The bill CS/CS/HB 515 introduces comprehensive amendments to the Florida Uniform Commercial Code (UCC), particularly focusing on controllable electronic records and the management of financial transactions. It establishes a new chapter (Chapter 669) that defines key terms such as "controllable electronic record," "qualifying purchaser," and "central bank digital currency," while outlining the rights associated with these records. The bill clarifies that a financial statement does not serve as notice of a claim to a controllable electronic record and specifies the conditions under which a person has control over such records. Additionally, it creates transitional provisions to ensure that transactions validly entered into before July 1, 2025, remain enforceable, thereby modernizing the legal framework governing electronic transactions.
Furthermore, the bill amends various sections of existing law to align with the new provisions, including updates to definitions and the introduction of new security measures for verifying payment orders. It replaces terms like "authenticated" with "signed" to reflect contemporary practices and enhances the clarity of documentation requirements in secured transactions. The bill also establishes priority rules for security interests in controllable accounts and electronic records, ensuring that secured parties with control have precedence over conflicting interests. Overall, the legislation aims to streamline and clarify the legal processes surrounding electronic financial transactions in Florida, adapting to technological advancements and improving the rights and obligations of all parties involved.
Statutes affected: H 515 Filed: 670.103, 670.201, 670.203, 670.207, 670.208, 670.21, 670.211, 671.101, 671.107, 671.211, 672.102, 672.106, 672.202, 672.203, 672.205, 672.209, 673.1041, 673.1051, 673.4011, 673.6041, 675.104, 675.116, 677.106, 678.1031, 678.1061, 678.3031, 679.1041, 679.1051, 679.2071, 679.2081, 679.209, 679.210, 679.3011, 679.3041, 679.3101, 679.3121, 679.3141, 679.331, 679.332, 679.341, 679.4041, 679.601, 679.604, 679.605, 679.613, 679.614, 679.615, 679.619, 679.621, 679.624, 680.1021, 680.1071, 680.202, 680.203, 680.205, 680.208, 55.205, 328.0015, 517.061, 559.9232, 563.022, 668.50
H 515 c1: 670.103, 670.201, 670.203, 670.207, 670.208, 670.21, 670.211, 671.101, 671.107, 671.211, 672.102, 672.106, 672.202, 672.203, 672.205, 672.209, 673.1041, 673.1051, 673.4011, 673.6041, 675.104, 675.116, 677.106, 678.1031, 678.1061, 678.3031, 679.1041, 679.1051, 679.2071, 679.2081, 679.209, 679.210, 679.3011, 679.3041, 679.3101, 679.3121, 679.3141, 679.331, 679.332, 679.341, 679.4041, 679.601, 679.604, 679.605, 679.613, 679.614, 679.615, 679.619, 679.621, 679.624, 680.1021, 680.1071, 680.202, 680.203, 680.205, 680.208, 55.205, 328.0015, 517.061, 559.9232, 563.022, 668.50
H 515 c2: 670.103, 670.201, 670.203, 670.207, 670.208, 670.21, 670.211, 671.101, 671.107, 671.211, 672.102, 672.106, 672.202, 672.203, 672.205, 672.209, 673.1041, 673.1051, 673.4011, 673.6041, 675.104, 675.116, 677.106, 678.1031, 678.1061, 678.3031, 679.1041, 679.1051, 679.2071, 679.2081, 679.209, 679.210, 679.3011, 679.3041, 679.3101, 679.3121, 679.3141, 679.331, 679.332, 679.341, 679.4041, 679.601, 679.604, 679.605, 679.614, 679.615, 679.619, 679.621, 679.624, 680.1021, 680.1071, 680.202, 680.203, 680.205, 680.208, 55.205, 328.0015, 517.061, 559.9232, 563.022, 668.50
H 515 e1: 670.103, 670.201, 670.207, 670.208, 670.21, 670.211, 671.101, 671.107, 671.211, 672.102, 672.106, 672.202, 672.203, 672.205, 672.209, 673.1041, 673.1051, 673.4011, 673.6041, 675.104, 675.116, 677.106, 678.1031, 678.1061, 678.3031, 679.1041, 679.1051, 679.2071, 679.2081, 679.209, 679.210, 679.3011, 679.3041, 679.3101, 679.3121, 679.3141, 679.331, 679.332, 679.341, 679.4041, 679.601, 679.604, 679.605, 679.613, 679.614, 679.615, 679.619, 679.621, 679.624, 680.1021, 680.1071, 680.202, 680.203, 680.205, 680.208, 55.205, 328.0015, 517.061, 559.9232, 563.022, 668.50
H 515 er: 670.103, 670.201, 670.207, 670.208, 670.21, 670.211, 671.101, 671.107, 671.211, 672.102, 672.106, 672.202, 672.203, 672.205, 672.209, 673.1041, 673.1051, 673.4011, 673.6041, 675.104, 675.116, 677.106, 678.1031, 678.1061, 678.3031, 679.1041, 679.1051, 679.2071, 679.2081, 679.209, 679.210, 679.3011, 679.3041, 679.3101, 679.3121, 679.3141, 679.331, 679.332, 679.341, 679.4041, 679.601, 679.604, 679.605, 679.613, 679.614, 679.615, 679.619, 679.621, 679.624, 680.1021, 680.1071, 680.202, 680.203, 680.205, 680.208, 55.205, 328.0015, 517.061, 559.9232, 563.022, 668.50