|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 25, 2020||referred to governmental operations|
delivered to assembly
|Feb 13, 2020||advanced to third reading|
|Feb 12, 2020||2nd report cal.|
|Feb 11, 2020||1st report cal.413|
|Jan 08, 2020||referred to internet and technology|
returned to senate
died in assembly
|Apr 09, 2019||referred to governmental operations|
delivered to assembly
|Mar 14, 2019||advanced to third reading|
|Mar 13, 2019||2nd report cal.|
|Mar 12, 2019||1st report cal.278|
|Mar 01, 2019||referred to internet and technology|
senate Bill S4142
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4142 (ACTIVE) - Details
S4142 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4142 SPONSOR: SAVINO TITLE OF BILL: An act to amend the state technology law, in relation to blockchain technology and smart contracts PURPOSE: Amends the Electronic Signature and Records Act of the State Technology law to define and permit signatures secured through blockchain technolo- gy to be considered an electronic signature. SUMMARY OF PROVISIONS: Section 1 amends section 302 of the state technology law to define: "blockchain technology" - as a distributed ledger technology that uses a distributed, decentralized, shared and replicated ledger. "smart contract" - is defined as an event-driven program that runs on a distributed, shared and replicated ledger.
S4142 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4142 2019-2020 Regular Sessions I N S E N A T E March 1, 2019 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Internet and Technology 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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