The proposed bill seeks to establish a new chapter in the Florida Statutes, Chapter 669, titled "Uniform Commercial Code: Controllable Electronic Records and Transitional Provisions." This chapter will introduce regulations concerning controllable electronic records, including definitions, rights of purchasers, and the acknowledgment of these records. It also outlines the conditions under which account debtors can discharge obligations and specifies that certain defenses cannot be raised against qualifying purchasers. The bill includes amendments to existing sections of the Florida Statutes, revising definitions and requirements related to payment orders, security interests, and electronic documents of title, thereby modernizing the legal framework surrounding electronic transactions.
Key amendments include the replacement of the term "authenticated" with "signed" in various contexts, particularly concerning security agreements and notifications, which broadens the scope of enforceable contracts to include electronic records. The bill also introduces transitional provisions ensuring that transactions validly entered into before July 1, 2025, remain enforceable under existing laws. Additionally, it clarifies the rights and responsibilities of secured parties and debtors, emphasizing the importance of control over electronic records and the priority of security interests. Overall, the bill aims to enhance clarity and legal certainty in commercial transactions involving electronic records and secured interests in Florida.
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