Legislation

* Section 9--105A. Control of Electronic Money.

(a) General rule: control of electronic money. A person has control of
electronic money if:

(1) the electronic money, a record attached to or logically associated
with the electronic money, or a system in which the electronic money is
recorded gives the person:

(A) power to avail itself of substantially all the benefit from the
electronic money; and

(B) exclusive power, subject to subsection (b), to:

(i) prevent others from availing themselves of substantially all the
benefit from the electronic money; and

(ii) transfer control of the electronic money to another person or
cause another person to obtain control of other electronic money as a
result of the transfer of the electronic money; and

(2) the electronic money, a record attached to or logically associated
with the electronic money, or a system in which the electronic money is
recorded enables the person readily to identify itself in any way,
including by name, identifying number, cryptographic key, office, or
account number, as having the powers under paragraph (1).

(b) Meaning of exclusive. Subject to subsection (c), a power is
exclusive under subsection (a)(1)(B)(i) and (ii) even if:

(1) the electronic money, a record attached to or logically associated
with the electronic money, or a system in which the electronic money is
recorded limits the use of the electronic money or has a protocol
programmed to cause a change, including a transfer or loss of control;
or

(2) the power is shared with another person.

(c) When power not shared with another person. A power of a person is
not shared with another person under subsection (b)(2) and the person's
power is not exclusive if:

(1) the person can exercise the power only if the power also is
exercised by the other person; and

(2) the other person:

(A) can exercise the power without exercise of the power by the
person; or

(B) is the transferor to the person of an interest in the electronic
money.

(d) Presumption of exclusivity of certain powers. If a person has the
powers specified in subsection (a)(1)(B)(i) and (ii), the powers are
presumed to be exclusive.

(e) Control through another person. A person has control of electronic
money if another person, other than the transferor to the person of an
interest in the electronic money:

(1) has control of the electronic money and acknowledges that it has
control on behalf of the person; or

(2) obtains control of the electronic money after having acknowledged
that it will obtain control of the electronic money on behalf of the
person.

* NB Effective June 3, 2026