Article 9 and lien-related legislation
Florida: House Bill 27 was pre-filed on 12/13/2022 to enact the Judgment Lien Improvement Act. The act would provide that payment intangibles and accounts are subject to judgment liens; eliminate provisions regarding priority judgment creditors; provide a procedure for noting judgement lien on a certificate of title; and make other changes. The bill is pending introduction.
Montana: House Bill 118 was pre-filed on 12/13/2022 to provide that a warrant of distraint for unpaid taxes becomes a statewide lien against all monies of or due to the taxpayer. The bill is pending introduction.
Other uniform laws legislation
South Carolina: House Bill 3128 was pre-filed on 12/8/2022 to enact the Uniform Voidable Transactions Act. The bill was assigned to the House Labor Commerce and Industry Committee.
Emerging technology legislation (Blockchain, DLT, Cryptocurrency, etc.)
California: Assembly Bill 39 was introduced on 12/5/2022 to provide for regulation of the digital financial asset market. The bill is pending committee assignment.
California: Assembly Bill 76 was introduced on 12/14/2022 to expand money laundering laws to include transactions involving money instruments using blockchain technology. The bill is pending committee assignment.
New Jersey: Senate Bill 3321 was introduced on 11/14/2022 to require the department of treasury to create a digital payment platform to be used by legal businesses that do not have access to traditional financial services and must operate in cash heavy or cash only environments. The bill also provides the platform must process virtual currency on a one-to-one value with the U.S. dollar. The bill was assigned to the Senate Commerce Committee. This bill appears identical to AB 385, which was introduced in January 2022.
New York: The governor signed AB 7389 (2021) on 11/22/2022 to provide for a two-year moratorium on cryptocurrency mining to mitigate the effects of such activities on climate change. The new law will allow cryptocurrency mining operations to operate only after completion of an environmental impact statement. The new law took effect immediately.
New York: The governor vetoed AB 9275 on 11/23/2022, a bill that would establish a cryptocurrency and blockchain study task force. The task force was intended to provide the governor and the legislature 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.
United States: House Bill 9457 and Senate Bill 5210 were introduced on 12/7/2022 to require an interagency study of the environmental and energy impacts of crypto mining. Both bills are pending committee assignment.
Business organization legislation
New Jersey: Assembly Bill 5032 was pre-filed on 12/15/2022 to require that an LLC must provide certain information when recording a deed for residential property. The bill text is not yet available but it likely requires beneficial ownership reporting. Similar bills have been introduced in previous sessions but were not enacted. The bill is pending introduction.
Pennsylvania: The governor signed HB 2057 (2021) on 11/3/2022 to make numerous changes to the state’s Corporations and Unincorporated Associations laws. Among other changes, the new law will (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 (iii) provide requirements for names generally. The new law takes effect on 1/2/2023.
South Carolina: House Bill 3090 was pre-filed on 12/8/2022 to enact the Uniform Unincorporated Non-Profit Association Act. The bill is pending introduction.
South Carolina: House Bill 3497 was pre-filed on 12/8/2022 to enact the South Carolina Uniform Partnership Act of 2023. The bill is pending introduction.
Washington: Senate Bill 5004 was pre-filed on 12/5/2022 to make several changes to the state Business Corporation Act. The bill is pending introduction.
Ohio: SB 300, which would amend the state’s notary law with respect to taking acknowledgements and proof of identity, passed the Senate on 11/16/2022 and is pending in the House.
Pennsylvania: The governor signed SB 807 (2021) on 11/3/2022 to amend requirements for registration of a notary’s signature. The new law takes effect on 1/3/2023.
Texas: House Bill 255 was pre-filed on 11/14/2022 to authorize a notary to record the expiration date of identification document and raises fees. The bill is pending introduction.
Real estate recording-related legislation
Delaware: House Bill 36 was pre-filed for 2023 on 12/15/2022 to reduce the state’s real estate transfer tax by 1%. This would return the tax to the level it was in 2017. The bill is pending introduction in 2023.
Michigan: SB 1133 (2021) passed the House on 12/13/2022, which would require registers of deeds to collect a $4 fee in addition to all other recording fees. The new fee is to be remitted to the state treasurer and deposited in the state remonumentation fund. If enacted, the fee will remain in place until January 1, 2043, at which time it will drop to $2. The bill is pending action by the governor.
New Jersey: See Assembly Bill 5032 under “Business organization legislation” above.
South Carolina: House Bill 3500 was pre-filed on 12/8/2022 to provide that to be recorded, a deed or mortgage instrument executed after June 30, 2023 must identify either (1) the name and contact information of the preparer of the instrument or (2) the attorney licensed in SC who assisted with the closing of the instrument. The bill is pending introduction.
Texas: House Bill 219 was pre-filed on 11/14/2022 to require the satisfaction of mortgage within 30 days of demand or request. The bill is pending introduction.
Other items or legislation of interest
United States: Senate Bill 5151 was introduced on 11/30/2022 to prohibit an individual or entity from owning more than 100 single family residences. The bill would impose a $20,000 tax per residence owned in excess of 100 per tax year. The bill is pending in the Senate Finance Committee.
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.