| (1) |
As used in this section:
| (a) |
“Blockchain” means the same as that term is defined in Section 78B-3-112. |
| (b) |
“Reversible blockchain” means the same as that term is defined in Section 78B-3-112. |
| (c) |
“Sheriff node” means a computer that:
| (i) |
is connected to a reversible blockchain; |
| (ii) |
is administered by the Office of the Attorney General; and |
| (iii) |
allows the Office of the Attorney General to reverse a mistaken or fraudulent transaction upon receipt of:
| (A) |
a court order issued under Section 78B-3-112; or |
| (B) |
an award issued in a valid and binding arbitration. |
|
|
| (d) |
“Transaction” means the same as that term is defined in Section 78B-3-112. |
|
| (2) |
| (a) |
There is created a program known as the “Sheriff Node Program” within the Office of the Attorney General to operate a sheriff node on a reversible blockchain. |
| (b) |
The attorney general shall administer the program with funds available for this purpose. |
|
| (3) |
The attorney general shall operate the program only to reverse a transaction on a reversible blockchain upon receipt of:
| (a) |
a court order issued under Section 78B-3-112; or |
| (b) |
an award issued in a valid and binding arbitration. |
|
| (4) |
The attorney general may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to carry out the program, including to:
| (a) |
establish the number of reversible blockchains for which the attorney general may administer a sheriff node; |
| (b) |
charge and assess fees and costs for the operation of a sheriff node on a reversible blockchain; |
| (c) |
establish criteria for determining the validity of an arbitration award; and |
| (d) |
establish other rules reasonably necessary to efficiently carry out the sheriff node program. |
|
Enacted by Chapter 365, 2023 General Session
