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A07742 Text:



 
                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.
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