Bob Gardner
- Republican
- Senator
- District 12
Primary
The act incorporates the 2022 amendments to the "Uniform Commercial Code" (UCC), drafted by the Uniform Law Commission. The 2022 amendments update the UCC to account for emerging technologies by: Amending the definitions of "conspicuous", "send", and "sign"; Adding the definition of "electronic"; and Changing current references to "writing" or "written" to refer instead to a "record". The 2022 amendments update the provisions of the UCC related to secured transactions by: Addressing security interests and rights to payment related to controllable electronic records; Specifying how to perfect security interests in controllable accounts and controllable payment intangibles; Updating the definition of "chattel paper" to distinguish between a right to payment and the record evidencing the right to payment; Creating a new definition of "assignee" and "assignor". The act creates a new article within the UCC that governs controllable electronic records, including the transfer of property rights in certain intangible digital assets that have been or may be created and may involve the use of new technologies. The act provides guidance for which laws apply during the transition from the current UCC to the UCC as amended by the act. APPROVED by Governor May 1, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
Senate Consideration of First Conference Committee Report result was to Adopt Committee Report - Repass
House Consideration of First Conference Committee Report result was to Adopt Committee Report - Repass
First Conference Committee Result was to Adopt Rerevised w/ Amendments
Senate Third Reading Reconsidered - No Amendments
Senate Considered House Amendments - Result was to Not Concur - Request Conference Committee
Senate Considered House Amendments - Result was to Reconsider
Senate Considered House Amendments - Result was to Concur - Repass
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee
House Committee on Judiciary Refer Amended to House Committee of the Whole
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed with Amendments - Committee
Senate Committee on Judiciary Refer Amended - Consent Calendar to Senate Committee of the Whole
| Bill Text Versions | Format |
|---|---|
| Signed Act (05/01/2023) | |
| Final Act (04/27/2023) | |
| Rerevised (03/06/2023) | |
| Revised (03/03/2023) | |
| Reengrossed (02/22/2023) | |
| Engrossed (02/21/2023) | |
| Introduced (01/27/2023) | |
| PA2 (03/02/2023) | |
| PA1 (02/16/2023) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (02/06/2023) | |
| Fiscal Note FN2 (05/23/2023) |
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