Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Feb 14, 2022 |
referred to governmental operations delivered to assembly passed senate |
Feb 03, 2022 |
advanced to third reading |
Feb 02, 2022 |
2nd report cal. |
Feb 01, 2022 |
1st report cal.419 |
Jan 05, 2022 |
referred to internet and technology returned to senate died in assembly |
Feb 10, 2021 |
referred to governmental operations delivered to assembly passed senate |
Feb 03, 2021 |
advanced to third reading |
Feb 02, 2021 |
2nd report cal. |
Feb 01, 2021 |
1st report cal.194 |
Jan 15, 2021 |
referred to internet and technology |
Senate Bill S1801
2021-2022 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D, IP, WF) Senate District
2021-S1801 (ACTIVE) - Details
2021-S1801 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1801 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.
2021-S1801 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1801 2021-2022 Regular Sessions I N S E N A T E January 15, 2021 ___________ Introduced by Sens. SAVINO, KAPLAN -- 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03139-01-1
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