Raised Bill No. 6970 proposes comprehensive amendments to the Uniform Commercial Code (UCC), set to take effect on January 1, 2026. The bill aims to modernize and clarify various legal definitions and provisions related to commercial transactions, including the introduction of new terms such as "aggrieved party," "buyer in ordinary course of business," and "controllable electronic records." It also updates existing definitions, such as "money," to exclude certain electronic records, and replaces specific terms like "authenticated" with "signed" to streamline documentation processes. The bill repeals outdated language and introduces new frameworks for hybrid transactions, lease agreements, negotiable instruments, and secured transactions, ensuring that the legal framework aligns with current business practices and technological advancements.

Additionally, the bill emphasizes the importance of clarity and consistency in legal language, particularly regarding the rights and obligations of secured parties and debtors in transactions involving collateral. It outlines the conditions under which security interests can be perfected and establishes rules for the priority of conflicting claims. The amendments also address consumer protections in retail installment contracts and clarify the notification processes for debtors in consumer-goods transactions. Overall, Raised Bill No. 6970 seeks to enhance the efficiency and effectiveness of the UCC, providing a more accessible legal framework for stakeholders involved in commercial transactions.

Statutes affected:
Raised Bill: 1-204, 1-306, 2-102, 2-106, 2-201, 2-202, 2-203, 2-205, 3-401, 5-104, 5-116, 7-106, 8-102, 8-103, 8-106, 8-110, 8-303, 9-102, 9-104, 9-105, 9-204, 9-210, 9-301, 9-312, 9-313, 9-314, 9-316, 9-317, 9-323, 9-324, 9-330, 9-331, 9-332, 9-341, 9-406, 9-408, 9-509, 9-513, 9-605, 9-608, 9-611, 9-613, 9-614, 9-616, 9-620, 9-621, 9-624, 9-628, 1-1a