The bill proposes the creation of Chapter 669 of the Florida Statutes, titled "Uniform Commercial Code: Controllable Electronic Records and Transitional Provisions," which introduces regulations concerning controllable electronic records and their associated rights and responsibilities. It establishes definitions for key terms such as "qualifying purchaser," "transferable record," and "value," clarifying the conditions under which a purchaser can gain control over a controllable electronic record. The bill also outlines the rights of purchasers regarding controllable accounts and payment intangibles, as well as the circumstances under which account debtors can discharge obligations. Additionally, it includes transitional provisions ensuring that transactions validly entered into before July 1, 2025, remain enforceable under either the previous or new laws.

Furthermore, the bill amends various existing sections of the Florida Statutes to align with the new provisions, particularly focusing on secured transactions, payment orders, and the treatment of electronic documents. Key changes include replacing the term "writing" with "record" to encompass electronic communications, clarifying notification processes, and establishing priority rules for security interests. The amendments aim to modernize Florida's legal framework surrounding electronic transactions and secured interests, ensuring clarity, consistency, and consumer protections while accommodating the increasing use of digital records and transactions.

Statutes affected:
S 1666 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