Corporations; limited liability decentralized autonomous organizations (LLDs).
Sponsored By: Saddam Azlan Salim (Democratic)
In Committee
Summary
Corporations; limited liability decentralized autonomous organizations (LLDs). Creates the Limited Liability Decentralized Autonomous Organization (LLD) Act, which establishes requirements for an LLD, defined as a distinct legal entity that operates through decentralized governance using blockchain technology and smart contracts that execute decentralized decision-making mechanisms. The bill permits the formation of an LLD by filing articles of formation with the State Corporation Commission (the Commission), and, if certain requirements are met, the Commission may issue a certificate of formation. The bill includes requirements for amending an LLD's articles of formation and also includes requirements for LLD bylaws, operating agreements, underlying smart contracts, and participant interests and management of the LLD. Under the bill, an LLD and its participants have limited liability for debts, obligations, and liabilities of the LLD. The bill also includes provisions related to recordkeeping, transferring interests, withdrawal of participants, and dissolution of the LLD. The bill directs the Commission to adopt emergency regulations to implement certain provisions of the bill. Except for the emergency rulemaking, the provisions of the bill have a delayed effective date of January 1, 2027.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Saddam Azlan Salim
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Continued from last session
7/21/2026SenateSenate committee amendments offered
2/2/2026SenateContinued to 2027 in Commerce and Labor (15-Y 0-N)
2/2/2026SenateFiscal Impact Statement from State Corporation Commission (SB782)
2/1/2026SenateReferred to Committee on Commerce and Labor
1/22/2026SenatePresented and ordered printed 26102324D
1/22/2026Senate
Bill Text
Amendment
2/2/2026
Introduced
1/22/2026
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