AN ACT TO MAKE TECHNICAL CHANGES TO S.L. 2021-150, ABC OMNIBUS LEGISLATION, TO MAKE OTHER CHANGES TO THE ALCOHOL LAWS, AND TO MAKE A CORRECTION TO THE NAME OF THE PROPANE TRADE ASSOCIATION. SL 2022-51. Enacted July 7, 2022. Effective July 7, 2022, except as otherwise provided.
ABC TECHNICAL AND OTHER CHANGES. (NEW)
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AN ACT TO MAKE TECHNICAL CHANGES TO S.L. 2021-150, ABC OMNIBUS LEGISLATION, TO MAKE OTHER CHANGES TO THE ALCOHOL LAWS, AND TO MAKE A CORRECTION TO THE NAME OF THE PROPANE TRADE ASSOCIATION.Intro. by Johnson, Hise.
SOG comments (4):
Long title change
Senate committee substitute to the 1st edition changed the long title. Original long title was AN ACT TO ENACT THE NORTH CAROLINA FINANCIAL AND INSURANCE REGULATORY SANDBOX ACT AND TO ESTABLISH THE NORTH CAROLINA FINANCIAL AND INSURANCE INNOVATION COMMISSION.
Long title change
House committee substitute to the 3rd edition changed the long title. Previous long title was AN ACT TO ENACT THE NORTH CAROLINA REGULATORY SANDBOX ACT AND TO ESTABLISH THE NORTH CAROLINA INNOVATION COUNCIL.
Long title change
The conference report changes the act's long title. The previous long title was: AN ACT TO MAKE TECHNICAL CHANGES TO S.L. 2021-150, ABC OMNIBUS LEGISLATION, AND TO MAKE OTHER CHANGES TO THE ALCOHOL LAWS.
Bill History:
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Thu, 1 Apr 2021 Senate: Filed
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Thu, 1 Apr 2021 Senate: Filed
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Mon, 5 Apr 2021 Senate: Passed 1st Reading
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Mon, 5 Apr 2021 Senate: Ref To Com On Rules and Operations of the Senate
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Mon, 5 Apr 2021 Senate: Passed 1st Reading
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Mon, 5 Apr 2021 Senate: Ref To Com On Rules and Operations of the Senate
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Wed, 28 Apr 2021 Senate: Withdrawn From Com
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Wed, 28 Apr 2021 Senate: Withdrawn From Com
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Tue, 4 May 2021 Senate: Reptd Fav Com Substitute
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Tue, 4 May 2021 Senate: Com Substitute Adopted
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Tue, 4 May 2021 Senate: Com Substitute Adopted
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Tue, 4 May 2021 Senate: Re-ref Com On Finance
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Tue, 4 May 2021 Senate: Reptd Fav Com Substitute
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Tue, 4 May 2021 Senate: Com Substitute Adopted
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Tue, 4 May 2021 Senate: Re-ref Com On Finance
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Wed, 9 Jun 2021 Senate: Reptd Fav Com Substitute
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Wed, 9 Jun 2021 Senate: Com Substitute Adopted
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Wed, 9 Jun 2021 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 9 Jun 2021 Senate: Reptd Fav Com Substitute
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Wed, 9 Jun 2021 Senate: Com Substitute Adopted
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Wed, 9 Jun 2021 Senate: Re-ref Com On Rules and Operations of the Senate
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Thu, 10 Jun 2021 Senate: Reptd Fav
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Thu, 10 Jun 2021 Senate: Reptd Fav
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Mon, 14 Jun 2021 Senate: Passed 2nd Reading
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Mon, 14 Jun 2021 Senate: Passed 3rd Reading
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Mon, 14 Jun 2021 Senate: Passed 2nd Reading
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Mon, 14 Jun 2021 Senate: Passed 3rd Reading
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Tue, 15 Jun 2021 Senate: Regular Message Sent To House
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Tue, 15 Jun 2021 House: Regular Message Received From Senate
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Tue, 15 Jun 2021 Senate: Regular Message Sent To House
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Tue, 15 Jun 2021 House: Regular Message Received From Senate
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Wed, 16 Jun 2021 House: Passed 1st Reading
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Wed, 16 Jun 2021 House: Ref To Com On Rules, Calendar, and Operations of the House
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Wed, 16 Jun 2021 House: Passed 1st Reading
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Wed, 16 Jun 2021 House: Ref To Com On Rules, Calendar, and Operations of the House
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Tue, 6 Jul 2021 House: Withdrawn From Com
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Tue, 6 Jul 2021 House: Withdrawn From Com
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Wed, 29 Sep 2021 House: Serial Referral To Finance Stricken
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Wed, 29 Sep 2021 House: Withdrawn From Com
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Wed, 29 Sep 2021 House: Re-ref Com On Rules, Calendar, and Operations of the House
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Wed, 29 Sep 2021 House: Serial Referral To Finance Stricken
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Wed, 29 Sep 2021 House: Withdrawn From Com
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Wed, 29 Sep 2021 House: Re-ref Com On Rules, Calendar, and Operations of the House
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Wed, 17 Nov 2021 House: Withdrawn From Com
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Wed, 17 Nov 2021 House: Re-ref Com On Alcoholic Beverage Control
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Wed, 17 Nov 2021 House: Withdrawn From Com
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Wed, 17 Nov 2021 House: Re-ref Com On Alcoholic Beverage Control
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Wed, 17 Nov 2021 House: Reptd Fav Com Substitute
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Wed, 17 Nov 2021 House: Cal Pursuant Rule 36(b)
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Wed, 17 Nov 2021 House: Placed On Cal For 11/18/2021
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Thu, 18 Nov 2021 House: Amend Adopted A1
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Thu, 18 Nov 2021 House: Passed 2nd Reading
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Thu, 18 Nov 2021 House: Passed 3rd Reading
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Thu, 18 Nov 2021 House: Ordered Engrossed
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Thu, 18 Nov 2021 House: Special Message Sent To Senate
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Mon, 22 Nov 2021 Senate: Special Message Received For Concurrence in H Com Sub
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Mon, 22 Nov 2021 Senate: Ref To Com On Rules and Operations of the Senate
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Thu, 23 Jun 2022 Senate: Withdrawn From Com
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Thu, 23 Jun 2022 Senate: Placed on Today's Calendar
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Thu, 23 Jun 2022 Senate: Failed Concur In H Com Sub
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Wed, 29 Jun 2022 Senate: Conf Com Appointed
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Wed, 29 Jun 2022 House: Conf Com Appointed
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Thu, 30 Jun 2022 House: Conf Com Reported
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Thu, 30 Jun 2022 House: Added to Calendar
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Thu, 30 Jun 2022 House: Conf Report Adopted
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Thu, 30 Jun 2022 Senate: Conf Com Reported
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Thu, 30 Jun 2022 Senate: Placed on Today's Calendar
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Thu, 30 Jun 2022 Senate: Conf Report Adopted
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Thu, 30 Jun 2022 Senate: Ordered Enrolled
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Fri, 1 Jul 2022 Senate: Ratified
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Fri, 1 Jul 2022 Senate: Pres. To Gov. 7/1/2022
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Thu, 7 Jul 2022 Senate: Signed by Gov. 7/7/2022
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Thu, 7 Jul 2022 Senate: Ch. SL 2022-51
Bill Summaries:
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Bill S 470 (2021-2022)Summary date: Jul 26 2022 - View Summary
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Bill S 470 (2021-2022)Summary date: Jun 30 2022 - View Summary
Conference report makes the following changes to the 5th edition.
Changes the effective date of Part I. of SL 2021-150, which makes changes to GS Chapter 18B to provide for online orders at ABC stores, to October 1, 2022 (was, January 1, 2022, in the previous edition and originally October 1, 2021).
Amends the lead-in language to the changes to the following statutes to no longer refer to their enactment or changes made by SL 2021-150: GS 18B-1105, GS 18B-1113.1, GS 18B-1114.7, GS 18B-1105, 18B-904, and GS 18B-1006.
Removes Section 8 of the act which amended GS 153A-145.9 and GS 160A-205.4 to authorize counties and cities to adopt an ordinance designating one or more social districts (was, limited to one), and made conforming changes to GS 18B-904.1.
Removes Section 12 of the act which amended Section 33.1 of SL 2021-150 to require the Department of Public Safety, in addition to the ABC Commission, to adopt rules or amend its rules consistent with SL 2021-150, with authority to use the procedures set forth in GS 150B-21.1.
Changes the effective date of the changes to GS 18B-1001.4 to require individuals delivering alcoholic beverages pursuant to a delivery service permit to complete a course conducted or approved by the ABC Commission (was, a course approved by the Commission only) related to the delivery of alcoholic beverages. Now makes this change effective October 1, 2022 (was, effective December 1, 2021, and applicable to individuals successfully completing a course conducted or approved by the ABC Commission related to the delivery of alcoholic beverages on or after that date).
Concerning the changes made in GS 18B-1006.1 to allow recyclable spirituous liquor containers to be used for display purposes, provides that the Alcoholic Beverage Commission may adopt permanent rules (was, may adopt or amend any rules) as required by the act using the procedure under GS 150B-21.1.
Adds the following new content.
Amends GS 18B-1000 by amending the definition of restaurant as it is used in GS Chapter 18B to require that the restaurant have an inside dining area with seating for at least 10 (was, at least 36) people. Adds that it is not necessary for an establishment to maintain kitchen operations at all times it is open to the public to qualify as a restaurant.
Amends GS 130A-250 to exempt from Part 6 of Article 8 of GS Chapter 130A, Regulation of Food and Lodging Facilities, the bar area or other similar area in an establishment where alcoholic beverage are prepared, poured, or mixed before service to customers and food is not prepared, except for the preparation of garnishes for alcoholic beverages.
Enacts new GS 18B-809 to prohibit any Alcoholic Beverage Control Commission rule or decision from limiting or restricting industry members from giving, lending, or selling branded plug-in coolers used to hold and display products, provided that the coolers are under the dollar limits set by the Commission for product displays. Requires the cooler to have permanent and conspicuous branding that is permanently attached or securely affixed.
Amends GS 18B-1000, if House Bill 768 becomes law, by amending the definition of bar as it is used in GS Chapter 18B, to define bar as an establishment that is primarily engaged in the business of selling alcoholic beverages for consumption on the premises (previously did not specify where the consumption was to take place and prohibited serving prepared food).
Enacts new GS 18B-1122 to allow malt beverages to be produced, bottled, imported, distributed, and sold in sealed containers which are 50 milliliters or more in volume. Prohibits the Alcoholic Beverage Control Commission from limiting or restricting the size of an individual malt beverage container allowed for sale in this State, provided that the container is not less than 50 milliliters.
Amends GS 119-63.3 by changing the name of the North Carolina Propane Gas Association, Inc., to the Southeast Propane Alliance, Inc. Directs the Revisor of Statutes to replace the phrase Association with Alliance in Article 5A of GS Chapter 119.
Makes conforming organizational changes, and technical changes. Adds bill section headings. Makes conforming changes to the act's long title.
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Bill S 470 (2021-2022)Summary date: Nov 18 2021 - View Summary
House amendment to the 4th edition makes the following changes.
Deletes the proposed exemption from the rulemaking provisions of Article 2A of the Administrative Procedure Act, as set out in GS 150B-1, for the ABC Commission with respect to setting prices of alcoholic beverages sold in local ABC stores under Article 8, GS Chapter 18B.
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Bill S 470 (2021-2022)Summary date: Nov 17 2021 - View Summary
House committee substitute deletes the content of the 3rd edition and now provides the following.
Amends Section 1.3 of SL 2021-150 (ABC Omnibus Legislation), which directs the ABC Commission to adopt rules to determine how long a product purchased by an online order pursuant to GS 18B-800(c3), as enacted by SL 2021-150, may be set aside before being returned to inventory at an ABC store. Expands the directive to require the ABC Commission to also adopt rules as necessary to implement Part I. of SL 2021-150, which makes changes to GS Chapter 18B to provide for online orders at ABC stores. Additionally, makes Part I. of SL 2021-150 effective January 1, 2022 (was, October 1, 2021), and apply to sales on or after that date.
Amends GS 18B-1105(a)(4), as amended by Section 2.2 of SL 2021-150, which defines personalized labeling for purposes of describing labels which distilleries may have on spirituous liquor they sell to touring visitors. No longer allows the inclusion of the name of any ABC Board or ABC store on whose behalf the bottle is purchased within the meaning of personalized labeling.
Amends GS 18B-1113.1, as enacted by Section 6.2 of SL 2021-150, which sets forth authorities of nonresident spirituous liquor vendor permittees. Removes the authority to sell spirituous liquor to their employees and certain brokerage, but maintains the authority to deliver and ship spirituous liquor approved for sale in the State to the permittee's employees and certain brokerage. Eliminates the definition provided for the term brokerage, which was defined to mean a business that brokers the sale of spirituous liquor on behalf of a distillery or liquor importer/bottler. Instead, adds and defines the term in the Chapter's defined terms set forth in GS 18B-101, now defining the term to mean a business that brokers the sale of spirituous liquor on behalf of the holder of a distillery permit issued under GS 18B-1105, a business located outside the State that is licensed or permitted to manufacture spirituous liquor in the jurisdiction where the business is located and whose products are lawfully sold in the State, or a liquor importer or bottler.
Amends GS 18B-1114.7, as amended by Section 6.2 of SL 2021-150, which details the criteria and authorities of a spirituous liquor special event permittee. Specifies that the permittee can provide at no cost (was, sell) spirituous liquor distilled or produced at the distillery in closed containers at trade shows, conventions, agricultural festivals, farmers markets, local fundraisers, and other similar ABC Commission-approved events. Adds that the permit muse be issued in the name of the distillery, or if issued to a supplier representative, brokerage representative, or nonresident spirituous liquor vendor, in the name of the nonresident spirituous liquor vendor or the name of the business the supplier representative or brokerage representative represents. Repeals identical language regarding issuance enacted as GS 18B-1114.7(c)(1a) by Section 6.2 of SL 2021-150, regarding consumer tastings and permit issuance. Makes technical corrections.
Amends GS 18B-1105(d), as enacted by Section 9.3 of SL 2021-150, to specify that alcoholic beverages permitted to be sold or consumed on the licensed premises of a distillery applies to distilleries open to the public. Makes technical changes.
Adds to new GS 18B-603(d)(3a), as enacted by Section 13.1 of SL 2021-150, regarding permits the ABC Commission may issue following approval in a mixed beverages election, adding authority to issue on-premises fortified wine permits to establishments meeting the requirements for that permit under GS 18B-1005 (currently, authority was limited to issuing on-premises malt beverage permits and on-premises unfortified wine permits). Repeals existing subdivision (d)(2), which lists permits which may be issued following a mixed beverages election to mixed beverage permittees.
Amends GS 153A-145.9 and GS 160A-205.4, as enacted by Sections 20.1 and 20.2 of SL 2021-150, to authorize counties and cities to adopt an ordinance designating one or more social districts (was, limited to one). Makes conforming changes to GS 18B-904.1, as enacted Section 20.3 of SL 2021-150, which provides for the regulation of social districts.
Further amends GS 18B-904.1, which provides for the regulation of social districts, to include wine shop permittees in the definition given for a permittee under the statute. Additionally, modifies the definition given for a social district, now allowing for a social district to include both indoor and outdoor areas of business that are not ABC permittees, if the businesses allow guests to consume alcoholic beverages on their premises during the days and hours set by the local government (was, limited to outdoor areas). Adds a new provision to specify that the alcoholic beverage sale requirements under subsection (d) of the statute do not authorize the sale and delivery of alcoholic beverage drinks in excess of the limitation set in GS 18B-1010 (which sets limits of one or two drinks for a single patron based on the type of drink or location of sale). Adds to the requirements for alcoholic beverage consumption and possession under subsection (e) of the statute, specifying that consumption and possession must be during the days and hours set by the county or city and cannot exceed the hours for consumption authorized by GS 18B-1004. Now prohibits possession and consumption at one time alcoholic beverages in excess of the number of alcoholic beverages that can be sold and delivered by a retail permittee under GS 18B-1010 (previously, specified that subsection (e) did not authorize the sale and delivery of alcoholic beverages in excess of the limitation set forth in GS 18B-1010).
Amends GS 18B-904(h), as enacted by Section 21.3 of SL 2021-150, which authorizes and regulates the extension of licensed premises for on-premises consumption, to require the permittee to also provide the required written notification to the ABC Commission in addition to the district office of the ALE Division and local law enforcement. Distinguishes that the prohibition from the extended area being used to increase the occupant load of the licensed premises is exclusive of the extended area.
Removes ice cream from the definition provided for alcohol consumable in GS 18B-101(4a), as enacted by Section 27.1 of SL 2021-150. Effective retroactively to September 10, 2021, and expiring on December 1, 2022.
Amends GS 18B-1006(i), as amended by Section 31.1 of SL 2021-150, which authorizes the ABC Commission to issue permits to boats that conduct regularly scheduled tours. Revises the conditions for which permits may be issued to tour boats to eliminate the requirement that a boat's gross receipts from sales of alcoholic beverages be no more than 25% of its total gross receipts. Specifies that a boat is required to offer food and non-alcoholic beverages for sale on each tour on which alcoholic beverages are served.
Amends Section 33.1 of SL 2021-150 to require the Department of Public Safety, in addition to the ABC Commission, to adopt rules or amend its rules consistent with SL 2021-150, with authority to use the procedures set forth in GS 150B-21.1.
Amends GS 18B-1119, which bars a supplier or its employees, agents, or affiliates from acquiring, possessing, or otherwise maintaining an ownership interest in a wholesaler except as expressly authorized in the Chapter. More specifically prohibits maintaining an ownership interest in its wholesaler (was, a wholesaler). Now defines supplier under the statute to mean a manufacturer, bottler, importer, or owner of one or more brands of malt beverages, unfortified wine, or fortified wine distributed by its wholesaler; excludes a wholesaler that either: (1) possesses a wine importer permit or a malt beverages importer permit; or (2) is an importer in another state, provided such malt beverages, unfortified wine, or fortified wine are transferred to it through an unaffiliated and independent third party.
Adds to the exemptions from the rulemaking provisions of Article 2A of the Administrative Procedure Act, as set out in GS 150B-1, the ABC Commission with respect to: (1) approval of alcoholic beverages to be sold in local ABC stores through the State warehouse and by special order pursuant to Article 8, GS Chapter 18B; and (2) setting prices of alcoholic beverages sold in local ABC stores under Article 8, GS Chapter 18B.
Amends GS 18B-1001.4 to require individuals delivering alcoholic beverages pursuant to a delivery service permit to complete a course conducted or approved by the ABC Commission (was, a course approved by the Commission only) related to the delivery of alcoholic beverages. Effective December 1, 2021, and applies to individuals successfully completing a course conducted or approved by the ABC Commission related to the delivery of alcoholic beverages on or after that date.
Amends GS 18B-1006.1 to permit recyclable spirituous liquor containers to be used for display purposes as provided by the ABC Commission, subject to the permittee notifying the Commission of such use. Requires that each container used for display purposes be stamped with a mixed beverages tax stamp, and recycling containers no longer used for display be recycled pursuant to the statute's existing provisions. Authorizes the ABC Commission to adopt rules or amend its rules consistent with these changes, with the Commission permitted to use the procedure set forth in GS 150B-21.1.
Changes the act's titles.
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Bill S 470 (2021-2022)Summary date: Jun 9 2021 - View Summary
Senate committee substitute to the 2nd edition makes the following changes.
Modifies and adds to the provisions establishing and governing the NC Innovation Council (Council) in new GS 169-4 as follows. Makes technical and clarifying changes to the provisions setting forth the four Council members legislatively appointed. Provides for Council members to serve four-year terms, beginning on October 1, 2021, except that the initial terms of half of the gubernatorially and legislatively appointed members are for a term of two years, and four-years thereafter. Bars serving more than two consecutive terms. Provides for filling vacancies and the Secretary of State to call the first meeting where the Council must elect an ex-officio member to serve as chair and an appointed member to serve as vice-chair for a two-year term. Now allows for Council members to receive per diem compensation and necessary travel and subsistence expenses while engaged in the official discharge of their official duties as is provided by law for members of State boards and commissions (previously provided for reasonably travel expenses only).
Adds to GS 169-8, stating that new GS Chapter 169 does not allow the Council or an applicable State agency to grant an innovation waiver that alters or amends GS Chapters 24 (Interest), 25A (Retail Installment Sales Act), 25B (Credit), or 75 (Monopolies, Trusts, and Consumer Protection), or Article 15 of GS Chapter 53 (Consumer Finance Act), Article 70 of GS Chapter 58 (Collection Agencies), Article 20 of GS Chapter 66 (Loan Brokers), or any other criminal or consumer protection laws.
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Bill S 470 (2021-2022)Summary date: May 4 2021 - View Summary
Senate committee substitute to the 1st edition makes the following changes.
Amends the legislative findings in GS 169-2 to provide that the banking and insurance industry is a major economic driver for the state (was, region). Recognizes that the specified new technologies hold the key for future growth across the state (was, region). Makes technical changes to GS 169-6. Makes a clarifying change in GS 169-10. Amends the act's long title.
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Bill S 470 (2021-2022)Summary date: Apr 5 2021 - View Summary
Enacts new GS Chapter 169, to be known as the North Carolina Regulatory Sandbox Act of 2021. Sets out and defines terms as they are used in the Chapter, including defining regulatory sandbox, sandbox, or sandbox program as the program established by this Chapter that permits a person or entity to temporarily test an innovative financial or insurance product or service (as defined in the act) and make it available to consumers on a limited basis without being subject to certain licensing or other regulatory obligations imposed under applicable State law. Includes numerous NCGA findings related to the banking and insurance industry as well as emerging technology.
Allows a person who makes an innovative product or service available to consumers in the regulatory sandbox to be granted a waiver of specified requirements imposed by statute or rule, if these statutes or rules do not currently allow the product or service to be made available to consumers. Specifies that the waiver is to be no broader than necessary to accomplish the purposes set forth in this Act. Sets the duration of the wavier as the duration of participation in the regulatory sandbox, not to exceed 24 months from the date of admission into the regulatory sandbox program unless granted an extension.
Establishes the 11-member North Carolina Innovation Council (Council) to support innovation, investment, and job creation within the state by encouraging participation in the regulatory sandbox. Gives the Council the power to set standards, principles, guidelines, and policy priorities for the types of innovations that the regulatory sandbox program will support. Makes the Council responsible for admission into the regulatory sandbox program and for assigning selected participants to the applicable State agency. Sets out membership on the Council, including expertise requirements for the public members; prohibits paying members compensation except reasonable travel expenses.
Allows a designated nonprofit organization that has been authorized by the Office of the Secretary of State to be recognized as partners that may help sandbox applicants navigate the application process. Also allows certain participating nonprofit organizations to assist sandbox participants with the design and implementation of products and services during the regulatory sandbox program period. Sets out the application process for nonprofits. Also allows those nonprofit partners to explore, provide input, analyze, and make recommendations with respect to innovations and the application of innovative technologies that would benefit the state, its consumers, and its industry.
Allows entities to apply to participate in the regulatory sandbox by submitting an application to the Council. Sets a $50 application fee and a $450 fee to participate in the 24-mnth sandbox period. Allows for additional participation fees. Require applicants to be a corporation or other organized entity with a physical presence in North Carolina. Sets out six items the Council is to consider when determining admission, including the nature of the innovation product or service proposed, including the potential risk to consumers; whether the entity's management has the necessary expertise to conduct a pilot of the innovative product or service during the sandbox period; and whether any person substantially involved in the development, operation, or management of the innovative product or service has been convicted of or is currently under investigation for fraud or State or federal securities violations. Allows the Council to deny an application in its discretion, but requires defined reasons to be given. Sets out the process by which an applicant may resolve the denial; denies judicial review.
Upon approval, gives an applicant 24 months to test the innovative product or service; allows the period to be extended by agreement of the applicable State agency. Requires innovations to be offered only to customers who are state residents, with a qualified exception for products or services associated with money transmitters; allows the applicable State agency to cap the number of participants, which may be increased by agreement. Allows the Council or State agency to publish a list of participants or innovation waivers. Allows requiring participants to post a consumer protection bond, or alternatively, a deposit of cash or marketable securities. Require a final report at the end of the sandbox period. Provides that if the sandbox participant cannot obtain regulatory compliance within 90 days following the expiration of the sandbox period, the participant must wind down operations with existing consumers within 90 days after the conclusion of the sandbox period; sets out actions that may be taken after that period. Sets out notice requirements to be met when a participant's business objectives fail before the end of the testing period.
Require a participant to make four specified disclosures to consumers before offering an innovative product or service, including that the innovative product or service is authorized under the regulatory sandbox for a temporary testing period and that neither the State nor any of the State agencies endorse or recommend the innovative product or service and is not subject to any liability for losses or damages caused by the product or service. Requires specified records, documents, and data to be kept for five years. Allows the applicable State agency to set reporting requirements.
Sets out provisions governing the confidentiality of various personal information and documents and materials; provides for when certain information may be disclosed.
Allows the Council to explore, receive input, analyze, and make recommendations, with respect to blockchain initiatives and their application. Defines blockchain technology as an electronic method for storing cryptographically secure data in a database or distributed ledger technology that is decentralized, consensus-based, mathematically verified, and distributed across multiple locations.
Deems a participant to possess an appropriate license under the State's laws for purposes of any provision of federal law that requires State licensure or authorization. Allows the Council to enter into agreements with other State, federal, or foreign regulators to advance the purpose of the regulatory sandbox. Specifies that this Chapter allows persons, applicants, or entities authorized in other jurisdictions or that hold a license in other jurisdictions to be recognized as sandbox participants in this state.
Effective October 1, 2021.
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Bill S 470 (2021-2022)Summary date: Apr 1 2021 - View Summary
To be summarized.
Identical to H 624, filed 4/20/21.