Article 9 and lien-related legislation
No developments to report this week.
Other uniform laws legislation (includes the 2022 Amendments to the UCC with UCC Article 12-Controllable Electronic Records)
California: Senate Bill 95, which would enact the 2022 Amendments to the Uniform Commercial Code (UCC), passed the Senate on 5/22/2023 and is pending in the Assembly.
New Hampshire: House Bill 584, which would make updates to the prior version of the 2022 Amendments to the UCC enacted last year to conform with the official text, passed the Senate as amended on 5/18/2023 and was returned to the House for concurrence.
New York: Senate Bill 7244 was introduced on 5/19/2023 to enact the 2022 Amendments to the UCC, including UCC Article 12, Controllable Electronic Records, and related amendments. The bill was assigned to the Senate Judiciary Committee.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
California: Assembly Bill 39, which would provide for regulation of the digital financial asset market, passed the Assembly on 5/25/2023 and is pending in the Senate.
Business organization legislation
Alabama: House Bill 267, which would revise the Alabama Nonprofit Corporation Law, passed the House on 5/24/2023 and is pending in the Senate. The bill would revise the applicable laws to reflect the national standards set by the Model Nonprofit Corporation Act of 2021 and the Delaware General Corporation Law. A similar measure, Senate Bill 245, passed the Senate on 5/24/2023 and is now pending in the House.
Louisiana: House Bill 395, which would revise the requirements for certain business organization documents filed with the secretary of state, passed the House on 5/23/2023 and is pending delivery to the governor. The bill would (i) require a contract for partnership filed for registry with the secretary of state to be written in English; (ii) require certain documents as satisfactory evidence that a Limited Liability Company (LLC) is entitled to use certain words in its name indicating professional status; and (iii) make other changes to certification and filing requirements.
No developments to report this week.
Real estate recording-related legislation
Illinois: The Senate and House passed a compromise version of Senate Bill 2227 on 5/19/2023. This bill would revise the Recorder Division of the Counties Code. The bill would make several changes to recording office duties. It would allow for storage of records in a database or a book and allow a recorder to accept copies of signatures without labeling them as copies. The bill would also update the predictable fee schedule for counties of the first, second and third classes. The bill is pending delivery to the governor.
New York: Assembly Bill 7386 was introduced on 5/19/2023 to prohibit a recording officer from accepting any conveyance of real estate unless such conveyance document or accompanying addendum contains an explicit statement in bold text that “YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME” and contains the notarized signature of the transferor. The bill was assigned to the Assembly Judiciary Committee. The bill appears the same as Senate Bill 2948, which was introduced earlier this session.
Ohio: House Bill 181 was introduced on 5/22/2023 to require that each county recorder make available a method for electronic recording of real estate instruments no later than 1/25/2025. The bill was assigned to the House Finance Committee.
Other items and legislation of interest
Michigan: House Bill 4644 was introduced on 5/23/2023 to adopt the Uniform Power of Attorney Act. The bill was assigned to the House Judiciary Committee.
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.