HB 2770 is a bill that seeks to modernize the Uniform Commercial Code (UCC) to accommodate technological advancements such as virtual currencies, blockchain, and artificial intelligence. It introduces new terms like "Controllable Electronic Records" (CERs) and revises rules for commercial transactions involving digital assets. The bill also updates definitions, such as replacing "writing" with "record" to include electronic records, and adds new concepts like "hybrid transaction" and "hybrid lease." It clarifies the criteria for control over electronic records and assets and outlines the rights and obligations of parties in electronic transactions.

The bill also addresses the perfection and priority of security interests in various types of collateral, including electronic chattel paper and electronic money. It defines how control over these assets can be established and maintained, and it updates the language related to the perfection of security interests, such as replacing "authenticated" with "signed." Transitional provisions are included to ensure that transactions entered into before the bill's effective date remain valid and that the new rules smoothly apply to these transactions. The bill also ensures that existing security interests remain perfected under the new law if they meet the requirements without further action, or until a specified adjustment date.

Statutes affected:
Introduced Version: 44-6802, 47-1201, 47-1204, 47-1301, 47-1306, 47-2102, 47-2106, 47-2201, 47-2202, 47-2203, 47-2205, 47-2209, 47-2, 47-3104, 47-3105, 47-3401, 47-3604, 47-4, 47-5104, 47-5116, 47-7102, 47-7106, 47-8102, 47-8103, 47-8106, 47-8110, 47-8303, 47-9102, 47-9104, 47-9105, 47-9107, 47-9203, 47-9204, 47-9207, 47-9208, 47-9209, 47-9210, 47-9301, 47-9304, 47-9305, 47-9306, 47-9310, 47-9312, 47-9313, 47-9314, 47-9316, 47-9317, 47-9323, 47-9324, 47-9326, 47-9330, 47-9331, 47-9332, 47-9334, 47-9341, 47-9404, 47-9406, 47-9408, 47-9509, 47-9513, 47-9601, 47-9605, 47-9608, 47-9611, 47-9613, 47-9614, 47-9615, 47-9616, 47-9619, 47-9620, 47-9621, 47-9624, 47-9628, 44-6001, 47-1303, 47-2401, 47-2505, 47-1203, 47-2402, 47-4102, 47-9302, 47-9303, 47-9307, 47-12107, 47-2606, 47-2104, 47-2103, 47-2403, 47-2326, 47-3402, 47-5108, 47-5103, 47-8501, 47-8107, 47-12102, 47-8301, 47-8201, 47-8210, 47-12105, 47-7201, 47-9519, 47-9501, 47-9526, 47-9502, 47-9609, 47-9622, 47-2711, 47-4210, 47-5118, 47-5102, 47-4104, 47-3302, 47-5114, 47-3103, 47-9106, 47-9110, 47-9206, 47-9315, 47-9336, 47-12106, 47-9308, 47-9309, 47-9311, 47-9322, 47-9320, 47-9321, 47-9327, 47-9340, 47-9407, 47-9610, 47-9510, 47-9522, 47-9523, 47-9602, 47-9607, 47-9623, 47-9625
House Engrossed Version: 44-6802, 47-1201, 47-1204, 47-1301, 47-1306, 47-2102, 47-2106, 47-2201, 47-2202, 47-2203, 47-2205, 47-2209, 47-2, 47-3104, 47-3105, 47-3401, 47-3604, 47-4, 47-5104, 47-5116, 47-7102, 47-7106, 47-8102, 47-8103, 47-8106, 47-8110, 47-8303, 47-9102, 47-9104, 47-9105, 47-9107, 47-9203, 47-9204, 47-9207, 47-9208, 47-9209, 47-9210, 47-9301, 47-9304, 47-9305, 47-9306, 47-9310, 47-9312, 47-9313, 47-9314, 47-9316, 47-9317, 47-9323, 47-9324, 47-9326, 47-9330, 47-9331, 47-9332, 47-9334, 47-9341, 47-9404, 47-9406, 47-9408, 47-9509, 47-9513, 47-9601, 47-9605, 47-9608, 47-9611, 47-9613, 47-9614, 47-9615, 47-9616, 47-9619, 47-9620, 47-9621, 47-9624, 47-9628, 44-6001, 47-1303, 47-2401, 47-2505, 47-1203, 47-2402, 47-4102, 47-9302, 47-9303, 47-9307, 47-12107, 47-2606, 47-2104, 47-2103, 47-2403, 47-2326, 47-3402, 47-5108, 47-5103, 47-8501, 47-8107, 47-12102, 47-8301, 47-8201, 47-8210, 47-12105, 47-7201, 47-9519, 47-9501, 47-9526, 47-9502, 47-9609, 47-9622, 47-2711, 47-4210, 47-5118, 47-5102, 47-4104, 47-3302, 47-5114, 47-3103, 47-9106, 47-9110, 47-9206, 47-9315, 47-9336, 47-12106, 47-9308, 47-9309, 47-9311, 47-9322, 47-9320, 47-9321, 47-9327, 47-9340, 47-9407, 47-9610, 47-9510, 47-9522, 47-9523, 47-9602, 47-9607, 47-9623, 47-9625