This bill seeks to amend various sections of the Ohio Revised Code concerning the Uniform Commercial Code (UCC) by introducing new provisions and clarifying existing definitions. A significant change is the addition of Chapter 1314 to the UCC, which will now be referenced alongside existing chapters, enhancing the legal framework governing commercial transactions. The bill includes new definitions for terms such as "money," "document of title," and "security interest," with specific clarifications, such as excluding unauthorized electronic records from the definition of "money." Additionally, the bill emphasizes the importance of good faith in contract performance and introduces terms like "hybrid transaction" to encompass transactions involving both goods and services.

Furthermore, the bill modernizes the legal framework surrounding secured transactions, payment orders, and the rights of buyers and lessees. It clarifies the conditions for the perfection and priority of security interests, particularly in relation to electronic records and various types of collateral. Key amendments include the requirement for signed notifications before the disposition of collateral and the establishment of exclusive powers for purchasers of electronic records. The bill also outlines transitional provisions for its implementation, ensuring that existing transactions remain valid under either the previous or new UCC provisions. Overall, these changes aim to enhance clarity, efficiency, and adaptability in Ohio's commercial law.

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