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21LSO-0027
2021
STATE OF WYOMING
21LSO-0027
ENGROSSED
3.0
HOUSE BILL NO. HB0142
Commercial filing system update.
Sponsored by: Select Committee on Blockchain, Financial Technology and Digital Innovation Technology
A BILL
for
AN ACT relating to corporations, partnerships and associations; authorizing the secretary of state to develop a blockchain or other distributed ledger filing system; providing recommendations for the filing system; providing definitions; permitting the supreme court to participate in a similar filing system;
authorizing the promulgation of rules; repealing the previous enabling legislation; creating an account; providing an appropriation for developing a new filing system by the secretary of state and for advertising; providing for retention of a consultant and a report; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
(a)
Not later than December 31, 2021, the secretary of state may develop a filing system through which all required filings, as defined in paragraph (c)(iii) of this section, may be submitted. The secretary of state shall explore using blockchain technology or other distributed ledger technology as the technological framework for the filing system.
This may include an application programming interface, security measures, authenticated digital corporate identity and other components determined by the secretary of state to be best practices and likely to increase the effective and efficient administration of the laws of this state. The secretary of state may develop a blockchain or other distributed ledger technology for the purposes of this section or explore contracting for the use of a privately created blockchain or other distributed ledger technology.
(b)
The secretary of state may:
(i)
Consult with interested parties before developing the filing system specified by subsection (a) of this section, including businesses, registered agents, attorneys, law enforcement and other interested persons;
(ii)
If possible, partner with technology innovators and private companies to develop necessary components of the system, including the University of Wyoming or its affiliates.
(c)
As used in this section:
(i)
"Application programming interface" means a computer software intermediary or protocol which allows two (2) or more distinct software applications to interact;
(ii)
"Blockchain" means a digital ledger or database that is chronological, consensus based, decentralized and mathematically verified in nature;
(iii)
"Required filings" means all documents, reports, data and other information required by law to be filed with the secretary of state.
(d)
The supreme court may develop and implement a similar filing system to that described in subsection (a) of this section for the chancery court or other court system. If it pursues this approach the supreme court shall report quarterly to the select committee on blockchain, financial technology and digital innovation technology updates on the status of the filing system.
Section 2.
The secretary of state may adopt rules to implement this act.
Section 3.
2019 Wyoming Session Laws, Chapter 94 is repealed.
Section 4.
(a)
There is appropriated three hundred fifty thousand dollars ($350,000.00) from the general fund to the secretary of state to explore and implement a blockchain or distributed ledger filing system under this act.
This appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on June 30, 2022.
(b)
Of those funds appropriated in subsection (a) of this section, no more than two hundred fifty thousand dollars ($250,000.00) shall be used by the secretary of state for the purposes of contracting for services to conduct a study regarding the feasibility of the filing system authorized by section 1 of this act, including potential financial and commercial demand for the filing system and technology requirements, the benefits and drawbacks to the system compared to the benefits and drawbacks of current or planned systems upgrades and a comparison of the costs of developing the system including ongoing maintenance and support with the costs of current systems and planned upgrades including ongoing maintenance and support. The request for proposal and retention of a consultant to perform the study shall be conducted by the authority of the office of the secretary of state in consultation with the select committee on blockchain, financial technology and digital innovation technology and the department of enterprise technology services. The results of the study shall be reported to the select committee on blockchain, financial technology and digital innovation technology and the joint appropriations committee during the 2021 legislative interim. This appropriation shall be for the period beginning with the effective date of this act and ending June 30, 2022.
This appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on June 30, 2022.
(c)
The secretary of state shall report to the joint appropriations committee no later than October 1, 2021 all findings and conclusions of consultants and current recommendations for pursuing a blockchain or other distributed ledger filing system.
Section 5
.
This act is
effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution
.
(END)
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HB0142