NY A03138

Establishes the Empire State Inclusive Value Ledger, a state-administered digital payment system consisting of a master account and individual wallets enabling residents to send and receive payments to state entities and other residents at no fee.

Requires the Department of Financial Services, in cooperation with multiple state agencies, to develop and maintain the value ledger platform, with the Urban Development Corporation administering the system of individual wallets.

Mandates that all state disbursements to residents and remittances from residents to state entities be made through the value ledger system, and requires banks and payment service providers to provide interoperability with individual wallets at no charge.

Makes $5.33 billion (one-third of the state's $16 billion in unclaimed remittances) immediately available for disbursement to New Yorkers furloughed or unable to work due to COVID-19, with excess funds distributed to small local businesses.

Establishes strict data privacy standards prohibiting sharing of financial activity data with non-governmental entities and requiring cryptographic anonymization of personal data for administrative purposes, with law enforcement access only in compliance with constitutional protections.