Article 9 and Lien-Related Legislation
Georgia: House Bill 1221 was introduced on 2/3/2022 to add new requirements for filing certain mechanic’s liens. If enacted, the claimant of such a lien for an amount of $10,000 or less would need to attach a copy of the contract and demand letter that was sent by registered or certified mail when filing the lien with the superior court clerk. Committee assignment is pending.
Virginia: SB 199, which would provide that a notice of sale of personal property to satisfy a lien may be made on a publicly available web site, passed the Senate on 2/8/2022. The bill is pending committee assignment in the House.
Other Uniform Laws Legislation
Iowa: Senate Bill 2208 was introduced on 2/8/2022 to provide for the protection of consumer data. It does not appear to be modeled on the Uniform Personal Data Protection Act but has provisions similar to that and data protection acts enacted in other states. The bill was assigned to the Senate Commerce Committee. A study bill was also introduced in the House the same day as HSB 674 and is pending committee assignment.
Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)
Idaho: House Bill 583 was introduced on 2/10/2022 to enact the “Digital Assets Act,” which would (i) define digital assets; (ii) classify digital assets as personal property and general intangibles; (iii) define what constitutes possession and control of a digital asset; and (iv) provide for perfection of a possessory security in a digital asset by possession or control. Committee assignment is pending. This appears similar to HB 465, which was introduced at the end of January.
Iowa: House Bill 2302 was introduced on 2/8/2022 to provide that a record or signature shall not be denied legal effect because it is created or stored by means of distributed ledger technology or smart contract, as those terms are defined in the bill. The bill provides in a new code section that the ownership of the secure information remains with the person who provided the signature, not the distributed ledger technology owner, and repeals a similar provision. Committee assignment is pending.
Iowa: House Study Bill 678 was introduced on 2/8/2022 to create new UCC Article 14, Controllable Electronic Records, which is based on the draft version of UCC Article 12 produced by the Uniform Law Commission and American Law Institute project on UCC and Emerging Technologies. The bill was assigned to the House Judiciary Committee.
Missouri: House Bill 2672 was introduced on 2/10/2022 to exempt virtual currency from taxation and to exempt persons selling, buying or taking custody of virtual currency from certain licensing requirements under the Sale of Checks law. Committee assignment is pending.
New Jersey: Assembly Bill 2371 was introduced on 2/7/2022 to enact the “Digital Asset and Blockchain Regulation Act.” This bill would (i) define “digital asset”; (ii) require licensing for those engaged in digital asset business activity; and (iii) give the state department of banking and insurance regulatory authority over digital asset business activities. The bill was assigned to the Assembly Science, Innovation and Technology Committee.
New Jersey: Senate Bill 1267 was introduced on 2/3/2022 to enact the “Virtual Currency and Blockchain Regulation Act.” This bill would establish a regulatory framework for virtual currency businesses to operate in NJ, create provisions governing the use of blockchain with certain business entities, and create certain incentives for virtual currency businesses to locate in the State. The bill provisions include (i) perfection of a security interest in digital assets by control; (ii) authorization for banks to provide custodial services for digital assets; (iii) provides for the formation of decentralized autonomous organizations (DAOs) under the state’s LLC laws; (iv) authorization for the Department of Revenue and Enterprise Services (the state’s central UCC filing office) to create a blockchain filing system; and (v) create incentives for virtual currency businesses. The bill would also allow payment of state taxes using virtual currency. This bill appears similar to AB 1975, which was introduced in early January. The bill was assigned to the Senate Commerce Committee.
New York: Assembly Bill 9275 was introduced on 2/9/2022 to establish a cryptocurrency and blockchain study task force 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. The task force will submit a report of its findings and legislative and regulatory recommendations, if any, to increase transparency and security, enhance consumer protections, and to address the long-term impact related to the use of cryptocurrency. The bill was assigned to the Assembly Banks Committee.
Utah: House Bill 335 was introduced on 2/2/2022 to create the Blockchain and Digital Innovation Task Force, which will develop knowledge and expertise regarding blockchain and related technologies. The task force will then make policy recommendations to the legislature. Committee assignment is pending.
Utah: Senate Bill 182 was introduced on 2/2/2022 to enact the Digital Asset Management Act, which would establish a framework for the regulation of digital assets. If enacted, this bill would (i) classify digital assets as intangible personal property and classifies such assets for various purposes; (ii) provide for perfection of a security interest in digital assets by filing or control; (iii) set the conditions under which a transferee takes free of a security interest in digital assets; (iv) authorize banks to provide custodial services for digital assets; and (v) define what constitutes control of virtual currency. Committee assignment is pending.
Wyoming: House Bill 70 was pre-filed on 2/3/2022 to establish civil and criminal penalties for the unlawful impersonation of a digital identity through electronic means. Committee assignment is pending.
Wyoming: Senate Bill 55 was pre-filed on 2/7/2022 to establish an insurance sandbox program for the use of emerging technology with innovative insurance products or services. Committee assignment is pending.
Wyoming: Senate Bill 56 was pre-filed on 2/7/2022 to authorize the use of any state approved type of virtual currency for the purchase of lottery tickets. Committee assignment is pending.
Business Organization Legislation
Minnesota: Senate Bill 2940 was introduced on 2/4/2022 to authorize the use of electronic networks and databases by corporations to record stock ownership and other records. Committee assignment is pending.
Notary Legislation
Mississippi: HB 1105, which would 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, passed the House on 2/9/2022. Committee assignment is pending in the Senate.
New Jersey: Assembly Bill 2523 was introduced on 2/7/2022 to provide that notaries public may take their oath before members of the legislature during a declared emergency. Text is not yet available. Committee assignment is pending.
New Jersey: Assembly Bill 2599 was introduced on 2/7/2022 to provide that notaries public may take their oath before any public official authorized to take oaths. Text is not yet available. Committee assignment is pending.
New Jersey: Assembly Bill 2649 was introduced on 2/7/2022 to require that notaries public must take the oath of office within 180 days after receipt of commission. Text is not yet available. Committee assignment is pending.
New Mexico: HB 180, which would repeal a portion of the Revised Uniform Law on Notarial Acts, passed the House on 2/10/2022. The bill would repeal a provision that permits the public to inspect a notary journal or audiovisual recording related to a specific notarial act under the state’s Inspection of Public Records Act. Committee assignment is pending in the Senate.
New York: SB 7780, which would provide for both remote ink notarization and electronic notarization, passed the Assembly on 2/7/2022 and is awaiting delivery to the governor.
Pennsylvania: SB 807 (2021), which would amend requirements for registration of a notary’s signature, passed the Senate on 2/7/2022. The is pending committee assignment in the House.
Rhode Island: House Bill 7363 was introduced on 2/4/2022 to amend state notary law to permit remote notarization and recognize notarial acts performed under the law of a federally-recognized Indian tribe. The bill was assigned to the House State Government and Elections Committee. This bill appears similar to HB 6241 and SB 931, which were introduced in 2021 and carried over to the 2022 session.
Real-Estate-Recording-Related Legislation
Mississippi: HB 1351, which would specify requirements for an affidavit of scrivener’s error related to a document affecting the title to real property, passed the House on 2/9/2022. Committee assignment is pending in the Senate.
Utah: SB 80, which would provide requirements for the legal description on documents to be recorded with a county recorder, passed the Senate on 2/8/2022. The bill is now in the House Political Subdivisions Committee.
Utah: Senate Bill 184 was introduced on 2/2/2022 to require county recorders to provide for electronic recording of a plat and to accept an electronic document for the recording of a plat by 1/1/2023. Committee assignment is pending.
Other Items/Legislation of Interest
New York: SB 4611 (2021), which would amend the public authorities law to require disclosure of beneficial ownership information for an entity to which ownership of property is transferred, passed the Senate on 2/7/2021 and is now pending in the Assembly Corporations, Authorities and Commissions Committee. The bill originally passed the Senate last June but carried over to 2022.
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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.