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Legislative Developments 6-12-2023

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)

Nevada: Assembly Bill 231, which would enact the 2022 Amendments to the UCC, passed the Senate on 5/25/2023 with amendments and was returned to the Assembly for concurrence. The Assembly concurred on 5/30/2023 and the bill is now pending action by the governor.   

Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)

Louisiana: Senate Bill 185, which would make changes to the license requirements and regulation of virtual currency businesses, passed the House with amendments on 6/5/2023. The bill went to conference committee after the Senate refused to concur. The conference committee report was adopted by both chambers on 6/8/2023 and the bill is now pending delivery to the governor.

Nebraska: The governor signed Legislature Bill 92 on 6/6/2023 to clarify provisions of the Nebraska Banking Act and regulate institutions that offer digital asset depositories. The new law took effect immediately.

New York: Senate Bill 1891, which would establish the New York state cryptocurrency and blockchain study task force, passed the Assembly on 6/5/2023. The task force would provide lawmakers with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology. The bill is now pending delivery to the governor.   

New York: Senate Bill 5621, which would require certain elected officials to report digital asset holdings as part of their annual financial disclosures filed with an ethics commission, passed the Assembly on 6/7/2023. The bill is now pending delivery to the governor.

Business organization legislation

New Hampshire: Senate Bill 197, which would amend the state’s business organization laws, passed the House on 6/8/2023. This bill would (i) allow domestic nonprofit organizations, nonfiling entities, and nonqualified foreign entities to appoint an agent for service of process; (ii) require foreign business entities to affirm in their application to transact business in the state that they are “in good standing” in their state of incorporation or formation; (iii) allow benefit corporations to use the ending “PBC” (Public Benefit Corporation) in their name; (iv) simplify the process for limited partnerships to change their registered agent and registered office address by using the same forms as other entities; (v) change the fee charged by the secretary of state to certify a corporate document from $1.00 per page to $1.00 per document; and (vi) allow the secretary of state to establish fees for bulk registered office address changes filed electronically. The bill is pending delivery to the governor. 

Notary legislation

Alabama: Senate Bill 322, which would make several changes to the laws regulating notaries, passed the House as amended on 6/6/2023 and was returned to the Senate. The Senate concurred the same day. The bill would (i) increase the application fee for a notary commission from $10 to $100; (ii) expand the grounds for which an application for commission maybe denied; (iii) prohibit a notary from performing notarial acts in some situations; (iv) require a prospective notary to complete a training program; (v) increase the bond amount from $25,000 to $50,000; (vi) provide requirements for certain notarial acts; (vii) provide criminal penalties for certain acts; and (viii) increase the fees a notary may charge for notarial acts to $10. The bill is pending delivery to the governor.

Connecticut: Senate Bill 1040, which will authorize notaries to perform remote online notarial acts, passed the House on 5/31/2023. The bill is now pending action by the governor.

New York: Senate Bill 5688, which would require a notary or commissioner of deeds to create a detailed notarial record of each notarial act performed in connection with a document of conveyance, passed the Senate on 6/7/2023. The bill defines “document of conveyance” as a written instrument that transfers or purports to transfer title effecting a change in ownership to residential real property. The notarial records must be filed with the clerk or register of the city or county where the residential real estate is located. The bill also provides that offering a false instrument for filing is a felony. The bill is now pending in the Assembly.

North Carolina: Senate Bill 552, which would make several revisions of the state’s electronic and remote notary laws, passed the Senate on 6/8/2023. The bill is now pending in the House.   

Real estate recording-related legislation

Connecticut: House Bill 6648, which would address online recording, passed the Senate on 6/5/2023 with a House amendment. The bill originally would have required the Secretary of the Office of Policy and Management to (i) establish a commission for the online recording, indexing, and searching of municipal land records and maps, and (ii) create and maintain an online database for the recording, indexing, and searching of municipal land records and maps. The House amendment, however, changed the bill to establish a task force that will study the processes, associated costs, and benefits of creating and maintaining a publicly accessible online database for the recording, indexing, and searching of such land records and maps. The task force will report its findings and recommendations to the general assembly by 2/1/2024. The bill is now pending delivery to the governor.  

New York: Senate Bill 6569, which would create a new felony for the crime of deed theft, passed the Senate on 6/8/2023 and is pending in the Assembly.    

Texas: The governor signed House Bill 219 on 6/2/2023 to require a mortgagee or mortgage servicer to release a deed of trust or other lien securing a home loan within 60 days after receipt of payment or within 30 days if the if the payment is followed within 20 days by written request by the mortgagor. The new law takes effect on 9/1/2023.

Other items and legislation of interest

No developments to report this week.  


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 website.