New York S 6899: Establishes central depository databases for governmental real property transaction records and data

Bill Text

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S06899 Summary:

BILL NOS06899 

&nbsp

SAME ASSAME AS A05585

&nbsp

SPONSORCOONEY

&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 S06899 Actions:

BILL NOS06899 

&nbsp

03/26/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS06899 Committee&nbspVotes:

Go to topS06899 Floor&nbspVotes:

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

Go to topS06899 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6899

 2025-2026 Regular Sessions

 IN SENATE

 March 26, 2025
 ___________

 Introduced by Sen. COONEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment 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

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

 S. 6899 2

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