STATE OF NEW YORK
________________________________________________________________________
7742--A
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 -- reported
and referred to the Committee on Ways and Means -- recommitted to the
Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT to amend the abandoned property law, in relation to including
unclaimed virtual currency within the scope of property covered by
such law
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 1319 to read as follows:
9 § 1319. Unclaimed virtual currency. 1. Any virtual currency held or
10 owing by any banking organization, corporation or other entity engaged
11 in virtual currency business activity which shall have remained
12 unclaimed by the person entitled thereto for a period of five years
13 shall be deemed abandoned property if:
14 (a) the last known address of the person entitled to such virtual
15 currency as shown on the books and records of the entity engaging in the
16 virtual currency business activity is located in the state; or
17 (b) the last known address of the person entitled to such virtual
18 currency is not shown on the books and records of the entity engaging in
19 the virtual currency business activity and the entity is incorporated in
20 this state.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10524-08-2
A. 7742--A 2
1 2. (a) Any virtual currency held or owing by a banking organization, a
2 corporation or other entity engaged in virtual currency business deemed
3 abandoned under this section as of the thirtieth day of the preceding
4 June shall be paid or delivered to the comptroller on or before the
5 tenth day of the next succeeding November.
6 (b) Payment or delivery shall be accompanied by a true and accurate
7 report setting forth information relating to such abandoned property as
8 the comptroller may require.
9 3. Virtual currency reported to the comptroller pursuant to this
10 section shall be sold on any established exchange, or by such other
11 means as the comptroller shall deem advisable, as soon as the comp-
12 troller in his or her discretion deems practicable.
13 4. The proceeds of the sale of virtual currency, less all costs
14 incurred in connection with such sale, shall be deposited by the comp-
15 troller in the abandoned property fund and any claimant to such virtual
16 currency shall be entitled only to the proceeds of the sale of such
17 virtual currency by the comptroller.
18 § 3. This act shall take effect immediately.
