Article 9 and lien-related legislation
New York: Assembly Bill 166 was pre-filed for introduction on 1/2/2025 to provide for an employee’s lien for wage claims. The claimant must file a notice of lien and a, uniform commercial code (UCC) financing statement to perfect the lien. Similar bills have been introduced during the past several legislative sessions but have not passed out of committee.
Other uniform laws legislation (includes the 2022 amendments to the UCC with UCC Article 12-Controllable Electronic Records)
No developments to report.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
Ohio: House Bill 713 was introduced on 12/23/2024 to enact the Ohio Strategic Cryptocurrency Reserve Act. The act would authorize the state treasurer to invest up to 1% of state funds in digital assets. It is similar to House Bill 703, which was introduced earlier in December.
Oklahoma: Senate Bill 325 was pre-filed on 12/31/2024 to allow public employees and employees of private businesses to negotiate and receive payments in bitcoin. The bill would also authorize certain employees and vendors to receive compensation in bitcoin.
Business organization legislation
Maryland: House Bill 15 was pre-filed on 1/2/2025 to authorize the formation of limited worker cooperative associations and establish rules and procedures for the formation, governance, conversion, and dissolution of limited worker cooperative associations.
New York: Senate Bill 119 was pre-filed on 1/2/2025 to require limited liability companies to disclose their beneficial owners when registering a housing accommodation. The definition of beneficial owner for this act includes the direct or indirect owner of any equity in the LLC or that directly or indirectly controls, manages, or directs the entity and the use of its funds.
Notary legislation
New York: Senate Bill 398 was pre-filed on 1/2/2025 to amend the duties of notaries public with respect to instruments conveying residential real property. The bill would require the notary to maintain a journal of each notarization performed where there is a conveyance of residential real property. The notary would also be required to perform a colloquy using a written form set forth in the bill. If enacted any conveyance of residential real property that does not comply with the bill would be deemed void.
Real estate recording-related legislation
Maryland: House Bill 79 was pre-filed on 1/2/2025 to prohibit a person from knowingly sending fake, fraudulent, or altered documents through the mail. Violators could receive up to a year in jail and a $1,000 fine.
Maryland: Senate Bill 46 was pre-filed on 1/2/2025 to provide that a person may not, with intent to defraud another, possess or claim a right to possess residential real property the person does not lawfully possess or own. A first-time violation will be a misdemeanor, but subsequent violations can rise to a felony.
New York: Assembly Bill 331 and Senate Bill 572 were pre-filed on 1/2/2025 to authorize cities and towns of less than 1 million population to establish a community housing fund. These bills would also authorize the cities and towns to implement a supplemental transfer tax on real estate conveyances of one half of one percent of the consideration.
New York: Assembly Bill 342 and Senate Bill 574 were pre-filed on 1/2/2025 to adopt the End Toxic Home Flipping Act. These bills would impose an additional tax for residential properties resold within two years after a prior sale. The tax would equal 65% of the difference between the previous sale price and the current sale price of the property if sold within less than a year and 50% of that amount if resold between one and two years following the previous sale.
New York: Senate Bill 605 was pre-filed on 1/2/2025 to address suspected false or fraudulent conveyances. The bill provides (i) that a county clerk or city register shall not record a conveyance if the clerk or register has reason to believe the conveyance is false or fraudulent in any manner; (ii) authorizes the clerk or register to conduct reasonable investigation and, if the transaction is believed to be false or fraudulent, notify law enforcement; and (iii) requires the county clerk or city register to notify the buyer and seller of property of any investigation and the right of the parties to participate in the investigation.
North Dakota: Senate Bill 2026 was pre-filed on 12/24/2024 to amend provisions related to foreign ownership of real property. The bill would require the grantee or grantee’s agent to certify on the deed whether the grantee is allowed to own or prohibited from owning real property. The bill would also require an entity required to register with the secretary of state and that must file beneficial ownership information with FinCEN to also file a statement of ownership with the secretary of state.
Texas: House Bill 622 was pre-filed for 2025 on 11/12/2024 to provide that a person may not file for record or have recorded in the county clerk ’s office an instrument conveying commercial or industrial real property under a contract for sale unless the instrument discloses the sale price of the property.
Utah: Senate Bill 55 was pre-filed on 1/2/2025 to provide remedies for homeowners to immediately recover their property against unlawful trespassers. The bill would also impose criminal penalties for any person who knowingly and willfully presents a false document purporting to be a valid lease agreement, deed, or other instrument conveying real property rights; and for fraudulently listing or advertising for sale, or renting or leasing, residential real property under certain circumstances.
Wyoming: House Bill 76 was pre-filed on 12/31/2024 to prohibit the conveyance of property within a designated critical infrastructure zone to a prohibited foreign party.
Other items and legislation of interest
New York: Assembly Bill 391 was pre-filed for introduction on 1/2/2025 to regulate advertising by the developers of virtual tokens.
New York: Senate Bill 173 was pre-filed for introduction on 1/2/2025 to impose a tax on digital advertising services.
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.
