Article 9 and Lien-Related Legislation
Kentucky: The governor signed HB 523 on 4/8/2022 to provide that a purchase-money mortgage or deed of trust granted by a purchaser shall have priority over a prior lien against the purchaser. The new law takes effect 90 days after the legislature adjourns.
Nebraska: LB 1102, which would adopt the Nebraska Environmental Response Act, passed the legislature on 4/12/2022 and is awaiting delivery to the governor. If enacted, the bill would create an environmental lien for cleanup costs on all of the responsible party’s real property in the state. The lien must be filed with the register of deeds in each county where the responsible person owns real property.
Other Uniform Laws Legislation
No developments to report this week.
Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)
Tennessee: SB 2519 and HB 2642 were amended on 4/5/2022 to replace the former text. The bills now address digital currency and non-fungible tokens in campaign finance law. The bills would replace the term “digital currency” in campaign finance law definition of “contribution” with “digital currency, including cryptocurrencies built on a blockchain.” The bill also provides that the use of a non-fungible token by a campaign is a lawful campaign expenditure and defines “non-fungible token” to mean a cryptographic asset on a blockchain with unique identification codes and metadata that distinguish them from each other, and that is encoded with a unique digital photograph, video, or audio file. Further action on both bills remains pending.
Tennessee: The governor signed SB 535 on 4/14/2022 to prohibit a government agency from transferring funds in the form of certain digital assets to an individual, corporation or other entity without permission of the state treasurer. The new law took effect immediately.
United States: House Bill 7231 was introduced on 3/28/2022 to direct the Secretary of the Treasury to develop and pilot digital dollar technologies that replicate the privacy-respecting features of physical cash. The bill was assigned to the House Financial Services Committee.
United States: House Bill 7883 was introduced on 3/31/2022 to require that the State Department notify congress of the payment of a reward using cryptocurrency. Also would establish the director of digital currency security. The bill was assigned to the House Financial Services Committee.
Virginia: The governor signed HB 263 on 4/11/2022 to authorize banks to provide virtual currency custodial services. The new law takes effect on 7/1/2022.
Business Organization Legislation
No developments to report this week.
Notary Legislation
Delaware: Senate Bill 262 was introduced on 4/12/2022 to adopt the Revised Uniform Law on Notarial Acts (RULONA). The bill includes the recent amendments to RULONA that permit remote notarization and includes remote notarization of tangible documents. The bill also requires a notary to keep a journal of all notarial acts and provides new licensing procedures for notaries public. The bill was assigned to the Senate Legislative Oversight and Sunset Committee.
Maine: HB 1503, which would adopt the Revised Uniform Law on Notarial Acts, including remote notary authorization for both electronic and tangible records, passed the House on 4/11/2022 and is pending action by the Senate. The bill includes both a journal and an examination requirement for notaries.
Maryland: HB 663, which would amend the notary law, passed the Senate on 4/8/2022 and is awaiting delivery to the governor. If enacted, this bill would (i) increase the maximum fee a notary may charge from $4 to $25; (ii) eliminate the will and trust exception to the acts notaries are authorized to perform remotely; and (iii) provide for remote notarization of a tangible record.
Real-Estate-Recording-Related Legislation
No developments to report this week.
Other Items/Legislation of Interest
No developments to report this week.
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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.