Article 9 and Lien-Related Legislation
No developments to report.
Other Uniform Laws Legislation
Alabama: The governor signed SB 211 on 3/15/2022 to adopt the Uniform Certificate of Title for Vessels Act. The new law takes effect on 1/1/2024.
Iowa: HB 2506, which would provide for the protection of consumer data, passed the House on 3/14/2022. This bill 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 is now pending in the Senate Judiciary Committee.
Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)
Colorado: SB 25, which would direct the state treasurer to study the use of security tokens for state capital financing, passed the Senate on 3/14/2022. The bill defines “Security Token” to mean a digital, liquid contract made verifiable and secured through the use of blockchain technology that establishes its owner’s right to a fraction of a financial asset, such as stock, bond, or certificate of participation. The bill is now assigned to the House Finance Committee.
Hawaii: House Resolution 165 was introduced on 3/11/2022 to request that the Office of Enterprise Technology Services develop a recommended definition for blockchain technology and recommendations for opportunities for individuals, private entities, and state agencies to use blockchain technology. Committee assignment is pending.
Indiana: The governor vetoed HB 1211 on 3/15/2022. This bill would have directed the department of administration to gather information on how blockchain technology could be used by a state agency.
Indiana: The governor signed SB 351 on 3/2/2022 to add new Chapter 11 to the state’s UCC. The new chapter provides for ownership, control and perfection of a security interest in controllable electronic records. The new law takes effect on 7/1/2022.
Louisiana: House Bill 564 was introduced on 3/14/2022 to create a financial technology regulatory sandbox program. The program would provide regulatory waivers for the purpose of supporting innovation, investment, and job creation in the state. The bill was assigned to the House Commerce Committee.
New Hampshire: HB 1503, which would exempt a developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws, passed the House with amendments on 3/15/2022. The amendments adopt UCC Article 12; Controllable Electronic Records, which has been drafted by Joint Committee on the UCC and Emerging Technologies of the ULC to govern controllable electronic records. The bill is now pending in the Senate.
Oklahoma: HB 3279, which would adopt the “State Distributed Ledger Technology Assets Offering Act,” passed the House as substituted on 3/15/2022. The text of the substitute bill is not yet available so the. The original 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. It is not clear yet whether the substitute bill changed any of the foregoing. Committee assignment is pending in the Senate.
Business Organization Legislation
Kansas: House Bill 570 was introduced on 3/17/2022 to delay the effective date of HB 2391 (2021) with respect to business entity reports. The bill would delay the effective dates of amendments to various business organization laws that will require business entities to file a written business information report biennially until July 1, 2024.
Washington: The governor signed SB 5489 on 3/11/2022 to make numerous changes to the state business organization laws. The new law takes effect 90 days after adjournment.
Notary Legislation
Georgia: SB 96 (2021), which would provide that that a veterans health identification card constitutes satisfactory evidence of identity for a document signer, passed the Senate on 3/15/2022 and is now pending in the House Defense and Veterans Affairs Committee.
Real-Estate-Recording-Related Legislation
Alabama: Senate Bill 299 was introduced on 3/8/2022 to increase the special recording fee charged by the Bullock County Judge of Probate from $7 to $10. The bill was assigned to the Senate Local Legislation Committee.
Kentucky: SB 135, which would require that county clerks to establish a portal that will enable the public to electronically file and search county records online, including real estate records and UCC fixture filings, passed the House on 3/16/2022 and is pending delivery to the governor.
Louisiana: House Bill 57 was introduced on 3/14/2022 to shorten the time in which a homeowners association must file suit to enforce a lien for unpaid assessments from 5 years to 90 days; provide for a demand notice requirement to the property owner; and require an association to cancel lien within 10 days under some circumstances. The bill was assigned to the House Civil Law and Procedure Committee.
Washington: The governor signed HB 1376 (2021) on 3/17/2022 to repeal existing law regarding registered land and remove all lands from the title registration system. The new law takes effect on 7/1/2023.
Other Items/Legislation of Interest
No developments to report.
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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.