Article 9 and lien-related legislation
Illinois: House Bill 4317, which would amend the Mechanics Lien Act, passed the House on 4/15/2024. This bill would provide for additional parties that may be served with notice of a mechanic’s lien and allow delivery of such notices by overnight delivery service with tracking.
Other uniform laws legislation (includes the 2022 amendments to the Uniform Commercial Code (UCC) with UCC Article 12-Controllable Electronic Records)
California: Assembly Bill 1879, which would authorize the use of electronic signatures by taxpayers and require every county assessor to accept an electronic signature, passed the Assembly on 4/18/2024.
Maine: House Bill 59 (2023), which would enact the 2022 Amendments to the UCC, including UCC Article 12-Controllable Electronic Records and related amendments, passed the House on 4/12/2024. The bill then passed the Senate the same day as amended. The House and Senate concurred on the bill on 4/15/2024 and it is now pending delivery to the governor.
Missouri: House Bill 2780, which would enact the 2022 Amendments to the UCC, including UCC Article 12-Controllable Electronic Records, and related amendments, passed the House on 4/15/2024. The bill also defines “central bank digital currency” and prohibits a public entity from accepting payment in central bank digital currency or participating in any test of central bank digital currency with the Federal Reserve. The bill was also amended in the House to add the Money Transmission Modernization Act of 2024 and the Commercial Financing Disclosure Law.
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 Senate on 4/15/2024 and was signed by the governor on 4/18/2024. The new law takes effect on 11/1/2024.
Tennessee: The governor signed Senate Bill 2219 on 4/11/2024 to amend the state’s version of UCC § 1-201 with respect to central bank digital currency. The amendment adds a definition for “central bank digital currency” and excludes central bank digital currency from the definition of “money.” The new law takes effect 7/1/2024.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
Arkansas: House Resolution 1020, which would provide for the licensing and regulation of digital asset mining businesses and businesses utilizing a blockchain network, passed the House on 4/17/2024.
Arkansas: Senate Resolution 11, which would require a digital asset mining business or business utilizing blockchain to pay a fee for extraordinary energy usage, passed the Senate on 4/15/2024 and is pending in the House.
Arkansas: Senate Bill 79 was introduced on 4/17/2024 to require a digital asset mining business or business utilizing blockchain to pay a fee for extraordinary energy usage. This appears similar to other House and Senate resolutions introduced last week.
Maine: Senate Bill 905, which would repeal the Money Transmitters Act and replace it with a model act, passed the Senate on 4/17/2024 and is pending delivery to the governor. The bill would also provide for licensing of those engaged in virtual currency business activity, require disclosures, and otherwise regulate virtual currency businesses.
Business organization legislation
Louisiana: House Bill 892, which would adopt the Louisiana Decentralized Unincorporated Nonprofit Association Act, passed the House on 4/18/2024. The bill would provide for the formation and administration of decentralized unincorporated nonprofit associations.
Oklahoma: Senate Bill 620 (2023), which would make numerous changes to the state business entity law, passed the Senate on 4/17/2024 and is pending delivery to the governor.
Oklahoma: Senate Bill 649 (2023), which would address series of limited liability companies (LLCs), passed the House on 4/17/2024 and is pending action by the governor. The bill would provide for the creation, regulation and governance of protected series and registered series of LLCs.
Notary legislation
Illinois: Senate Bill 3513, which would amend the Notary Public Act, passed the Senate on 4/12/2024 and is pending in the House. This bill would provide that an applicant to renew an appointment as a notary public or electronic notary public is not required to complete a course of study or pass an examination if the applicant is a licensed attorney, a judge or employed by a licensed attorney or the court.
Missouri: House Bill 1886, which would provide for electronic wills, including electronic and remote online notarization of such wills, passed the House on 4/15/2024.
Virginia: House Bill 1372, which would authorize the use of a knowledge-based authentication assessment to establish satisfactory evidence of identity if the system meets certain requirements, was returned by the governor without signature on 4/8/2024 with recommended amendments. The amendments appear mostly non-substantive. The House and Senate approved the amendments on 4/17/2024 and the bill is again pending delivery to the governor.
Real estate recording-related legislation
Illinois: Senate Bill 3420, which would enact the Unfair Service Agreements Act, passed the Senate on 4/12/2024 and is pending in the House. This bill would provide that a county recorder may refuse to record an unfair service agreement.
Nebraska: The governor signed Legislative Bill 1073 on 4/15/2024, which includes a provision that prohibits the recording of right to list home sales agreements. The new law took effect immediately.
Nebraska: The governor signed Legislative Bill 1120 on 4/15/2024 to require the purchaser of real property in restricted areas to record an affidavit with the register of deeds. The affidavit must state that the purchaser is not affiliated with a foreign government or non-government foreign adversary. The bill also would prohibit the register of deeds from recording a conveyance until after receipt of the affidavit. The new law takes effect three months after adjournment.
Other items and legislation of interest
Nebraska: The governor signed Legislative Bill 1074 on 4/15/2024 to enact the Data Privacy Act. The new law provides protections for personal data of an identified or identifiable individual and takes effect on 1/1/2025.
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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.
