Bill Text: NY A07742 | 2021-2022 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Includes unclaimed virtual currency as abandoned property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-06-02 - substituted by s9360 [A07742 Detail]

Download: New_York-2021-A07742-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7742

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      May 21, 2021
                                       ___________

        Introduced  by  M. of A. LAVINE -- (at request of the State Comptroller)
          -- read once and referred to the Committee on Judiciary

        AN ACT to amend the abandoned property law,  in  relation  to  including
          unclaimed  virtual  currency  within  the scope of property covered by
          such law; authorizing  the  promulgation  of  regulations  recognizing
          electronic  communication  as written contact; and requiring reporting
          of unclaimed property belonging to deceased persons

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  103  of the abandoned property law is amended by
     2  adding two new subdivisions (h) and (i) to read as follows:
     3    (h) "Virtual currency" shall have the same meaning as set forth in  23
     4  NYCRR 200.2(p).
     5    (i)  "Virtual  currency business activity" shall have the same meaning
     6  as set forth in 23 NYCRR 200.2(q).
     7    § 2. The abandoned property law is amended by  adding  a  new  section
     8  1423 to read as follows:
     9    §  1423.  Electronic  contact.  Notwithstanding any other provision of
    10  this chapter, the comptroller shall  promulgate  rules  and  regulations
    11  establishing when an electronic communication from the apparent owner of
    12  amounts  or  securities  as defined in section one hundred three of this
    13  chapter shall constitute "written contact" for purposes of  tolling  the
    14  dormancy period.
    15    §  3.  The  abandoned  property law is amended by adding a new section
    16  1318 to read as follows:
    17    § 1318. Unclaimed virtual currency. 1. Any virtual  currency  held  or
    18  owing  by  any banking organization, corporation or other entity engaged
    19  in  virtual  currency  business  activity  which  shall  have   remained
    20  unclaimed  by  the  person  entitled thereto for a period of three years
    21  shall be deemed abandoned property if:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10524-01-1
        A. 7742                             2

     1    (a) the last known address of the  person  entitled  to  such  virtual
     2  currency as shown on the books and records of the entity engaging in the
     3  virtual currency business activity is located in the state; or
     4    (b)  the  last  known  address  of the person entitled to such virtual
     5  currency is not shown on the books and records of the entity engaging in
     6  the virtual currency business activity and the entity is incorporated in
     7  this state.
     8    2. (a) Any virtual currency held or owing by a banking organization, a
     9  corporation or other entity engaged in virtual currency business  deemed
    10  abandoned  under  this  section as of the thirtieth day of the preceding
    11  June shall be paid or delivered to the  comptroller  on  or  before  the
    12  tenth day of the next succeeding November.
    13    (b)  Payment  or  delivery shall be accompanied by a true and accurate
    14  report setting forth information relating to such abandoned property  as
    15  the comptroller may require.
    16    3.  Virtual  currency  reported  to  the  comptroller pursuant to this
    17  section shall be sold on any established  exchange,  or  by  such  other
    18  means  as  the  comptroller  shall  deem advisable, as soon as the comp-
    19  troller in his or her discretion deems practicable.
    20    4. The proceeds of the  sale  of  virtual  currency,  less  all  costs
    21  incurred  in  connection with such sale, shall be deposited by the comp-
    22  troller in the abandoned property fund and any claimant to such  virtual
    23  currency  shall  be  entitled  only  to the proceeds of the sale of such
    24  virtual currency by the comptroller.
    25    § 4. The abandoned property law is amended by  adding  a  new  section
    26  1424 to read as follows:
    27    §  1424.  Deceased persons. Notwithstanding any other provision of law
    28  to the contrary, any unclaimed property subject to the mandatory report-
    29  ing provisions of this chapter owned by a person who has  been  deceased
    30  for  the  statutory dormancy period applicable to such property shall be
    31  deemed abandoned property.
    32    § 5. This act shall take effect immediately.