Article 9 and Lien-Related Legislation
No developments to report.
Other Uniform Laws Legislation
Michigan: HB 4618, which would amend the Uniform Voidable Transactions Act so it conforms with the Qualified Dispositions in Trust Act, passed the House on 11/4/2021 and is now pending in the Senate Judiciary and Public Safety Committee.
Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)
North Carolina: The governor signed HB 624 on 10/15/2021 to enact the North Carolina Regulatory Sandbox Act. This bill created a program to promote innovative FinTech services using emerging technology and to explore use of blockchain in state government. The new law took effect immediately.
New Jersey: Senate Bill 4163 was introduced on 11/22/2021 to enact the Virtual Currency and Blockchain Regulation Act. The Act would (i) regulate virtual currency businesses; (ii) clarify that open blockchain tokens are intangible personal property; (iii) allow banks to provide custodial services for digital asset. This bill also appears similar to AB 5926, which was introduced in June. The bill was assigned to the Senate Commerce Committee.
Ohio: HB 177, which would allow a governmental entity to utilize distributed ledger technology, including blockchain technology, in the exercise of its authority, passed the Senate on 11/10/2021 and is awaiting action by the governor.
Business Organization Legislation
New Jersey: Senate Bill 4163 includes provisions that allow for the formation of distributed autonomous organizations or DAOs under the state’s limited liability company law. The DAO provisions appear very similar to those enacted by Wyoming in 2021. See the bill listing under Emerging Technology Legislation above for full information.
Pennsylvania: House Bill 2057 was introduced on 11/5/2021 to make numerous changes to the state’s Corporations and Unincorporated Associations laws. Among other changes, this bill would (i) require business entities to make annual reports to the secretary of state; (ii) provide the permissible methods of delivery for records to the secretary of state; and (iv) provide requirements for names generally. The bill was assigned to the House Commerce Committee, where it was laid on the table on 11/17/2021.
Notary Legislation
No developments to report.
Real-Estate-Recording-Related Legislation
New Jersey: The governor signed SB 2861 (2020) on 11/8/2021 to prohibit the recording of a deed with a restrictive covenant purporting to restrict the ownership of use of real property prohibited by the state Law Against Discrimination. The new law took effect immediately.
Florida: Senate Bill 1016 (2022) was pre-filed on 11/22/2021 to provide that (i) a mortgagee or servicer must send an estoppel letter upon request of specified parties; (ii) sets content requirements and procedures for estoppel letters; and (iii) expands 60-day satisfaction requirement upon payment in full to all liens.. The bill is pending introduction in the 2022 session. Two identical bills were pre-filed in the House during October as HB 335 and HB 353.
Other Items/Legislation of Interest
No developments to report.
………………………..
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.