H.B. 289 Blockchain Provider Registration

Bill Sponsor:

Rep. Lee, Trevor
Floor Sponsor:

Sen. Cullimore, Kirk A.
  • Drafting Attorney: Ericka A. Evans
  • Fiscal Analyst: Travis D Eisenbacher
  • Bill Tracking
  • Information
    • Last Action: 13 Mar 2023, House/ to Governor
    • Last Location: Executive Branch - Governor
    • Effective Date: 3 May 2023
    • Session Law Chapter: 077

H.B. 289

1     
BLOCKCHAIN PROVIDER REGISTRATION

2     
2023 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Trevor Lee

5     
Senate Sponsor: Kirk A. Cullimore

6     

7     LONG TITLE
8     General Description:
9          This bill creates the Noncustodial Blockchain Registry.
10     Highlighted Provisions:
11          This bill:
12          ▸     defines terms;
13          ▸     creates the Noncustodial Blockchain Registry (registry) within the Utah Office of
14     Regulatory Relief (office);
15          ▸     describes registry application, renewal, and removal requirements;
16          ▸     requires the office to issue a certificate of registration after placing an applicant on
17     the registry;
18          ▸     provides administrative rulemaking authority; and
19          ▸     makes technical and conforming changes.
20     Money Appropriated in this Bill:
21          None
22     Other Special Clauses:
23          None
24     Utah Code Sections Affected:
25     ENACTS:
26          63N-16-401, Utah Code Annotated 1953
27          63N-16-402, Utah Code Annotated 1953
28          63N-16-403, Utah Code Annotated 1953
29     

30     Be it enacted by the Legislature of the state of Utah:
31          Section 1. Section 63N-16-401 is enacted to read:
32     
Part 4. Noncustodial Blockchain Registry

33          63N-16-401. Definitions.
34          (1) "Blockchain company" means an entity that uses blockchain technology to facilitate
35     financial transactions between users.
36          (2) "Noncustodial blockchain company" means a blockchain company that does not
37     have possession or control of a user's private key.
38          (3) "Private key" means the same as that term is defined in Section 13-62-101.
39          (4) "Registry" means the Noncustodial Blockchain Registry described in Section
40     63N-16-402.
41          (5) "User" means a person who engages in a financial transaction through a blockchain
42     company.
43          Section 2. Section 63N-16-402 is enacted to read:
44          63N-16-402. Noncustodial Blockchain Registry -- Contents -- Rulemaking.
45          (1) The regulatory relief office shall maintain a Noncustodial Blockchain Registry that
46     lists noncustodial blockchain companies conducting business in the state.
47          (2) For each registered noncustodial blockchain company, the regulatory relief office
48     shall include on the registry:
49          (a) the name of the noncustodial blockchain company; and
50          (b) the noncustodial blockchain company's authorized agents in the state, if any.
51          (3) The regulatory relief office may make rules in accordance with Title 63G, Chapter
52     3, Utah Administrative Rulemaking Act, to administer the registry.
53          Section 3. Section 63N-16-403 is enacted to read:
54          63N-16-403. Registry application -- Certificate -- Renewal -- Removal -- Notice.
55          (1) (a) Subject to Subsection (1)(b), an applicant for placement on the registry shall
56     provide to the regulatory relief office:
57          (i) an application in a form prescribed by the regulatory relief office; and
58          (ii) a fee established by the regulatory relief office in accordance with Section
59     63J-1-504.
60          (b) The application shall include:
61          (i) a place for the name of the applicant, including any trade name used by the
62     applicant in the conduct of the applicant's business;
63          (ii) a place for a description of the activities conducted by the applicant in the state;
64          (iii) a place for the applicant to list the applicant's:
65          (A) authorized agents in the state, if any; and
66          (B) website URL;
67          (iv) a description of general noncustodial blockchain company activities;
68          (v) a place for the applicant to acknowledge that the applicant is a noncustodial
69     blockchain company; and
70          (vi) a statement notifying the applicant that the applicant may be removed from the
71     registry if the applicant:
72          (A) ceases to operate as a noncustodial blockchain company; or
73          (B) engages in unlawful activity.
74          (2) (a) Upon receipt of the application and fee described in Subsection (1), the
75     regulatory relief office shall:
76          (i) place the applicant on the registry; and
77          (ii) issue a certificate of registration to the applicant.
78          (b) A noncustodial blockchain company's registration expires one year after the day on
79     which the noncustodial blockchain company is placed on the registry.
80          (c) A noncustodial blockchain company may renew the noncustodial blockchain
81     company's registration by providing to the regulatory relief office:
82          (i) a renewal application in a form prescribed by the regulatory relief office; and
83          (ii) a renewal fee established by the regulatory relief office in accordance with Section
84     63J-1-504.
85          (3) A registered noncustodial blockchain company:
86          (a) shall immediately provide written notice to the regulatory relief office upon ceasing
87     to operate as a noncustodial blockchain company; and
88          (b) may request removal from the registry in writing.
89          (4) The regulatory relief office shall remove a registered noncustodial blockchain
90     company from the registry if:
91          (a) the noncustodial blockchain company's registration expires without renewal;
92          (b) the noncustodial blockchain company provides the notice or request described in
93     Subsection (3); or
94          (c) the regulatory relief office knows or has reason to know the noncustodial
95     blockchain company is engaging in unlawful activity.
Bill Status / Votes
• Senate Actions • House Actions • Fiscal Actions • Other Actions
DateActionLocationVote
1/24/2023 Bill Numbered but not DistributedLegislative Research and General Counsel
1/24/2023 Numbered Bill Publicly DistributedLegislative Research and General Counsel
1/25/2023 House/ received bill from Legislative ResearchClerk of the House
1/25/2023 House/ 1st reading (Introduced)House Rules Committee
1/27/2023 House/ received fiscal note from Fiscal AnalystHouse Rules Committee
1/30/2023 House/ to standing committeeHouse Public Utilities, Energy, and Technology Committee
2/2/2023 House Comm - Favorable RecommendationHouse Public Utilities, Energy, and Technology Committee5 4 2
2/3/2023 (11:15:44 AM)House/ committee report favorableHouse Public Utilities, Energy, and Technology Committee
2/3/2023 (11:15:45 AM)House/ 2nd readingHouse 3rd Reading Calendar for House bills
2/6/2023 (2:32:54 PM)House/ 3rd readingHouse 3rd Reading Calendar for House bills
2/6/2023 (2:34:03 PM)House/ substituted from # 0 to # 1House 3rd Reading Calendar for House billsVoice vote
2/6/2023 (2:48:56 PM)House/ passed 3rd readingSenate Secretary61 10 4
2/6/2023 (2:48:58 PM)House/ to SenateSenate Secretary
2/7/2023 Senate/ received from HouseWaiting for Introduction in the Senate
2/7/2023 Senate/ 1st reading (Introduced)Senate Rules Committee
2/8/2023 Senate/ to standing committeeSenate Business and Labor Committee
2/8/2023 Senate Comm - Favorable RecommendationSenate Business and Labor Committee5 0 3
2/8/2023 LFA/ fiscal note sent to sponsorSenate Business and Labor Committee
2/9/2023 (10:28:18 AM)Senate/ committee report favorableSenate Business and Labor Committee
2/9/2023 (10:28:19 AM)Senate/ placed on 2nd Reading CalendarSenate 2nd Reading Calendar
2/10/2023 LFA/ fiscal note publicly availableSenate 2nd Reading Calendar
2/15/2023 (2:21:11 PM)Senate/ 2nd readingSenate 2nd Reading Calendar
2/15/2023 (2:21:13 PM)Senate/ circledSenate 2nd Reading CalendarVoice vote
2/22/2023 (3:34:13 PM)Senate/ uncircledSenate 2nd Reading CalendarVoice vote
2/22/2023 (3:37:00 PM)Senate/ passed 2nd readingSenate 3rd Reading Calendar22 0 7
2/23/2023 (10:29:06 AM)Senate/ 3rd readingSenate 3rd Reading Calendar
2/23/2023 (10:29:20 AM)Senate/ circledSenate 3rd Reading CalendarVoice vote
2/28/2023 (4:29:18 PM)Senate/ uncircledSenate 3rd Reading CalendarVoice vote
2/28/2023 (4:31:42 PM)Senate/ passed 3rd readingSenate President24 0 5
2/28/2023 (4:31:43 PM)Senate/ signed by President/ returned to HouseHouse Speaker
2/28/2023 (4:31:44 PM)Senate/ to HouseHouse Speaker
3/1/2023 House/ received from SenateHouse Speaker
3/1/2023 House/ signed by Speaker/ sent for enrollingLegislative Research and General Counsel / Enrolling
3/1/2023 Bill Received from House for EnrollingLegislative Research and General Counsel / Enrolling
3/1/2023 Draft of Enrolled Bill PreparedLegislative Research and General Counsel / Enrolling
3/9/2023 Enrolled Bill Returned to House or SenateClerk of the House
3/9/2023 House/ enrolled bill to PrintingClerk of the House
3/13/2023 Governor SignedLieutenant Governor's office for filing
3/13/2023 House/ received enrolled bill from PrintingClerk of the House
3/13/2023 House/ to GovernorExecutive Branch - Governor