The proposed bill SB15 introduces the Uniform Assignment for Benefit of Creditors Act, which establishes a structured legal framework for secured transactions involving asset assignments for creditor benefit. Key provisions include new definitions for terms such as "assignor," "assignee," and "assignment," as well as requirements for assignment agreements that must be documented in a signed record by both parties. The bill mandates that the assignor provide a representation under penalty of perjury regarding the assets being assigned, and it clarifies that an assignment is effective upon signing unless otherwise specified. Additionally, the bill outlines the responsibilities of assignees, including notifying known creditors within 30 days and managing the assignment estate in a fiduciary capacity.

The bill also introduces amendments to existing laws, including criteria for the removal of an assignee by the circuit court and the appointment of a successor assignee. It ensures that assignments made under other states' laws are recognized similarly to those under this act and allows for the appointment of ancillary assignees for assets located in the state. The act aims to streamline the assignment process while protecting the rights of all parties involved, including creditors and assignors. Notably, the bill does not specify any deletions from existing law but modifies the Electronic Signatures in Global and National Commerce Act to promote uniformity across states. The act is set to take effect on October 1, 2026, applying to assignments made on or after that date.