View full title
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 transactions involving emerging technologies like AI and virtual currencies.
If you engage in transactions involving AI or virtual currencies in New York, you must comply with updated UCC rules or face legal challenges.
What do these statuses mean? ▼
Affected Industries
Topics How we classify →
What This Means
New York's S07244 bill seeks to modernize the Uniform Commercial Code by incorporating rules for emerging technologies, including artificial intelligence and virtual currencies. This legislation aims to provide clarity and guidance for commercial transactions in a rapidly evolving technological landscape.
Key Provisions
- Incorporates rules for transactions involving virtual currencies.
- Addresses commercial transactions using distributed ledger technologies.
- Provides updated regulations for artificial intelligence applications in commerce.
Latest Legislative Action
COMMITTED TO RULES
Bill Sponsors
| Name | Role |
|---|---|
| Andrew J. Lanza R | Primary |
| BAILEY | Primary |
| Brad Hoylman-Sigal | Primary |
| KENNEDY | Primary |
| KRUEGER | Primary |
Roll Call Votes
Compliance Checklist
Who: Businesses engaging in AI or virtual currency transactions
Penalty: Potential legal challenges or disputes
Who: Legal teams and compliance officers
Penalty: Risk of invalidated transactions
Related & Companion Bills
Full Legal Analysis
Official Source
Related Topics
Affected Industries
More New York AI Legislation
More New York AI Laws
Browse all published AI bills and regulations for New York.