Article 9 and lien-related legislation
New York: Assembly Bill 834 was introduced on 1/11/2023 to provide for a lien against the real and personal property of the owner of a commercial towing company for illegal or improper towing practices. The bill also provides for personal liability of members and shareholders of commercial towing companies for such acts. The lien on personal property must be perfected by filing a financing statement under the Uniform Commercial Code (UCC). The bill was assigned to the Assembly Judiciary Committee. Similar bills have been introduced in prior sessions but have not advanced.
South Carolina: House Bill 3222 was introduced on 1/10/2023 to expand the scope of child support arrearage lien law so it also applies to alimony arrearages. The bill was assigned to the House Judiciary Committee.
Virginia: House Bill 2184 was introduced on 1/11/2023 to establish a procedure for a settlement agent to release a specific piece of property from a judgment lien. Committee assignment is pending.
Other uniform laws legislation (Includes UCC Article 12 – Controllable Electronic Records)
Nebraska: Legislative Bill 94 was introduced on 1/6/2023 to enact UCC Article 12-Controllable Electronic Records and conforming amendments. Committee assignment is pending.
New Hampshire: House Bill 584 was introduced on 1/12/2023 to address matters related to UCC Article 12-Controllable Electronic Records, which the state enacted in 2022. However, the text of the bill is not yet available so specific provisions are still forthcoming. The bill was assigned to the House Commerce and Consumer Affairs Committee.
Oregon: House Bill 2330 was pre-filed on 1/9/2023 to adopt the Uniform Voidable Transactions Act. Committee assignment is pending.
Emerging technology legislation (blockchain, DLT, cryptocurrency, etc.)
New York: Assembly Bill 938 was introduced on 1/11/2023 to require certain disclosures and prohibit false, misleading and deceptive statements in advertising with regard to a virtual token or financial product or service. The bill was assigned to the Assembly Science and Technology Committee. A similar bill, SB 360, was introduced earlier this month.
New York: Assembly Bill 944 was introduced on 1/11/2023 to establish various offenses related to crypto fraud, including fraud involving virtual tokens, private keys, “rug pulls,” and disclosures. The bill was assigned to the Assembly Codes Committee. A similar bill, SB 359, was introduced earlier this month.
New York: Assembly Bill 954 was introduced on 1/11/2023 to establish the New York state cryptocurrency and blockchain study task force to provide lawmakers with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to, blockchain technology in the state. The bill was assigned to the Assembly Banks Committee.
Virginia: House Bill 1758 was introduced on 1/11/2023 to create the department of regulatory innovation to administer the Virginia Regulatory Sandbox program, which would authorize the testing of innovative offerings without the need to obtain a license or other authorization that would otherwise be required. Committee assignment is pending. Similar bills are still pending that were introduced in 2022.
Virginia: House Bill 1784 was introduced on 1/11/2023 to provide exemptions from securities registration laws for the issuers or sellers of digital tokens or distributed autonomous organizations (DAOs) and requires the state corporations commission to develop a process for the seller of digital tokens to file a notice of intent. The bill also adopts the Virginia Decentralized Autonomous Organization Act, which provides for the formation and governance of DAOs. Committee assignment is pending.
Business organization legislation
New Hampshire: House Bill 645 was introduced on 1/12/2023 to authorize the creation of distributed autonomous organizations as legal entities in the state. The bill was assigned to the House Commerce and Consumer Affairs Committee.
Oregon: Senate Bill 21 was pre-filed on 1/9/2023 to permit limited liability companies to establish in its operating agreement one or more series of members, managers, transferable interests, or assets. Committee assignment is pending.
Virginia: House Bill 1784 would adopt the Virginia Decentralized Autonomous Organization Act, which provides for the formation and governance of DAOs. See the listing under Emerging Technology Legislation above.
Notary legislation
Minnesota: House Bill 227 and Senate Bill 148 were introduced on 1/11/2023 to grant notaries the power to solemnize civil marriages. The House bill was assigned to the Judiciary, Finance, and Civil Law Committee. The Senate bill is in the Judiciary and Public Safety Committee.
North Dakota: HB 1054, which would provide a form of application for a notary commission and provide that a notary commission may be renewed within 60 days of expiration in the same manner as an original commission, passed the House on 1/10/2023. The bill is now pending in the Senate.
Virginia: Senate Bill 1093 was pre-filed on 1/9/2023 to require applicants for a notary or electronic notary commission to take a course of instruction by the secretary of the commonwealth and to maintain a journal of notarial acts. A notary performing electronic notarial acts must keep an electronic record of such acts. The bill was assigned to the Senate Judiciary Committee.
Real estate recording-related legislation
Illinois: HB 2870 (2021), which would clarify that fees charged by a recorder for certified copies shall be the same regardless of the format in which the records are maintained, passed the Senate on 1/9/2023 and is pending delivery to the governor. The bill would also authorize recorders to charge a non-standard document fee notwithstanding the predictable fee schedule. The bill only applies to counties of the Third Class, which are those that exceed 1 million in population.
Illinois: HB 3878 (2021), which would increase the Rental Housing Program surcharge on recording documents from $9 to $18, passed the House and Senate on 1/6/2023. The bill also increases the flat fees for recording several classes of documents. The bill is pending delivery to the governor.
Iowa: House Study Bill 65 was introduced on 1/11/2023 to exempt deeds that transfer assets to the beneficiaries of a trust from the real estate transfer tax. The bill was assigned to the House Judiciary Committee.
Maryland: Senate Bill 65 was introduced on 1/11/2023 to limit the exemption from the recordation tax for a purchase money mortgage only to extent that the mortgage secures purchase money. The bill was assigned to the Budget and Taxation Committee.
New York: Senate Bill 662 was introduced on 1/5/2023 to provide that if the purchaser of real property is acting in a fiduciary capacity the real property transfer form must provide the name and contact information of a responsible person who has an interest in the person acting in the fiduciary capacity. Committee assignment is pending in the Senate. A similar bill, Assembly Bill 407, was introduced on 1/9/2023 and was assigned to the Assembly Judiciary Committee.
Oregon: House Bill 2029 was pre-filed on 1/9/2023 to increase the minimum font size on documents presented for recording with a county clerk from 8pt to 10pt. Committee assignment is pending.
Tennessee: House Bill 97 was introduced on 1/11/2023 to require that a register of deeds offer a property fraud alert program if the county appropriates funds to cover the costs of the program. Committee assignment is pending.
Tennessee: Senate Bill 124 was introduced on 1/11/2023 to require that documents submitted for recording must use at least 12-point Times New Roman type size. Committee assignment is pending. A similar bill was introduced in the House on 1/12/2023 as HB 176 and is also pending committee assignment.
Other items and legislation of interest
No developments to report.