The bill, introduced by Senator Pressly, amends various sections of the Louisiana Revised Statutes, particularly focusing on the Uniform Commercial Code (UCC) to address transactions involving both existing and new classes of assets, including digital assets. It introduces definitions for new types of digital assets and security interests, establishes take-free rules for these assets, and updates terminology to reflect modern practices. Significant changes include the revised definition of "conspicuous," which now requires that terms be presented in a noticeable manner, and the exclusion of electronic forms from the definition of "money." The bill also clarifies the conditions under which banks may accept payment orders and emphasizes the importance of customer agreements in electronic transactions.

Additionally, the bill modifies existing laws regarding secured transactions, particularly in relation to the perfection and priority of security interests. It replaces the term "authenticated" with "signed" in various contexts, streamlining documentation requirements. New sections establish specific rules for the jurisdiction governing perfection and priority of security interests in chattel paper and controllable electronic records. The bill also clarifies the rights of purchasers of financial instruments and outlines the responsibilities of secured parties regarding notifications and the application of proceeds from the enforcement of security interests. Notably, it explicitly states the Louisiana Legislature's opposition to the adoption of a central bank digital currency in the United States and mandates updates to align state law with national UCC amendments from 2022.