Kentucky Senate Bill 17 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 4 2022 - 25% progression, died in committee
Action: 2022-01-04 - to Banking & Insurance (S)
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Introduced) [PDF]

Establish KRS Chapter 355A and create new sections thereof to define and establish property classifications for digital assets; supplement and modify provisions of the Uniform Commercial Code, KRS Chapter 355, relating to the classification, perfection, and priority of digital assets; allow debtors located in Kentucky to file a financial statement with the Secretary of State to perfect a security interest in a digital asset; establish when a transferee takes a digital asset free of any security interest perfected by filing; for purposes of Article 9 of KRS Chapter 355, establish when digital assets are located in Kentucky; classify open blockchain tokens with certain characteristics as intangible personal property; require developers and sellers of certain open blockchain tokens to file a notice of intent with the Secretary of State, and pay a filing fee, prior to sale in this state; require the Secretary of State to promulgate forms and make the forms accessible to filers; require facilitators of certain open blockchain tokens in the resale market to comply with certain requirements; establish penalties for violation of the section; provide that the Secretary of State may make referrals to law enforcement agencies; provide that section may be cited as the Kentucky Utility Token Act; create a new section of Subtitle 2 of KRS Chapter 286 to permit certain Kentucky financial institutions to elect to provide custodial services of customer currency and digital assets in accordance with the provisions of the section; establish internal control and customer contracting requirements for providing custodial services under the section; provide that digital assets held in custody under the section are not depository liabilities or assets of the financial institution; require the commissioner of financial institutions to establish a supervision fee; create a new section of Article 1 of KRS Chapter 355 to conform; amend KRS 369.103 to include transactions involving digital assets; provide that the Secretary of State and the commissioner of financial institutions shall promulgate administrative regulations to implement the Act on or before October 1, 2022; EFFECTIVE, in part, October 1, 2022.

AN ACT relating to digital assets.

Sen. Brandon Smith [R]

Date	Chamber	Action
2022-01-04	Senate	to Banking & Insurance (S)
2022-01-04	Senate	to Committee on Committees (S)
2022-01-04	Senate	introduced in Senate
2021-11-05	Senate	Prefiled by the sponsor(s).

Type	Source
Summary	https://apps.legislature.ky.gov/record/22RS/sb17.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/22RS/sb17/orig_bill.pdf