HB 584 (2023)

Makes many changes to the Uniform Commercial Code relative to controllable electronic records. According to the majority of the House Commerce and Consumer Affairs Committee, "Article 12 of the Uniform Commercial Code (UCC) is a set of rules about 'Controllable Electronic Records' (CERs), like cryptocurrencies, digital assets, or non-fungible tokens, and how they can be legally controlled and transferred. ... A near-complete draft of UCC Article 12 was adopted in 2022 with the passage of HB 1503. HB 584, as amended, would update our statutes to include some of the changes that the Uniform Law Commission has developed since the passage of HB 1503. Having a standardized set of rules around digital assets helps facilitate interstate commerce."