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NY A00837
Bill
Status
1/8/2025
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Establishes the Empire State Enhanced Public Payment System, a state-run digital payment platform consisting of a master account linked to individual digital wallets for all New York residents and businesses authorized to operate in the state
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Requires all state disbursements (over $30 billion annually in social/health benefits and $55 billion in tax credits, procurement payments, and pensions) to be made through the system, with residents having the option to make payments to the state via their wallets
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Mandates that all commercial banks, financial institutions, and payment service providers provide full interoperability with individual wallets, including free access through ATMs, teller windows, and other facilities
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Prohibits fees or charges for using individual wallets and bars financial services companies from exploiting wallet holders, including offering advances on anticipated state payments for fees
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Assigns the Urban Development Corporation to administer the system with strict data privacy protections, including prohibitions on sharing spending data with non-governmental entities and requirements for cryptographic anonymization of administrative data
Legislative Description
Enacts the "the empire state enhanced public payment system act" directing the department of financial services to develop, establish, and maintain a value storage and payment platform consisting of a digital master account and coordinate a system of individual wallets that enable payments to move between such individual wallets or payment accounts for use of New York residents.
Last Action
referred to banks
1/7/2026