New laws affect racketeering, cryptocurrency, tech

On Friday Dec. 20, Governor Whitmer also signed House Bills 4102, 4103, 4104, 4105, 4106, and 4107, as well as Senate Bills 228 and 348 into law.

House Bill 4102 – 4107 is a package of bills that amends various sections of the Michigan Penal Code to add direct and indirect reference to cryptocurrency and distributed ledger technology.

House Bill 4102 ensures that persons are prohibited from collecting any property or any other thing of value, including cryptocurrency, for the fighting baiting, or shooting of an animal. The bill was sponsored by Representative Steve Marino, R-Harrison Twp.

House Bill 4103 modifies the definition of “financial transaction device” to include the use of cryptocurrency and distributed ledger technology. The bill was sponsored by Representative Vanessa Guerra, D-Saginaw.

House Bill 4104 modifies the definition of “racketeering” to “committing or attempting to commit a variety of listed offense for financial gain by obtaining money, property or any other thing of value.” The bill was sponsored by Representative Beau Matthew LaFave, R-Iron Mountain.

House Bill 4105 replaces references to “money or personal property” with “money or other personal property,” as well as specifies that “other personal property” would include cryptocurrency. The bill was sponsored by Representative Ryan Berman, R- Commerce Twp.

House Bill 4106 makes altering a record made using distributed ledger technology a felony. The bill was sponsored by Representative Robert Wittenberg, R- Huntington Woods.

House Bill 4107 adds cryptocurrency to the definition of “monetary instrument.” The bill was sponsored by Representative Diana Farrington, R-Utica.

Senate Bill 228 creates the “Suicide Prevention Commission” work towards reducing Michigan’s suicide rate. The Commission is required to prepare a preliminary report of its research and findings, and complete a revised report annually thereafter. The bill was sponsored by Senator Jim Runestad, R-White Lake.

Senate Bill 348 amends the Social Welfare Act to add a requirement that any new interpretation of existing Medicaid provider policy issued by the state that directly impacts nursing facility Medicaid cost reports must include a prospective effective date. A policy may have retrospective date as part of a State Plan Amendment or waiver approval, or if required by a state law, federal law, or judicial ruling. The bill was sponsored by Senator Peter MacGregor, R-Rockford.

Governor Whitmer sent a signing statement to the Michigan Senate with SB 348. Click the link below:

SB 348 – Signing Statement

 

Leave a Reply