Assembly Bill A8780

2017-2018 Legislative Session

Relates to allowing signatures secured through blockchain technology to be considered an electronic signature

download bill text pdf

Sponsored By

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

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2017-A8780 (ACTIVE) - Details

See Senate Version of this Bill:
S8858
Current Committee:
Assembly Governmental Operations
Law Section:
State Technology Law
Laws Affected:
Amd §302, add §310, St Tech L
Versions Introduced in Other Legislative Sessions:
2019-2020: A1683, S4142
2021-2022: A3760, S1801
2023-2024: A2643

2017-A8780 (ACTIVE) - Summary

Relates to allowing signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

2017-A8780 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8780
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             November 27, 2017
                                ___________
 
 Introduced  by M. of A. VANEL -- read once and referred to the Committee
   on Governmental Operations
 
 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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