New York A 837: Relates to voter notification of special elections

Bill Text

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A00837 Summary:

BILL NOA00837 

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SAME ASNo Same As

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SPONSORKim

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COSPNSRDavila, Sayegh, Brown K, Taylor, Brook-Krasny

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MLTSPNSR

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Add §4-b, St Fin L; amd §301, Fin Serv L; amd §5, UDC Act

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Enacts the "the empire state enhanced public payment system act" directing the department of financial services to develop, establish, and maintain a value storage and payment platform consisting of a digital master account and coordinate a system of individual wallets that enable payments to move between such individual wallets or payment accounts for use of New York residents.

Go to top A00837 Actions:

BILL NOA00837 

&nbsp

01/08/2025referred to banks

01/07/2026referred to banks

Go to topA00837 Committee&nbspVotes:

Go to topA00837 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00837 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 837

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. KIM, DAVILA, SAYEGH, K. BROWN, TAYLOR,
 BROOK-KRASNY -- read once and referred to the Committee on Banks

 AN ACT to amend the state finance law, the financial services law and
 the New York state urban development corporation act, in relation to
 establishing the empire state enhanced public payment system act

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

 1 Section 1. This act shall be known and may be cited as the "enhanced
 2 public payment system act".
 3 § 2. Legislative intent. Many New York residents, including individ-
 4 uals who receive public benefits and payments related to nutrition and
 5 social services, are targets of identity and consumer theft. Similarly,
 6 many New York residents who rely on Medicaid home and community care
 7 services are victims of exploitation by private intermediaries that
 8 manage public payments.
 9 A system of individual digital wallets or payment accounts, linked to
 10 a single master account that enables payments to move between such indi-
 11 vidual wallets or payment accounts, is now easy to construct and admin-
 12 ister with the use of secure digital payment technologies. The state of
 13 New York annually disburses more than thirty billion dollars of social
 14 and health benefits, including home care services, and fifty-five
 15 billion dollars in the form of tax credits, procurement payments,
 16 pension payouts, and other program dispersals, all of which can readily
 17 be disbursed via a system of individual wallets or accounts linked to a
 18 master account. The state of New York also receives more than fifty-five
 19 billion dollars annually in the form of service payments, tax monies,
 20 licensing fees, civil fines and other remittances, all of which can be
 21 readily paid into a master account from individual wallets or accounts
 22 of the kind just described.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01882-01-5

 A. 837 2

 1 A system of individual digital wallets or payment accounts linked to a
 2 master account could accordingly function as a state-provided and admin-
 3 istered payment infrastructure, in and through which value could be
 4 accumulated, stored, grown and exchanged in 'real-time,' with no need
 5 for fees or other forms of exploitative value extraction, thereby assur-
 6 ing that all New York residents are: (a) able to receive real-time
 7 payments; (b) able to create, receive and grow wealth; and (c) empowered
 8 to participate fully in a growing state economy suffering no shortage of
 9 currency or forgoing of commerce.
 10 § 3. The state finance law is amended by adding a new section 4-b to
 11 read as follows:
 12 § 4-b. Empire state enhanced public payment system. 1. Definitions.
 13 As used in this section, the following terms shall have the following
 14 meanings:
 15 (a) "master account" means a digital account which enables payments to
 16 be transferred between individual wallets;
 17 (b) "individual wallet" means a digital account which:
 18 (i) is linked to a master account;
 19 (ii) enables a resident to send or receive payment to any entity of
 20 the state or to a