Article 9 and lien-related legislation
Utah: The governor signed Senate Bill 43 on 3/13/2024 to amend the state’s version of UCC § 9-513. The amendment adds a new section that requires a filing office to notify the secured party of record if the debtor files a termination statement. The new law takes effect on 5/1/2024.
Other uniform laws legislation (includes the 2022 Amendments to the Uniform Commercial Code (UCC) with UCC Article 12-Controllable Electronic Records)
District of Columbia: The mayor signed Bill 5, which would enact the 2022 Amendments to the UCC, including UCC Article 12-Controllable Electronic Records, and passed the Council on 3/1/2024. The bill is now in the congressional review period.
Louisiana: Senate Bill 110 was introduced on 3/11/2024 to enact the 2022 Amendments to the UCC, including Article 12-Controllable Electronic Records and conforming amendments.
Minnesota: House Bill 3868, which would enact the 2022 Amendments to the UCC, including Article 12-Controllable Electronic Records and conforming amendments, passed the House on 3/11/2024.
Oklahoma: House Bill 2776 (2023), which would enact the 2022 Amendments to the UCC, including UCC Article 12, Controllable Electronic Records, and related amendments, passed the House on 3/11/2024.
Oklahoma: House Bill 3323, which would amend the state’s version of UCC § 1-201 to define “central bank digital currency” and exclude that term from the definitions of “deposit account” and “money,” passed the House on 3/12/2024.
Utah: The governor signed House Bill 164 on 3/13/2024 to amend UCC Article 9 with respect to central bank digital currency. The new law adds a definition of “central bank digital currency” to UCC § 9-102 and excludes central bank digital currency from the definition of “money.” It also provides that a central bank digital currency is not specie legal tender and is not legal tender in the state. The new law takes effect on 5/1/2024.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
Minnesota: Senate Bill 4909 was introduced on 3/12/2024 to regulate virtual currency kiosks and related transactions. This is similar to House Bill 4717, which was reported last week.
Mississippi: House Bill 1214, which would adopt the Blockchain Basics Act, passed the House on 3/14/2024. This bill would (i) prohibit any agency or political subdivision of the state from accepting or requiring payment using a central bank digital currency; (ii) limit state and local government ability to regulate the use of digital asset storage and use as a method of payment; (iii) establish that it is legal to participate in home digital asset mining; (iv) limit the ability of state and local government to regulate digital asset mining; and (v) exempt digital asset mining services from licensing as a money transmitter and securities and investment laws.
Oklahoma: House Bill 3594, which would adopt the Blockchain Basics Act, passed the House on 3/14/2024. This bill would provide that (i) an individual may engage in home digital asset mining; (ii) a digital asset mining business may operate in any area zoned for industrial use; (iii) limit local government ability to regulate digital asset mining; and (iv) limit state and local government ability to impose additional taxes or charges on controllable electronic records used as a method of payment.
Business organization legislation
Connecticut: Senate Bill 428 was introduced on 3/12/2024 to revise business registration requirements for filing with the secretary of state. Among other changes, this bill would require businesses to provide a valid email address to the secretary of state and allow the secretary of state to provide certain notices to businesses by email instead of by registered or certified mail as provided by current law.
Georgia: House Bill 876, which would revise the incorporation process for banks and trust companies, passed the Senate on 3/8/2024 and is pending delivery to the governor.
Utah: The governor signed House Bill 318 on 3/13/2024 to amend the Decentralized Autonomous Organizations Act. The amendments provide that the Division of Corporations and Commercial Code does not issue a certificate of organization for such entities and modifies the requirements for the name of such an organization.
Washington: The governor signed Senate Bill 5786 on 3/13/2024 to make numerous changes to the Washington Business Corporations Act.
Notary legislation
Minnesota: House Bill 4972 was introduced on 3/14/2024 to modify existing law regarding registration for a notary to perform electronic notarial acts and the contents of the statewide notary database.
Wisconsin: Assembly Bill 1099, which would reconcile statutory inconsistencies with respect to a notary’s official stamp, passed the Senate on 3/12/2024 and is pending delivery to the governor.
Real estate recording-related legislation
Indiana: The governor signed House Bill 1222 on 3/11/2024 to prohibit the recording of residential real estate service agreements. The new law took effect immediately.
Utah: The governor signed Senate Bill 151 on 3/13/2024 to create civil liability for an individual who records a fraudulent deed. The new law will (i) establish a process by which an individual may nullify a fraudulent deed; (ii) direct how a court should treat a petition to nullify a fraudulent deed; and (iii) mandate court-ordered consequences for recording a fraudulent deed. The new law takes effect on 5/1/2024.
Other items and legislation of interest
Indiana: Senate Bill 252, which would amend the requirements for publication of legal notices and the qualifications for a newspaper to publish legal notices, was approved following conference committee on 3/8/2024 and signed by the governor on 3/13/2024. The new law takes effect on 7/1/2024.
Louisiana: House Bill 610 was introduced on 3/11/2024 to require that retail businesses accept cash in payment for certain transactions.
Washington: The governor signed Senate Bill 5840 on 3/13/2024 to require that a lease or memorandum of lease must have the lessee and lessor signatures acknowledged in order to be recorded. The new law takes effect 90 days after adjournment.
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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.