Senate Bill S9360

2021-2022 Legislative Session

Includes unclaimed virtual currency as abandoned property

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate & Assembly

  • 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

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2021-S9360 (ACTIVE) - Details

See Assembly Version of this Bill:
A7742
Law Section:
Abandoned Property Law
Laws Affected:
Amd §103, add §1319, Ab Prop L

2021-S9360 (ACTIVE) - Summary

Includes unclaimed virtual currency as abandoned property.

2021-S9360 (ACTIVE) - Sponsor Memo

2021-S9360 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9360
 
                             I N  S E N A T E
 
                               May 19, 2022
                                ___________
 
 Introduced  by  Sen.  THOMAS -- (at request of the State Comptroller) --
   read twice and ordered printed, and when printed to  be  committed  to
   the Committee on Finance
 
 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.
   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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10524-09-2

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