SB 468 IN

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Became Law

Incorporates into Indiana's Uniform Commercial Code (UCC) the Amendments to the Uniform Commercial Code (2022) approved and recommended for enactment in all states by the Uniform Law Commission (ULC) to address emerging technologies. Makes conforming amendments to general provisions and definitions that apply throughout the UCC. Makes conforming amendments to chapters of the UCC governing the following: (1) Sales. (2) Leases. (3) Negotiable instruments. (4) Fund transfers. (5) Letters of credit. (6) Documents of title. (7) Investment securities. (8) Secured transactions. Repeals the chapter in the UCC governing controllable electronic records. Amends the definition of "money" for purposes of Indiana's Uniform Commercial Code (UCC) to specify that money: (1) is a medium of exchange that is not in an electronic form; and (2) does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank. Establishes a new chapter in the UCC that: (1) governs controllable electronic records; and (2) incorporates the provisions of the ULC's amendments governing controllable electronic records. Provides that a "controllable electronic record" does not include an electronic record that is currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by a government. Establishes a new chapter in the UCC that: (1) addresses the validity, enforceability, and perfection of certain commercial transactions, including secured transactions, entered into before the effective date of the amendments on July 1, 2023; and (2) establishes July 1, 2025, as an "adjustment date" on or after which certain transactions must conform to the requirements of the amendments to remain valid, enforceable, or perfected. Adds language to incorporate into Indiana's UCC the Amendments to Uniform Commercial Code Article 9 (2018), as approved by the American Law Institute and the National Conference of Commissioners of Uniform State Laws. Provides, through the incorporation of these amendments, that the provisions in the UCC providing that restrictions on the transfer of property pledged as collateral are ineffective do not apply in the case of a security interest in an ownership interest in a general partnership, limited partnership, or limited liability company.

• Chris Garten Republican · author
• Eric Koch Republican · author
• Greg Taylor Democratic · author
• Chris Jeter Republican · sponsor

1. Jan 19, 2023 Authored by Senators Garten, Koch, Taylor G · upper
2. Jan 19, 2023 First reading: referred to Committee on Judiciary · upper
3. Jan 23, 2023 Senators Charbonneau, Brown L, Pol added as coauthors · upper
4. Jan 23, 2023 Senator Freeman added as coauthor · upper
5. Jan 30, 2023 Senator Glick added as coauthor · upper
6. Jan 31, 2023 Senator Randolph added as coauthor · upper
7. Feb 2, 2023 Committee report: amend do pass, adopted · upper
8. Feb 7, 2023 Amendment #1 (Young M) prevailed; voice vote · upper
9. Feb 7, 2023 Second reading: amended, ordered engrossed · upper
10. Feb 9, 2023 Third reading: passed; Roll Call 95: yeas 48, nays 1 · upper
11. Feb 9, 2023 House sponsor: Representative Jeter · upper
12. Feb 9, 2023 Cosponsor: Representative Steuerwald · upper
13. Feb 10, 2023 Referred to the House · upper
14. Feb 28, 2023 First reading: referred to Committee on Financial Institutions · lower
15. Mar 20, 2023 Representative Judy added as cosponsor · lower
16. Mar 30, 2023 Committee report: amend do pass, adopted · lower
17. Apr 3, 2023 Amendment #1 (Judy) prevailed; voice vote · lower
18. Apr 3, 2023 Second reading: amended, ordered engrossed · lower
19. Apr 4, 2023 Third reading: passed; Roll Call 361: yeas 95, nays 2 · lower
20. Apr 5, 2023 Returned to the Senate with amendments · lower
21. Apr 20, 2023 Motion to concur filed · upper
22. Apr 20, 2023 Senate concurred in House amendments; Roll Call 464: yeas 46, nays 0 · upper
23. Apr 24, 2023 Signed by the President Pro Tempore · upper
24. Apr 28, 2023 Signed by the President of the Senate · upper
25. May 1, 2023 Signed by the Speaker · lower
26. May 4, 2023 Public Law 199 · upper
27. May 4, 2023 Signed by the Governor · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled Senate Bill (S) · Apr 20, 2023 · PDF
• Introduced Senate Bill (S) · Jan 18, 2023 · PDF
• Senate Bill (S) · Feb 2, 2023 · PDF
• Engrossed Senate Bill (S) · Feb 7, 2023 · PDF
• Senate Bill (H) · Mar 30, 2023 · PDF
• Engrossed Senate Bill (H) · Apr 3, 2023 · PDF