This bill proposes significant amendments to the Ohio Revised Code, specifically targeting the Uniform Commercial Code (UCC) to modernize and clarify the legal framework governing commercial transactions. It introduces Chapter 1314 to the UCC, which will be referenced alongside existing chapters, and updates various sections, such as 1301.101, 1301.102, and 1301.103, to include "and 1314." New sections, including 1309.111 through 1309.346 and 1314.101 through 1316.306, are added to enhance clarity in commercial transactions. The bill also refines definitions for key terms like "money," specifying that it excludes certain electronic records, and introduces new definitions such as "hybrid transaction" and "controllable electronic record," which align with current business practices.

Additionally, the bill addresses the enforceability of contracts, emphasizing the need for a signed record for transactions valued at $500 or more, and reinforces the obligation of good faith in contract performance. It clarifies the rights and responsibilities of secured parties in transactions involving security interests, including the perfection and priority of such interests in various types of collateral. The bill also streamlines the notification and disposition processes for secured transactions, ensuring transparency and fairness for all parties involved. Overall, these amendments aim to simplify and modernize Ohio's commercial law, ensuring it remains relevant in today's business environment.

Statutes affected:
As Introduced: 1301.101, 1301.102, 1301.103, 1301.104, 1301.105, 1301.106, 1301.201, 1301.204, 1301.205, 1301.206, 1301.301, 1301.302, 1301.304, 1301.305, 1301.306, 1302.01, 1302.02, 1302.04, 1302.05, 1302.06, 1302.08, 1302.12, 1303.01, 1303.03, 1303.41, 1303.69, 1304.51, 1304.56, 1304.57, 1304.58, 1304.62, 1304.63, 1304.65, 1304.66, 1304.72, 1305.03, 1305.15, 1307.102, 1307.106, 1308.01, 1308.02, 1308.05, 1308.17, 1308.24, 1309.102, 1309.104, 1309.105, 1309.203, 1309.204, 1309.207, 1309.208, 1309.209, 1309.210, 1309.301, 1309.304, 1309.305, 1309.310, 1309.312, 1309.313, 1309.314, 1309.316, 1309.317, 1309.323, 1309.324, 1309.330, 1309.331, 1309.332, 1309.334, 1309.341, 1309.404, 1309.406, 1309.408, 1309.509, 1309.513, 1309.601, 1309.605, 1309.608, 1309.611, 1309.613, 1309.614, 1309.615, 1309.616, 1309.619, 1309.620, 1309.621, 1309.624, 1309.628, 1310.01, 1310.02, 1310.05, 1310.08, 1310.09, 1310.10, 1310.12, 1310.15, 1311.55
As Reported By House Committee: 1301.101, 1301.102, 1301.103, 1301.104, 1301.105, 1301.106, 1301.201, 1301.204, 1301.205, 1301.206, 1301.301, 1301.302, 1301.304, 1301.305, 1301.306, 1302.01, 1302.02, 1302.04, 1302.05, 1302.06, 1302.08, 1302.12, 1303.01, 1303.03, 1303.41, 1303.69, 1304.51, 1304.56, 1304.57, 1304.58, 1304.62, 1304.63, 1304.65, 1304.66, 1304.72, 1305.03, 1305.15, 1307.102, 1307.106, 1308.01, 1308.02, 1308.05, 1308.17, 1308.24, 1309.102, 1309.104, 1309.105, 1309.203, 1309.204, 1309.207, 1309.208, 1309.209, 1309.210, 1309.301, 1309.304, 1309.305, 1309.310, 1309.312, 1309.313, 1309.314, 1309.316, 1309.317, 1309.323, 1309.324, 1309.330, 1309.331, 1309.332, 1309.334, 1309.341, 1309.404, 1309.406, 1309.408, 1309.509, 1309.513, 1309.601, 1309.605, 1309.608, 1309.611, 1309.613, 1309.614, 1309.615, 1309.616, 1309.619, 1309.620, 1309.621, 1309.624, 1309.628, 1310.01, 1310.02, 1310.05, 1310.08, 1310.09, 1310.10, 1310.12, 1310.15, 1311.55
As Passed By House: 1301.101, 1301.102, 1301.103, 1301.104, 1301.105, 1301.106, 1301.201, 1301.204, 1301.205, 1301.206, 1301.301, 1301.302, 1301.304, 1301.305, 1301.306, 1302.01, 1302.02, 1302.04, 1302.05, 1302.06, 1302.08, 1302.12, 1303.01, 1303.03, 1303.41, 1303.69, 1304.51, 1304.56, 1304.57, 1304.58, 1304.62, 1304.63, 1304.65, 1304.66, 1304.72, 1305.03, 1305.15, 1307.102, 1307.106, 1308.01, 1308.02, 1308.05, 1308.17, 1308.24, 1309.102, 1309.104, 1309.105, 1309.203, 1309.204, 1309.207, 1309.208, 1309.209, 1309.210, 1309.301, 1309.304, 1309.305, 1309.310, 1309.312, 1309.313, 1309.314, 1309.316, 1309.317, 1309.323, 1309.324, 1309.330, 1309.331, 1309.332, 1309.334, 1309.341, 1309.404, 1309.406, 1309.408, 1309.509, 1309.513, 1309.601, 1309.605, 1309.608, 1309.611, 1309.613, 1309.614, 1309.615, 1309.616, 1309.619, 1309.620, 1309.621, 1309.624, 1309.628, 1310.01, 1310.02, 1310.05, 1310.08, 1310.09, 1310.10, 1310.12, 1310.15, 1311.55