Legislative Developments 5-20-2022

Legislative Developments 5-20-2022

Article 9 and Lien-Related Legislation

Florida:  The governor signed SB 336 on 5/18/2022 to amend assignment provisions in Part 4 of UCC Article 9.  The amendments exclude a security interest in an ownership interest in a general partnership, limited partnership or LLC from certain provisions of UCC § 9-406 and § 9-408.  The new law takes effect on 1/1/2023.    

Minnesota: HB 3400, which addresses fraudulent UCC filing, passed the House on 5/18/2022 and is pending in the Senate.  The bill is substantially based on the hip-pocket amendments to UCC Article 9.   Nearly identical provisions were passed as part of SB 4091, which is currently pending in conference committee.

Other Uniform Laws Legislation

No developments to report this week.

Emerging Technology Legislation (Blockchain, DLT, Cryptocurrency, etc.)

No developments to report this week.

Business Organization Legislation  

Delaware:  SB 284, which would make changes to the Statutory Trust Act, passed the Senate on 5/18/2022 and is now in the House Economic Development, Banking/Insurance and Commerce Committee.

Notary Legislation

Louisiana:  HB 903, which would change current law regarding the location of a remote notarial act, passed the Senate on 5/17/2022 and is awaiting delivery to the governor.  The bill provides that a remote online notarial act is deemed to be executed in the parish where the notary public is physically located at the time of the remote online notarization.  The remote notary must also have jurisdiction in the designated parish.

South Carolina: The governor signed HB 5338 on 5/16/2022 to approve regulations promulgated by the secretary of state regarding electronic notarization, including the procedures and requirements for a person to become an electronic notary.   The bill took effect immediately.

Real-Estate-Recording-Related Legislation

New Jersey:  Assembly Bill 3853 was introduced on 5/12/2022 to authorize a local government unit to charge a convenience fee of up to $3 when credit cards, debit cards, or electronic funds transfer systems are used for payment.  The bill was assigned to the Assembly State and Local Government Committee.

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.