Article 9 and lien-related legislation
Alaska: The governor signed Senate Bill 119 on August 5, 2023, which will add an identification card issued to a prisoner prior to release from custody to the source of a debtor name under the state’s version of UCC § 9-503(a) and (g). The new law takes effect on January 1, 2024.
Other uniform laws legislation (includes the 2022 amendments to the UCC with UCC Article 12 – Controllable Electronic Records)
New Hampshire: The governor signed House Bill 584 on August 8, 2023 to update an early version of the 2022 Amendments to the UCC that the state enacted last year. The changes take effect on October 7, 2023.
Emerging technology legislation (blockchain, DLT, cryptocurrency, etc.)
United States: House Bill 4763 was introduced on July 20, 2023 to enact the Financial Innovation and Technology for the 21st Century Act, which would provide a system for the regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission. The bill was assigned to the House Financial Services and Agriculture committees.
United States: House Bill 4766 was introduced on July 20, 2023 to enact the Clarity for Payment Stablecoins Act of 2023, which would provide for the regulation of payment stablecoins. The bill would establish the requirements for issuing payment stablecoins and provide for supervision and enforcement with respect to issuers. The bill was assigned to the House Financial Services Committee.
Business organization legislation
Delaware: The governor signed Senate Bill 114 on July 17, 2023 to make clarifications, technical changes, and other amendments to the General Business Corporations Law. The new law took effect on August 1, 2023.
Hawaii: The governor vetoed House Bill 964 on July 7, 2023. This bill would have increased the fee for each apostille or non-apostille certification to $10.
Real estate recording-related legislation
Illinois: The governor signed Senate Bill 2227 on July 28, 2023 to revise the Recorder Division of the Counties Code. The new law includes a number of changes to recording office duties. It will 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 new law will also update the predictable fee schedule for counties of the first, second, and third classes. The new law takes effect on January 1, 2024.
New York: Assembly Bill 7847 was introduced on July 7, 2023 to exempt from the mortgage recording tax any mortgage executed by a veteran who is a first-time homebuyer. The bill was assigned to the Assembly Ways and Means Committee.
Other items and legislation of interest
United States: Senate Bill 2021 was introduced on June 15, 2023 to extend the scope of the Truth in Lending Act to small business commercial loans in addition to consumer lending. The bill was assigned to the Senate Banking, Housing, and Urban Affairs Committee. A similar bill was introduced in the House as House Bill 4192 on July 20, 2023 and was assigned to the House Financial Services Committee.