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Incorporates the 2022 Uniform Law Commission recommended amendments to the Uniform Commercial Code to provide for emerging technologies; addresses emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including…
This bill updates the Uniform Commercial Code to include rules for commercial transactions involving emerging technologies like AI and blockchain.
If you engage in transactions involving AI or blockchain in New York, you must comply with updated UCC rules or face legal consequences.
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Affected Industries
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What This Means
The proposed bill seeks to modernize the Uniform Commercial Code by incorporating amendments that address emerging technologies, including artificial intelligence and blockchain. This legislation aims to provide clarity and updated rules for businesses engaging in commercial transactions involving these technologies.
Key Provisions
- Incorporates amendments to the UCC for emerging technologies.
- Addresses commercial transactions involving virtual currencies.
- Includes rules for distributed ledger technologies like blockchain.
- Provides updated regulations for transactions involving artificial intelligence.
- Aims to clarify legal standards for technology-related commercial activities.
Latest Legislative Action
referred to judiciary
Bill Sponsors
| Name | Role |
|---|---|
| ORTIZ | Primary |
| Rules Committee | Primary |
| Stacey Pheffer Amato D | Primary |
Compliance Checklist
Who: Businesses engaging in these technologies.
Deadline: To be determined as the bill progresses.
Penalty: Legal consequences for non-compliance.
Related & Companion Bills
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