Article 9 and lien-related legislation
No developments to report.
Other uniform laws legislation (includes the 2022 Amendments to the Uniform Commercial Code (UCC) with UCC Article 12-Controllable Electronic Records)
Iowa: Senate Bill 2389, which would amend provisions of the UCC applicable to controllable electronic records, passed the House on 3/20/2024 and is awaiting delivery to the governor. Iowa enacted an early version of the 2022 Amendments to the UCC in 2022. This bill appears intended to bring that law into conformity with the final official text of the 2022 Amendments, including the transition provisions.
Kentucky: Senate Bill 155, which would enact the 2022 Amendments to the UCC, including UCC Article 12-Controllable Electronic Records and related amendments, passed the House on 3/21/2024 and is pending delivery to the governor.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
Utah: The governor signed House Bill 118 on 3/18/2024 to address private keys. The new law provides that a person may not be compelled to produce a private key or make a private key known to any other person in any civil, criminal, administrative, legislative, or other proceeding in the state that relates to a digital asset, digital identity, or other interest or right to which the private key provides access. The new law takes effect on 5/1/2024.
Wyoming: The governor signed Senate Bill 52 on 3/18/2024 to amend the Wyoming Stable Token Act. The amendments (i) allow for investments in cash and government securities; (ii) authorize the Wyoming stable token commission to issue different types and amounts of stable tokens and to contract with financial service providers; and (iii) require reporting only for fully reserved stable tokens. The new law takes effect 90 days after adjournment.
Business organization legislation
Alabama: House Bill 230, which would repeal the statute requiring corporations to provide an annual report to the secretary of state, passed the House on 3/19/2024.
Maryland: Senate Bill 85, which would authorize the formation of limited worker cooperative associations and provide for their governance and dissolution, passed the Senate on 3/18/2024.
Notary legislation
Minnesota: Senate Bill 5012 was introduced on 3/15/2024 to modify the contents of the statewide electronic notary database. The bill would also permit a notary to continue to use a notarial stamp that met all requirements at the time of issuance during the remainder of the current term even if any of the requirements change.
South Dakota: The governor signed Senate Bill 211 on 3/14/2024 to authorize and set the requirements for electronic and remote notarial acts. The new law takes effect on 7/1/2024.
Utah: The governor signed House Bill 25 on 3/19/2024 to provide for electronic notarization of documents to be recorded electronically with a county recorder. The new law takes effect on 5/1/2024.
Wisconsin: The governor signed Senate Bill 626 on 3/21/2024 to allow a notary public to perform a notarial act for a remotely located individual involving the creation and execution of a limited financial power of attorney for a real estate transaction. The new law takes effect the day following publication.
Wisconsin: The governor signed Senate Bill 898 on 3/21/2024 to authorize remote notarization of certain documents. The types of documents include estate planning documents, remote witnessing of a declaration to health care professionals, an authorization for final disposition, a power of attorney for health care, a power of attorney for finances and property, or a will. The new law takes effect the day after publication.
Real estate recording-related legislation
Alabama: Senate Bill 233 was introduced on 3/19/2024 to increase the fee for recording certain mortgages, deeds of trust, and other documents from .15 per $100 of indebtedness to .30 per $100.
Maryland: House Bill 1308, which would prohibit a person from recording a deed or other instrument that the person knows contains false information, passed the House on 3/18/2024. If enacted, a person that violates the prohibition would be subject to misdemeanor criminal charges.
Michigan: House Bill 5598 was introduced on 3/20/2024 to provide that a person who knowingly and willfully drafts or submits a fraudulent document to be filed and recorded with a register of deeds is guilty of a felony punishable by imprisonment for not more than 10 years, a fine of not more than $5,000, or both.
New York: Assembly Bill 9536 was introduced on 3/20/2024 to provide that a county clerk or city registrar shall not register any conveyance for real property if the clerk or registrar has reason to believe that the conveyance is false or fraudulent in any manner. The bill also places an investigative requirement on the recording office and authorizes the recording office to report suspected false or fraudulent transactions to law enforcement.
Utah: The governor signed Senate Bill 165 on 3/19/2024 to require that counties maintain a system for a property owner to elect to receive electronic notification when the county recorder records a deed or a mortgage on the owner’s property. The new law takes effect on 5/1/2024.
Other items and 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.