Article 9 and Lien-Related Legislation
Indiana: House Bill 1092 was amended on the House floor on 1/18/2022 to add a provision that deletes a non-uniform portion of the state’s UCC § 9-502. The non-uniform provision requires the secured party to send a copy of a financing statement to the debtor within 30 days of filing. Indiana is the only state that has such a requirement. It has been in place since Revised Article 9 was took effect in 2001. If enacted, this bill would delete the notice requirement. Further committee assignment is pending.
Nebraska: Legislative Bill 1102 was introduced on 1/19/2022 to adopt the Nebraska Environmental Response Act, which provides for an environmental lien for cleanup costs on all of the responsible party’s real property in the state. The lien must be filed with the register of deeds in each county where the responsible person owns real property. Committee assignment is pending.
Tennessee: Senate Bill 1854 was introduced on 1/20/2021 to establish the priority of a state tax lien relative to a recorded deed or deed of trust. Committee assignment is pending.
Other Uniform Laws Legislation
Nebraska: Legislative Bill 1188 was introduced on 1/20/2022 to adopt the Uniform Personal Data Protection Act. Committee assignment is pending.
Oklahoma: House Bill 3445 was pre-filed on 1/20/2022 to adopt the Uniform Personal Data Protection Act. Committee assignment is pending.
Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)
Iowa: Senate Bill 2049 was introduced on 1/18/2022 to change the definitions of electronic signature and electronic record in the Uniform Electronic Transactions Act to include blockchain technology. The bill would also provide affirmative defenses to certain tort claims for entities using cybersecurity programs. Committee assignment is pending. A similar House Study Bill, HSB 555, was introduced on 1/19/2022. Committee assignment for the House bill is also pending.
Mississippi: House Bill 1195 was introduced on 1/17/2022 to create a regulatory sandbox program for innovative financial products or services, including those using blockchain technology. Committee assignment is pending.
Mississippi: Senate Bill 2632 was introduced on 1/17/2022 to adopt the “Digital Assets Act.” This bill would (i) define “digital assets” and classifies them as intangible personal property; (ii) provide for perfection of a security interest in certain digital assets by possession or control; (iii) permit perfection of a security interest in certain digital assets by filing a financing statement; and (iv) authorize financial institutions to provide custodial services for digital assets. The bill was assigned to both the Senate Business and Financial Institutions Committee and the Judiciary Committee. A similar but not identical bill was introduced in the Senate the same day as SB 1153. The Senate bill is pending committee assignment.
Mississippi: Senate Bill 2633 was introduced on 1/17/2022 to create an exemption from certain state securities laws for open blockchain tokens. The bill was assigned to the Senate Business and Financial Institutions Committee.
Nebraska: Legislative Bill 1187 was introduced on 1/20/2022 to update a law enacted last year based on the Uniform Law Commission UCC and Emerging Technologies project with respect to controllable electronic records. Committee assignment is pending.
Oklahoma: House Bill 3279 was pre-filed on 1/19/2022 to adopt the “State Distributed Ledger Technology Assets Offering Act.” The bill would require the state to develop and employ an integrated logistics, information, and payment tracking ecosystem which uses hack-resistant, distributed ledger technologies in support of state agencies and tribal, county, and local governmental units. It would also provide for the use of convertible virtual currency or digital asset designed and used by the state and any of its agencies or political subdivisions. The convertible virtual currency shall be stable, tied in value 1:1 with the U.S. Dollar and shall have the status of legal tender. Committee assignment is pending introduction.
Oklahoma: Senate Bill 1519 was pre-filed on 1/20/2022 to allow a county to designate certain cryptocurrencies that it will accept as payment for services and fees. Committee assignment is pending.
Business Organization Legislation
Illinois: Senate Bill 3435 was introduced on 1/18/2022 to authorize creation of special purpose trust companies to provide fiduciary custodial services or related services specified by rule. Committee assignment is pending.
Oklahoma: Senate Bill 1362 was pre-filed on 1/18/2022 to make numerous changes and updates to various state business organizations laws. Committee assignment is pending introduction.
Notary Legislation
Massachusetts: House Bill 4340 was introduced on 1/18/2022 to temporarily provide for remote notarization of physical documents through 7/15/2022. The bill would have retroactive effect to 12/15/2021. It was renumbered on 1/19/2022 as HB 4345 for further action. HB 4345 was assigned to the House Ways and Means Committee.
Maryland: Senate Bill 317 was introduced on 1/20/2022 to authorize an increase in the maximum fee a notary may charge from $4 to $25. The bill was assigned to the Senate Judicial Proceedings Committee.
Mississippi: House Bill 1105 was introduced on 1/17/2022 to authorize the secretary of state to promulgate a rule for when a notary may charge a fee and to authorize a non-resident who works or practices in the state to be commissioned as a notary. Committee assignment is pending.
Mississippi: Senate Bill 2622 was introduced on 1/17/2022 to adopt the “Remote Online Notarization Act.” The bill authorizes remote notarization using audio-visual technology and sets legal requirements for such notarial acts. It authorizes the secretary of state to establish rules for the methods and procedures of remote notarization. The bill also provides that a county recorder shall accept a tangible copy of an electronic record containing a notarial certificate to satisfy any requirement for recording an original. The bill was assigned to the Senate Judiciary Committee.
New York: SB 7780, which would provide for both remote ink notarization and electronic notarization, passed the Senate on 1/20/2022 and is pending in the Assembly.
West Virginia: Senate Bill 390 was introduced on 1/17/2022 to authorize the secretary of state to promulgate a rule regarding standards and guidelines for electronic notarization, remote online notarization, and remote Ink notarization. The bill was assigned to the Senate Judiciary Committee. A similar bill was introduced in the House on 1/18/2022 as HB 4229 and was assigned to the Government Organization Committee.
Real-Estate-Recording-Related Legislation
New Jersey: Senate Bill 390 was introduced on 1/11/2022 to provide additional protection against fraudulent deed recordings. Text of the bill is not yet available. The bill was assigned to the Community and Urban Affairs Committee.
New Jersey: Senate Bill 889 was introduced on 1/18/2022 to require LLCs to disclose ownership information when submitting a deed for recording. Text of the bill is not yet available. Committee assignment is pending.
South Carolina: House Bill 4835 was introduced on 1/20/2022 to cap the deed recording fee for residential property. The bill would provide that the fee may not exceed $3500 for any single deed for residential property. The bill was assigned to the House Judiciary Committee.
West Virginia: Senate Bill 391 was introduced on 1/17/2022 to authorize he secretary of state to promulgate a rule regarding real property electronic recording standards and regulations. The bill was assigned to the Senate Judiciary Committee. A similar bill was introduced in the House on 1/18/2022 as HB 4230 and was assigned to the Government Organization Committee.
Wyoming: House Bill 35 was introduced on 1/18/2022 to establish an optional county excise tax on the sale of real property. Provides that a county clerk shall not record a document transferring legal title to or beneficial interest in real property until all taxes due under this chapter have been paid to the county treasurer. Committee assignment is pending.
Other Items/Legislation of Interest
Hawaii: House Bill 1551 was introduced on 1/19/2022 to exempt members of the Uniform Law Commission (ULC) from other state laws that limit the number of representatives that can attend a national meeting. If enacted, there would be no limit on the number of commissioners from Hawaii that can attend national meetings of the ULC. Committee assignment is pending.
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Note that this update provides only a short summary of the listed bills, which are often lengthy and complex. It is not intended to include all potentially relevant provisions of each bill. For full details, please review the bill on the applicable state legislative web site.