Bill Text: NY A07024 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to codes [A07024 Detail]

Download: New_York-2023-A07024-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7024

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      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:

     1    Section 1. Section 520.10 of the criminal procedure law, paragraph (i)
     2  of subdivision 1 as amended by chapter 457 of the laws of 2005, subdivi-
     3  sion 2 as amended by chapter 784 of the laws of 1972 and  paragraph  (b)
     4  of  subdivision  2 as amended by section 10 of part JJJ of chapter 59 of
     5  the laws of 2019, is amended to read as follows:
     6  § 520.10 Bail and bail bonds; fixing of bail and authorized forms there-
     7             of.
     8    1. The only authorized forms of bail are the following:
     9    (a) Cash bail.
    10    (b) An insurance company bail bond.
    11    (c) A secured surety bond.
    12    (d) A secured appearance bond.
    13    (e) A partially secured surety bond.
    14    (f) A partially secured appearance bond.
    15    (g) An unsecured surety bond.
    16    (h) An unsecured appearance bond.
    17    (i) Credit card or similar device; provided,  however,  that  notwith-
    18  standing  any  other provision of law, any person posting bail by credit
    19  card or similar device also may be required to pay a reasonable adminis-
    20  trative fee. The amount of such administrative  fee  and  the  time  and
    21  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
        A. 7024                             2

     1  pursuant  to  [subdivision  four  of  section 150.30 of this chapter or]
     2  paragraph (j) of subdivision two of section two hundred  twelve  of  the
     3  judiciary law, as appropriate.
     4    (j)  Fiat-collateralized  stablecoins;  provided,  however,  that this
     5  paragraph shall not be construed to compel any person,  firm  or  corpo-
     6  ration subject to the provisions of article sixty-eight of the insurance
     7  law to accept stablecoins or any other cryptocurrency for the posting of
     8  a bond.
     9    2. The methods of fixing bail are as follows:
    10    (a)  A  court may designate the amount of the bail without designating
    11  the form or forms in which it may be posted. In such case, the bail  may
    12  be  posted in either of the forms specified in paragraphs (g) and (h) of
    13  subdivision one[;]of this section.
    14    (b) The court shall direct that the bail be posted in any one of three
    15  or more of the forms specified  in  subdivision  one  of  this  section,
    16  designated in the alternative, and may designate different amounts vary-
    17  ing  with  the  forms,  except  that one of the forms shall be either an
    18  unsecured or partially secured surety bond, as selected by the court.
    19    (c) If the court directs that bail be posted as provided in  paragraph
    20  (j)  of subdivision one of this section and the value of the stablecoins
    21  falls more than fifty percent from the value of the stablecoins  at  the
    22  time  bail  was  posted,  the  court may, in its discretion, request the
    23  posting of additional bail  as  provided  in  subdivision  one  of  this
    24  section.
    25    § 2. The commissioner of taxation and finance, in conjunction with the
    26  chief justice of the unified court system and the director of the office
    27  of information technology services, or their respective designees, shall
    28  promulgate  rules  and regulations identifying forms of fiat-collateral-
    29  ized stablecoins acceptable for posting bail as provided in section  one
    30  of  this  act and shall establish a system for the administration of the
    31  acceptance, recording and processing of stablecoins as a means of secur-
    32  ing bail pursuant to article 520 of the criminal procedure law.
    33    § 3. This act shall take effect on the one hundred eightieth day after
    34  it shall have become a law.