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OH SB300

Bill

Official Source

Status

Introduced

5/15/2018

Primary Sponsor

Matthew Dolan

Click for details

Origin

Senate

132nd General Assembly (2017-2018)

AI Summary

  • Amends Ohio's Uniform Electronic Transactions Act (sections 1306.01-1306.23 of Revised Code) to define and recognize blockchain technology and smart contracts
  • Defines "blockchain technology" as distributed ledger technology using cryptography that is immutable, auditable, and provides an uncensored truth
  • Establishes that records and contracts secured through blockchain technology are considered electronic records and electronic signatures
  • Allows smart contracts to exist in commerce and prohibits denying legal effect to contracts solely because they use electronic records or contain smart contract terms
  • Preserves ownership rights when persons use blockchain technology to secure information they own, except where transaction terms expressly provide for transfer of ownership rights

Legislative Description

Revise Electronic Transactions Act/blockchain/smart contracts

Commerce

Last Action

Refer to Committee: Insurance and Financial Institutions

5/23/2018

Committee Referrals

Insurance & Financial Institutions5/23/2018

Full Bill Text

No bill text available