Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to ways and means |
Jun 13, 2019 |
referred to ways and means |
Assembly Bill A8314
2019-2020 Legislative Session
Sponsored By
WEINSTEIN
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
2019-A8314 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Abandoned Property Law
- Laws Affected:
- Amd §§103, 501 & 511, add §§1423 & 1318, Ab Prop L
2019-A8314 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8314 2019-2020 Regular Sessions I N A S S E M B L Y June 13, 2019 ___________ Introduced by M. of A. WEINSTEIN -- (at request of the State Comp- troller) -- read once and referred to the Committee on Ways and Means AN ACT to amend the abandoned property law, in relation to including unclaimed virtual currency within the scope of property covered by such law; reducing the dormancy for wages; and authorizing the promul- gation of regulations recognizing electronic communication as written contact 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) (I) "VIRTUAL CURRENCY" MEANS ANY TYPE OF DIGITAL UNIT THAT IS USED FOR A MEDIUM OF EXCHANGE OR A FORM OF DIGITALLY STORED VALUE. VIRTUAL CURRENCY SHALL BE BROADLY CONSTRUED TO INCLUDE DIGITAL UNITS OF EXCHANGE THAT (A) HAVE A CENTRAL DEPOSITORY OR ADMINISTRATOR; (B) ARE DECENTRAL- IZED AND HAVE NO CENTRALIZED REPOSITORY OR ADMINISTRATOR; OR (C) MAY BE CREATED OR OBTAINED BY COMPUTING OR MANUFACTURING EFFORT. (II) VIRTUAL CURRENCY SHALL NOT INCLUDE DIGITAL UNITS THAT ARE (A) SOLELY USED WITHIN ONLINE GAMING PLATFORMS, (B) REDEEMED FOR GOODS, SERVICES, DISCOUNTS OR PURCHASES AS PART OF A REWARD PROGRAM, OR (C) USED AS PART OF PREPAID CARDS. (I) "VIRTUAL CURRENCY BUSINESS ACTIVITY" MEANS THE CONDUCT OF ANY ONE OF THE FOLLOWING TYPES OF ACTIVITIES INVOLVING NEW YORK OR A NEW YORK RESIDENT: (I) RECEIVING VIRTUAL CURRENCY FOR TRANSMISSION OR TRANSMITTING VIRTU- AL CURRENCY, EXCEPT WHERE THE TRANSACTION IS UNDERTAKEN FOR NON-FINAN- CIAL PURPOSES AND DOES NOT INVOLVE MORE THAN A NOMINAL AMOUNT OF VIRTUAL CURRENCY; (II) STORING, HOLDING OR MAINTAINING CUSTODY OR CONTROL OF VIRTUAL CURRENCY ON BEHALF OF OTHERS; (III) BUYING AND SELLING VIRTUAL CURRENCY AS A CUSTOMER BUSINESS; OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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