The bill CS/CS/HB 515 proposes the creation of Chapter 669 of the Florida Statutes, titled "Uniform Commercial Code: Controllable Electronic Records and Transitional Provisions," which establishes a comprehensive legal framework for controllable electronic records. It includes definitions, rights of purchasers, and conditions for control over these records, while also detailing how account debtors can discharge obligations. The bill introduces new terms such as "qualifying purchaser" and outlines the mechanisms for establishing control over electronic records, ensuring that transactions involving these records are well-defined and enforceable. Additionally, it modernizes existing laws related to payment orders, security interests, and the rights of secured parties, reflecting the increasing significance of electronic transactions in commercial practices.
Furthermore, the bill amends various sections of the Florida Statutes to clarify the perfection and priority of security interests, particularly concerning controllable accounts and electronic records. It introduces new provisions regarding jurisdiction, ensuring that the local law where the records are maintained governs their perfection and priority. The bill also emphasizes the importance of clear communication between secured parties and debtors, streamlining processes related to secured transactions and enhancing the clarity of rights and obligations. Overall, the legislation aims to modernize Florida's legal framework to accommodate the evolving landscape of electronic commerce and secure transactions, with an effective date set for July 1, 2025.
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