This bill proposes the creation of Chapter 669 of the Florida Statutes, titled "Uniform Commercial Code: Controllable Electronic Records and Transitional Provisions," which introduces regulations regarding controllable electronic records and transitional provisions. It defines key terms, outlines the rights of purchasers of controllable accounts and payment intangibles, and specifies the conditions for control over a controllable electronic record. The bill also protects qualifying purchasers from certain claims and clarifies that filing a financing statement does not serve as notice of a property claim in a controllable electronic record. Additionally, it establishes transitional provisions to ensure that transactions validly entered into before July 1, 2025, remain enforceable under existing laws.

The bill amends various sections of the Florida Statutes to align with the new provisions, including updates to definitions and procedures related to payment orders, security interests, and electronic documents of title. Key changes include replacing the term "writing" with "record" to broaden acceptable documentation formats and introducing new definitions such as "controllable payment intangible" and "controllable electronic record." It also emphasizes the importance of security procedures in verifying payment orders and outlines the conditions under which a payment order may be considered effective. Overall, the bill aims to modernize the legal framework governing electronic transactions and enhance clarity and security in commercial dealings involving digital assets.

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
S 1666 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
S 1666 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, 679.613, 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