New York A 5585: Relates to regulatory impact statements

Bill Text

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A05585 Summary:

BILL NOA05585 

&nbsp

SAME ASSAME AS S06899

&nbsp

SPONSORHunter

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §2, add §2-c, Pub Lds L; amd §290, add §291-k, RP L

&nbsp

Establishes central depository databases at the state and county levels for governmental real property transaction records and data.

Go to top A05585 Actions:

BILL NOA05585 

&nbsp

02/18/2025referred to governmental operations

01/07/2026referred to governmental operations

Go to topA05585 Committee&nbspVotes:

Go to topA05585 Floor&nbspVotes:

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

Go to topA05585 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5585

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 18, 2025
 ___________

 Introduced by M. of A. HUNTER -- read once and referred to the Committee
 on Governmental Operations

 AN ACT to amend the public lands law and the real property law, in
 relation to establishing central depository databases for governmental
 real property transaction records

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

 1 Section 1. Subdivision 1 of section 2 of the public lands law is
 2 amended by adding five new paragraphs c, d, e, f, and g to read as
 3 follows:
 4 c. "Distributed ledger technology" shall mean:
 5 (i) a technology deployed in a distributed fashion and shared across a
 6 network that, when used in conjunction with cryptographic solutions,
 7 enable auditable data sharing across a network of untrusted partic-
 8 ipants; and
 9 (ii) a system that allows multiple parties to share and update a
 10 common data source without requiring the party to rely on any single
 11 party to maintain and validate the data.
 12 d. "Tokenization" shall mean the process of creating digital ownership
 13 of real world assets.
 14 e. "Digitalization" shall mean the process of converting information
 15 into a digital format.
 16 f. "Blockchain" shall mean any technology where data is:
 17 (i) shared across a network to create a public ledger of verified
 18 transactions or information among participants;
 19 (ii) linked using cryptography to maintain the integrity of the public
 20 ledger and to execute other functions;
 21 (iii) distributed among network participants in an automated fashion
 22 to concurrently update network participants on the state of the public
 23 ledger and any other functions; and
 24 (iv) composed of source code that is publicly available.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09839-01-5

 A. 5585 2

 1 g. "Federated blockchain" shall mean a distributed ledger technology
 2 system:
 3 (i) in which a pre-selected group of entities, rather than a single
 4 entity or the general public, is responsible for validating transactions
 5 and maintaining consensus on the state of the ledger;
 6 (ii) in which control and governance are processed more efficiently
 7 compared to public blockchains due to the permissioned nature and
 8 streamlined consensus mechanisms; and
 9 (iii) which enables secure collaboration and data sharing among multi-
 10 ple organizations, finding applications in various industries, included
 11 but not limited to supply chain management, healthcare and financial
 12 services.
 13 § 2. The public lands law is amended by adding a new section 2-c to
 14 read as follows:
 15 § 2-c. Central depository database for governmental property. 1. The
 16 commissioner of general services may establish and maintain a central
 17 depository database for governmental real property to compile, store,
 18 maintain, and secure government real estate records. Such database shall
 19 provide redundant, immutable, and permissioned data controlled through
 20 distributed ledger technology, increase efficiency for state agencies,
 21 and create transparency while maintaining proper security.
 22 2. The commissioner of general services, in conjunction with relevant
 23 state agencies, may create and implement a strategy to adopt distributed
 24 ledger technology that uses tokenization and digitalization within the
 25 agency whereby data is stored securely and permanently on a federated
 26 blockchain for the purpose