1. (1) As used in this section:

   1. (a) "Blockchain" means the same as that term is defined in Section 78B-3-112.
   2. (b) "Reversible blockchain" means the same as that term is defined in Section 78B-3-112.

   3. (c) "Sheriff node" means a computer that:

      1. (i) is connected to a reversible blockchain;
      2. (ii) is administered by the Office of the Attorney General; and

      3. (iii) allows the Office of the Attorney General to reverse a mistaken or fraudulent transaction upon receipt of:

         1. (A) a court order issued under Section 78B-3-112; or
         2. (B) an award issued in a valid and binding arbitration.
   4. (d) "Transaction" means the same as that term is defined in Section 78B-3-112.

2. (2)

   1. (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.
   2. (b) The attorney general shall administer the program with funds available for this purpose.

3. (3) The attorney general shall operate the program only to reverse a transaction on a reversible blockchain upon receipt of:

   1. (a) a court order issued under Section 78B-3-112; or
   2. (b) an award issued in a valid and binding arbitration.

4. (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:

   1. (a) establish the number of reversible blockchains for which the attorney general may administer a sheriff node;
   2. (b) charge and assess fees and costs for the operation of a sheriff node on a reversible blockchain;
   3. (c) establish criteria for determining the validity of an arbitration award; and
   4. (d) establish other rules reasonably necessary to efficiently carry out the sheriff node program.

Enacted by Chapter 365, 2023 General Session