Bills › 88th General Assembly
Relating to electronic transactions by permitting the use of distributed ledger technology and smart contracts
Topics:Business & economy
Where it is now
- Done: IntroducedJanuary 29, 2019
- Done: SubcommitteeFebruary 5, 2019
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
Code chapter 554D, the uniform electronic transactions Act, facilitates the use of electronic transactions in commerce by giving legal recognition to electronic records, signatures, and contracts. This bill modifies the Code chapter by permitting the use of distributed ledger technology and smart contracts in electronic transactions. The bill defines “distributed ledger technology” as an electronic record of transactions or other data that is uniformly ordered, redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data, and is validated by the use of cryptography.
Read the full explanation
The bill defines “smart contract” as an event-driven program or computerized transaction protocol that runs on a distributed, decentralized, shared, and replicated ledger that executes the terms of a contract by taking custody over and instructing transfer of assets on the ledger. The bill adds contracts secured through distributed ledger technology and smart contracts to the definition of “contract”. The bill adds records secured through distributed ledger technology to the definition of “electronic record”. The bill adds signatures that are secured through distributed ledger technology to the definition of “electronic signature”. The bill provides that a person who, in engaging in or affecting interstate or foreign commerce, uses distributed ledger technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to such information as before the person secured the information using distributed ledger technology, unless in connection with a transaction with terms that expressly provide for the transfer of rights of ownership or use with respect to such information. The bill provides that a contract shall not be denied legal effect or enforceability solely because the contract is a smart contract or contains a smart contract provision.
Senate subcommittee
Named February 5, 2019. On March 5, 2019 it recommended amendment and passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Creates§554D.106A
Lobbying
1 for · 0 against · 24 undecided · Who →
Family tree
88th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- SF 303 Relating to electronic transactions by permitting the use of distributed ledger technology…89th General Assembly · Renumbered as SF 541Very similar
Matched by wording or an identical title.