SB 3696

Abstract

Amends the Uniform Commercial Code to adopt changes recommended by the Uniform Law Commission with respect to the addition of a Controllable Electronic Records Article and transitional provisions and the amendment of other provisions of the Code. Makes other changes. Effective January 1, 2025. Senate Floor Amendment No. 3 Deletes reference to: 205 ILCS 657/5 Adds reference to: 810 ILCS 5/3-312 from Ch. 26, par. 3-312 810 ILCS 5/9-201 from Ch. 26, par. 9-201 Removes amendatory changes to the Transmitters of Money Act. Provides that specified secured transactions are subject to the Predatory Loan Prevention Act, the Consumer Fraud and Deceptive Business Practices Act, any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit, and any other statute or regulation concerning consumer protection. Makes a conforming change. Restores provisions that provide that a beneficial interest in Illinois land trusts may be perfected by control of specified collateral. Corrects typographical errors.