Article 9 and lien-related legislation
No developments to report this week.
Other uniform laws legislation (includes the 2022 Amendments to the Uniform Commercial Code (UCC) with UCC Article 12-Controllable Electronic Records)
Minnesota: House Bill 3868, which would enact the 2022 Amendments to the UCC, including Article 12-Controllable Electronic Records and conforming amendments, passed the Senate on 4/29/2024. The bill is pending delivery to the governor.
Tennessee: The governor signed Senate Bill 479 on 4/29/2024 to exclude a United States central bank digital currency from the definition of “Deposit account” in the state’s version of UCC § 9-102(a).This bill originally was introduced to enact the 2022 Amendments to the UCC, but that text was deleted and the digital currency provision substituted before passing the legislature. The new law took effect immediately.
Emerging technology legislation (blockchain, distributed ledger technology, cryptocurrency, etc.)
Arkansas: Senate Bill 79, which addresses digital asset mining, passed the House on 5/1/2024 and the governor signed it the same day. The enacted bill restricts foreign ownership of digital asset mining businesses, requires digital asset mining businesses to obtain a permit from the Oil and Gas Commission and limits the ability of local government to impose additional restrictions on such businesses that are contrary to federal or state law. The new law took effect immediately.
North Carolina: Senate Bill 774 was introduced on 4/29/2024 to prohibit cryptocurrency mining in any zoning district of Henderson, Polk, and Rutherford counties and any municipality located therein.
United States: Senate Bill 4155 was introduced on 4/17/2024 to enact the Lummis-Gillibrand Payment Stablecoin Act. The act is intended to provide for effective regulation of payment stablecoins.
Business organization legislation
No developments to report this week.
Notary legislation
Hawaii: House Bill 2480, which would require the lieutenant governor to charge a fee for each apostille or non-apostille certification issued, passed out of conference committee and was approved by both chambers on 5/1/2024. The bill is now pending delivery to the governor.
Oklahoma: The governor signed Senate Bill 556 (2023) on 4/30/2024 to require that a notary maintain an electronic record of notarial acts. The new law further provides that failure to keep such records would be grounds to deny, refuse to renew, or revoke a notary commission. It also provides that a notary who performs a notarial act without first making in good the required identification of the person appearing before them is guilty of a misdemeanor. The new law takes effect on 11/1/2024.
Real-Estate-Recording-Related Legislation
Colorado: The House concurred in Senate amendments to House Bill 1269 on 4/30/2024.This bill would increase recording fees a clerk may charge. The bill would increase the fee for filing or recording a document from $10 to $40, unless a different fee for the type of document is specified by law. The Senate amendment would require clerks to redact the first five digits of any social security number submitted on a document for recording. The bill is pending delivery to the governor.
Colorado: House Bill 1443, which would increase the fees a public trustee may charge, passed the Senate on 5/2/2024 and is awaiting delivery to the governor. The bill would double the fees that a public trustee may charge for performing most functions or exercising certain powers conferred on them by statute. There are some exceptions for releasing a deed of trust and conducting a public foreclosure online.
Hawaii: Senate Bill 2861, which would prohibit the recording of unfair exclusive listing agreements, passed out of conference committee and was approved by both chambers on 5/1/2024.The bill is now pending delivery to the governor.
Maryland: The governor signed House Bill 1308 on 4/25/2024 to address fraudulent recording. The bill prohibits a person from recording a deed or other instrument that the person knows contains false information. A person that violates the prohibition would be subject to misdemeanor criminal charges. The new law takes effect on 10/1/2024.
Oklahoma: The governor signed House Bill 3318 on 4/26/2024 to prohibit the recording of unfair real estate service agreements. The new law takes effect on 11/1/2024.
Oklahoma: The governor signed Senate Bill 57 on 5/1/2024 to change the margin requirements for certain documents to be recorded. The new law takes effect on 11/1/2024.
Other Items/Legislation of Interest
Florida: The governor signed Senate Bill 1616 on 4/26/2024 to require that clerks of court make certain official records available through a database searchable on the clerk’s official website. The new law takes effect on 7/1/2024.
Illinois: Senate Bill 2234 (2023), which would enact the Small Business Financing Transparency Act, passed the Senate on 5/2/2024. This bill would set forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. It also provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation.
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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.
