House Bill 515 proposes the establishment of Chapter 669 of the Florida Statutes, titled "Uniform Commercial Code: Controllable Electronic Records and Transitional Provisions." This bill introduces new definitions and regulations concerning controllable electronic records, including terms such as "qualifying purchaser" and "controllable payment intangible." It outlines the rights of purchasers regarding controllable accounts and payment intangibles, ensuring that qualifying purchasers can acquire rights free of property claims. The bill also includes transitional provisions that clarify the applicability of new rules, requirements for perfecting security interests, and the priority of conflicting claims to collateral. Notably, it amends existing sections of the Florida Statutes to align with these new provisions, enhancing the legal framework surrounding electronic records and transactions.

Additionally, HB 515 modifies various sections related to payment orders, security interests, and the sale of goods, replacing the term "writing" with "record" to broaden acceptable documentation forms. It introduces a saving clause to ensure that transactions validly entered into before July 1, 2025, remain enforceable. The bill also clarifies the responsibilities of secured parties and the conditions under which security interests can be perfected, emphasizing the importance of signed records and transparency in secured transactions. Overall, HB 515 aims to modernize Florida's legal framework governing electronic transactions, secured interests, and financial instruments, ensuring clarity and consistency in the law.

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