NY State Assembly Bill A7742A

Archive: Last Bill Status Via S9360 - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

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Actions

view actions (15)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Nov 22, 2022	signed chap.640 delivered to governor
Jun 02, 2022	returned to senate passed assembly ordered to third reading rules cal.610 substituted for a7742a
Jun 02, 2022	substituted by s9360 rules report cal.610 reported reported referred to rules
May 31, 2022	print number 7742a
May 31, 2022	amend (t) and recommit to ways and means
Jan 05, 2022	referred to ways and means
May 26, 2021	reported referred to ways and means
May 21, 2021	referred to judiciary

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

A7742 - Details

See Senate Version of this Bill:: S9360
Law Section:: Abandoned Property Law
Laws Affected:: Amd §103, add §1319, Ab Prop L

A7742 - Summary

Includes unclaimed virtual currency as abandoned property.

A7742 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7742
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced  by  M. of A. LAVINE -- (at request of the State Comptroller)
   -- read once and referred to the Committee on Judiciary
 
 AN ACT to amend the abandoned property law,  in  relation  to  including
   unclaimed  virtual  currency  within  the scope of property covered by
   such law; authorizing  the  promulgation  of  regulations  recognizing
   electronic  communication  as written contact; and requiring reporting
   of unclaimed property belonging to deceased persons
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  103  of the abandoned property law is amended by
 adding two new subdivisions (h) and (i) to read as follows:
   (H) "VIRTUAL CURRENCY" SHALL HAVE THE SAME MEANING AS SET FORTH IN  23
 NYCRR 200.2(P).
   (I)  "VIRTUAL  CURRENCY BUSINESS ACTIVITY" SHALL HAVE THE SAME MEANING
 AS SET FORTH IN 23 NYCRR 200.2(Q).
   § 2. The abandoned property law is amended by  adding  a  new  section
 1423 to read as follows:
   §  1423.  ELECTRONIC  CONTACT.  NOTWITHSTANDING ANY OTHER PROVISION OF
 THIS CHAPTER, THE COMPTROLLER SHALL  PROMULGATE  RULES  AND  REGULATIONS
 ESTABLISHING WHEN AN ELECTRONIC COMMUNICATION FROM THE APPARENT OWNER OF
 AMOUNTS  OR  SECURITIES  AS DEFINED IN SECTION ONE HUNDRED THREE OF THIS
 CHAPTER SHALL CONSTITUTE "WRITTEN CONTACT" FOR PURPOSES OF  TOLLING  THE
 DORMANCY PERIOD.
   §  3.  The  abandoned  property law is amended by adding a new section
 1318 to read as follows:
   § 1318. UNCLAIMED VIRTUAL CURRENCY. 1. ANY VIRTUAL  CURRENCY  HELD  OR
 OWING  BY  ANY BANKING ORGANIZATION, CORPORATION OR OTHER ENTITY ENGAGED
 IN  VIRTUAL  CURRENCY  BUSINESS  ACTIVITY  WHICH  SHALL  HAVE   REMAINED
 UNCLAIMED  BY  THE  PERSON  ENTITLED THERETO FOR A PERIOD OF THREE YEARS
 SHALL BE DEEMED ABANDONED PROPERTY IF:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10524-01-1

 A. 7742                             2
 
   (A) THE LAST KNOWN ADDRESS OF THE  PERSON  ENTITLED  TO  SUCH  VIRTUAL
 CURRENCY AS SHOWN ON THE BOOKS AND RECORDS OF THE ENTITY ENGAGING IN THE
 VIRTUAL CURRENCY BUSINESS ACTIVITY IS LOCATED IN THE STATE; OR
   (B)  THE  LAST  KNOWN  ADDRESS  OF THE PERSON ENTITLED TO SUCH VIRTUAL
 CURRENCY IS NOT SHOWN ON THE BOOKS AND RECORDS OF THE ENTITY ENGAGING IN
 THE VIRTUAL CURRENCY BUSINESS ACTIVITY AND THE ENTITY IS INCORPORATED IN
 THIS STATE.
   2. (A) ANY VIRTUAL CURRENCY HELD OR OWING BY A BANKING ORGANIZATION, A
 CORPORATION OR OTHER ENTITY ENGAGED IN VIRTUAL CURRENCY BUSINESS  DEEMED
 ABANDONED  UNDER  THIS  SECTION AS OF THE THIRTIETH DAY OF THE PRECEDING
 JUNE SHALL BE PAID OR DELIVERED TO THE  COMPTROLLER  ON  OR  BEFORE  THE
 TENTH DAY OF THE NEXT SUCCEEDING NOVEMBER.
   (B)  PAYMENT  OR  DELIVERY SHALL BE ACCOMPANIED BY A TRUE AND ACCURATE
 REPORT SETTING FORTH INFORMATION RELATING TO SUCH ABANDONED PROPERTY  AS
 THE COMPTROLLER MAY REQUIRE.
   3.  VIRTUAL  CURRENCY  REPORTED  TO  THE  COMPTROLLER PURSUANT TO THIS
 SECTION SHALL BE SOLD ON ANY ESTABLISHED  EXCHANGE,  OR  BY  SUCH  OTHER
 MEANS  AS  THE  COMPTROLLER  SHALL  DEEM ADVISABLE, AS SOON AS THE COMP-
 TROLLER IN HIS OR HER DISCRETION DEEMS PRACTICABLE.
   4. THE PROCEEDS OF THE  SALE  OF  VIRTUAL  CURRENCY,  LESS  ALL  COSTS
 INCURRED  IN  CONNECTION WITH SUCH SALE, SHALL BE DEPOSITED BY THE COMP-
 TROLLER IN THE ABANDONED PROPERTY FUND AND ANY CLAIMANT TO SUCH  VIRTUAL
 CURRENCY  SHALL  BE  ENTITLED  ONLY  TO THE PROCEEDS OF THE SALE OF SUCH
 VIRTUAL CURRENCY BY THE COMPTROLLER.
   § 4. The abandoned property law is amended by  adding  a  new  section
 1424 to read as follows:
   §  1424.  DECEASED PERSONS. NOTWITHSTANDING ANY OTHER PROVISION OF LAW
 TO THE CONTRARY, ANY UNCLAIMED PROPERTY SUBJECT TO THE MANDATORY REPORT-
 ING PROVISIONS OF THIS CHAPTER OWNED BY A PERSON WHO HAS  BEEN  DECEASED
 FOR  THE  STATUTORY DORMANCY PERIOD APPLICABLE TO SUCH PROPERTY SHALL BE
 DEEMED ABANDONED PROPERTY.
   § 5. This act shall take effect immediately.

A7742A (ACTIVE) - Details

See Senate Version of this Bill:: S9360
Law Section:: Abandoned Property Law
Laws Affected:: Amd §103, add §1319, Ab Prop L

A7742A (ACTIVE) - Summary

Includes unclaimed virtual currency as abandoned property.

A7742A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7742--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced  by  M. of A. LAVINE -- (at request of the State Comptroller)
   -- read once and referred to the Committee on  Judiciary  --  reported
   and  referred to the Committee on Ways and Means -- recommitted to the
   Committee on Ways and Means 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 abandoned property law, in relation to including
   unclaimed virtual currency within the scope  of  property  covered  by
   such law
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 103 of the abandoned property  law  is  amended  by
 adding two new subdivisions (h) and (i) to read as follows:
   (H)  "VIRTUAL CURRENCY" SHALL HAVE THE SAME MEANING AS SET FORTH IN 23
 NYCRR 200.2(P).
   (I) "VIRTUAL CURRENCY BUSINESS ACTIVITY" SHALL HAVE THE  SAME  MEANING
 AS SET FORTH IN 23 NYCRR 200.2(Q).
   §  2.  The  abandoned  property law is amended by adding a new section
 1319 to read as follows:
   § 1319. UNCLAIMED VIRTUAL CURRENCY. 1. ANY VIRTUAL  CURRENCY  HELD  OR
 OWING  BY  ANY BANKING ORGANIZATION, CORPORATION OR OTHER ENTITY ENGAGED
 IN  VIRTUAL  CURRENCY  BUSINESS  ACTIVITY  WHICH  SHALL  HAVE   REMAINED
 UNCLAIMED  BY  THE  PERSON  ENTITLED  THERETO FOR A PERIOD OF FIVE YEARS
 SHALL BE DEEMED ABANDONED PROPERTY IF:
   (A) THE LAST KNOWN ADDRESS OF THE  PERSON  ENTITLED  TO  SUCH  VIRTUAL
 CURRENCY AS SHOWN ON THE BOOKS AND RECORDS OF THE ENTITY ENGAGING IN THE
 VIRTUAL CURRENCY BUSINESS ACTIVITY IS LOCATED IN THE STATE; OR
   (B)  THE  LAST  KNOWN  ADDRESS  OF THE PERSON ENTITLED TO SUCH VIRTUAL
 CURRENCY IS NOT SHOWN ON THE BOOKS AND RECORDS OF THE ENTITY ENGAGING IN
 THE VIRTUAL CURRENCY BUSINESS ACTIVITY AND THE ENTITY IS INCORPORATED IN
 THIS STATE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10524-08-2

 A. 7742--A                          2
 
   2. (A) ANY VIRTUAL CURRENCY HELD OR OWING BY A BANKING ORGANIZATION, A
 CORPORATION OR OTHER ENTITY ENGAGED IN VIRTUAL CURRENCY BUSINESS  DEEMED
 ABANDONED  UNDER  THIS  SECTION AS OF THE THIRTIETH DAY OF THE PRECEDING
 JUNE SHALL BE PAID OR DELIVERED TO THE  COMPTROLLER  ON  OR  BEFORE  THE
 TENTH DAY OF THE NEXT SUCCEEDING NOVEMBER.
   (B)  PAYMENT  OR  DELIVERY SHALL BE ACCOMPANIED BY A TRUE AND ACCURATE
 REPORT SETTING FORTH INFORMATION RELATING TO SUCH ABANDONED PROPERTY  AS
 THE COMPTROLLER MAY REQUIRE.
   3.  VIRTUAL  CURRENCY  REPORTED  TO  THE  COMPTROLLER PURSUANT TO THIS
 SECTION SHALL BE SOLD ON ANY ESTABLISHED  EXCHANGE,  OR  BY  SUCH  OTHER
 MEANS  AS  THE  COMPTROLLER  SHALL  DEEM ADVISABLE, AS SOON AS THE COMP-
 TROLLER IN HIS OR HER DISCRETION DEEMS PRACTICABLE.
   4. THE PROCEEDS OF THE  SALE  OF  VIRTUAL  CURRENCY,  LESS  ALL  COSTS
 INCURRED  IN  CONNECTION WITH SUCH SALE, SHALL BE DEPOSITED BY THE COMP-
 TROLLER IN THE ABANDONED PROPERTY FUND AND ANY CLAIMANT TO SUCH  VIRTUAL
 CURRENCY  SHALL  BE  ENTITLED  ONLY  TO THE PROCEEDS OF THE SALE OF SUCH
 VIRTUAL CURRENCY BY THE COMPTROLLER.
   § 3. This act shall take effect immediately.

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The New York State Senate

assembly Bill A7742A

Sponsored By

Archive: Last Bill Status Via S9360 - Signed by Governor

Your Voice

Actions

Votes

May 31, 2022 - floor Vote

Floor Vote: May 31, 2022

May 25, 2022 - Rules committee Vote

Committee Vote: May 25, 2022

Bill Amendments

A7742 - Details

A7742 - Summary

A7742 - Bill Text download pdf

A7742A (ACTIVE) - Details

A7742A (ACTIVE) - Summary

A7742A (ACTIVE) - Bill Text download pdf

Comments

assembly Bill A7742A

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Sponsored By

LAVINE

Archive: Last Bill Status Via S9360 - Signed by Governor

Your Voice

Actions

Votes

May 31, 2022 - floor Vote

Floor Vote: May 31, 2022

May 25, 2022 - Rules committee Vote

Committee Vote: May 25, 2022

Bill Amendments

A7742 - Details

A7742 - Summary

A7742 - Bill Text download pdf

A7742A (ACTIVE) - Details

A7742A (ACTIVE) - Summary

A7742A (ACTIVE) - Bill Text download pdf

Comments