Assembly Bill A7024

2023-2024 Legislative Session

Authorizes fiat-collateralized stablecoins as a form of bail

download bill text pdf

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Current 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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2023-A7024 (ACTIVE) - Details

Current Committee:
Assembly Codes
Law Section:
Criminal Procedure Law
Laws Affected:
Amd §520.10, CP L

2023-A7024 (ACTIVE) - Summary

Authorizes fiat-collateralized stablecoins as a form of bail; directs the commissioner of taxation and finance, in conjunction with the chief justice of the unified court system and the director of the office of information technology services, to promulgate rules and regulations identifying forms of fiat-collateralized stablecoin acceptable for posting bail to establish a system for the administration of the acceptance, recording and processing of stablecoins as a means of securing bail.

2023-A7024 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7024
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 10, 2023
                                ___________
 
 Introduced by M. of A. WALKER -- read once and referred to the Committee
   on Codes
 
 AN  ACT  to amend the criminal procedure law, in relation to authorizing
   fiat-collateralized stablecoins as a form of  bail;  and  directs  the
   commissioner  of  taxation  and finance, in conjunction with the chief
   justice of the unified court system and the director of the office  of
   information technology services, to establish a system and regulations
   for the acceptance of stablecoins as bail
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 520.10 of the criminal procedure law, paragraph (i)
 of subdivision 1 as amended by chapter 457 of the laws of 2005, subdivi-
 sion 2 as amended by chapter 784 of the laws of 1972 and  paragraph  (b)
 of  subdivision  2 as amended by section 10 of part JJJ of chapter 59 of
 the laws of 2019, is amended to read as follows:
 § 520.10 Bail and bail bonds; fixing of bail and authorized forms there-
            of.
   1. The only authorized forms of bail are the following:
   (a) Cash bail.
   (b) An insurance company bail bond.
   (c) A secured surety bond.
   (d) A secured appearance bond.
   (e) A partially secured surety bond.
   (f) A partially secured appearance bond.
   (g) An unsecured surety bond.
   (h) An unsecured appearance bond.
   (i) Credit card or similar device; provided,  however,  that  notwith-
 standing  any  other provision of law, any person posting bail by credit
 card or similar device also may be required to pay a reasonable adminis-
 trative fee. The amount of such administrative  fee  and  the  time  and
 manner of its payment shall be in accordance with the system established
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09740-01-3
              

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