Article 9 and lien-related legislation
No developments to report.
Other uniform laws legislation (includes the 2022 amendments to the Uniform Commercial Code (UCC) with UCC Article 12-Controllable Electronic Records)
Louisiana: The governor signed House Bill 232 on 5/23/2024 to amend the state’s version of UCC Articles 3 and 4 regarding transfer and presentment warranties. The new law will make the warrantor liable for expenses and attorney’s fees for failure to pay a claim within 30 days of demand. The new law takes effect on 8/1/2024.
Louisiana: Senate Bill 110, which would enact the 2022 Amendments to the UCC, including Article 12-Controllable Electronic Records and conforming amendments, passed the House with amendments on 5/28/2024 and was returned to the Senate for concurrence. The Senate concurred on 5/30/2024 and the bill is now pending delivery to the governor.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
New York: Assembly Bill 938 (2023), which would require certain disclosures and prohibit false, misleading, and deceptive statements in advertising regarding a virtual token or financial product or service, passed the Assembly on 5/28/2024.
Oklahoma: The conference committee report on HB 1600 (2023) was adopted by the Senate on 5/30/2024. This bill adopts the Commercial Digital Asset Mining Act of 2023, which would provide tax incentives for commercial digital mining operations by treating them in the same manner as historic forms of manufacturing or industrial processing. The bill had been in the conference committee since May 2023 and is now pending delivery to the governor.
Business organization legislation
Delaware: The governor signed House Bill 338 on 5/30/2024 to make various updates to the statutory trust law. The new law takes effect on 8/1/2024.
Delaware: Senate Bill 313 was introduced on 5/23/2024 to amend the general corporations law regarding contracts between a corporation, its shareholders and beneficial owners.
New Hampshire: The House concurred in Senate amendments to House Bill 645 (2023) on 5/30/2024. This bill would authorize the creation of distributed autonomous organizations as legal entities in the state. The bill is now pending delivery to the governor.
Notary legislation
New York: Senate Bill 5688 (2023), 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 5/28/2024. 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.
Real estate recording-related legislation
Louisiana: The governor signed Senate Bill 506 on 5/28/2024 to prohibit the recording of real estate service agreements in the mortgage and conveyance records. The new law took effect immediately.
Other items and legislation of interest
Louisiana: House Bill 380, which would require the Louisiana Clerks’ Remote Access Authority (LCRAA) to develop a statewide integrated electronic filing system, passed the Senate with amendments on 5/28/2024. The House refused to concur with the Senate amendments and the bill is now pending in conference committee.
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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.
