLOSURE.
   (32)  TO  EXPLORE  AND NEGOTIATE POSSIBLE INTERSTATE COMPACTS ENABLING
 THE GROWTH OF A VALUE LEDGER SYSTEM ACROSS MULTIPLE STATES, REGIONS, AND
 TERRITORIES OF THE UNITED STATES.  THE  CORPORATION,  AS  THE  PRINCIPAL
 ADMINISTRATOR  OF  THE  EMPIRE STATE INCLUSIVE VALUE LEDGER, SHALL REACH
 OUT TO AND CONSULT WITH COUNTERPART AGENCIES IN  OTHER  STATES,  WITH  A
 VIEW  TO  ASSISTING  WITH  THE  DEVELOPMENT OF SIMILAR VALUE STORAGE AND
 PAYMENT PLATFORMS IN SUCH STATES AND  WITH  THE  GOAL  OF  THE  POSSIBLE
 INTEROPERABILITY OF SUCH PLATFORMS WITH THE EMPIRE STATE INCLUSIVE VALUE
 LEDGER.
   (33)  TO  EXPLORE  AND  NEGOTIATE POSSIBLE PILOT PROGRAMS ENABLING THE
 GROWTH AND SPREAD OF A VALUE LEDGER SYSTEM  ACROSS  THE  BROADER  UNITED
 STATES.    AS  THE PRINCIPAL ADMINISTRATOR OF THE EMPIRE STATE INCLUSIVE
 VALUE LEDGER ESTABLISHED PURSUANT TO SECTION FOUR-B OF THE STATE FINANCE
 LAW, THE CORPORATION SHALL BE AUTHORIZED TO REACH  OUT  TO  AND  CONSULT
 WITH  THE FEDERAL RESERVE BANK OF NEW YORK, THE FEDERAL RESERVE BOARD OF
 THE UNITED STATES, AND THE DEPARTMENT OF TREASURY OF THE UNITED  STATES,
 WITH  A VIEW TO POSSIBLY ASSISTING SUCH ENTITIES WITH THE DEVELOPMENT OF
 A NATIONAL VALUE STORAGE AND PAYMENT  PLATFORM  SIMILAR  TO  THE  EMPIRE
 STATE INCLUSIVE VALUE LEDGER.

 A. 8686--A                          6
 
   § 6. Severability. If any provision of this act, or any application of
 any  provision of this act, is held to be invalid, that shall not affect
 the validity or effectiveness of any other provision of this act, or  of
 any  other  application of any provision of this act, which can be given
 effect  without  that  provision  or  application;  and to that end, the
 provisions and applications of this act are severable.
   § 7. This act shall take effect immediately.