FL H0515

Creates Chapter 669 establishing a legal framework for controllable electronic records, defining rights, control, transfer, and discharge rules for digital assets while explicitly excluding and prohibiting any authorization or endorsement of a central bank digital currency

Introduces new UCC Article 12 definitions including "controllable account," "controllable electronic record," "controllable payment intangible," and "electronic money," with control determined by a person's exclusive power to enjoy the benefit of, prevent others from accessing, and transfer the electronic record

Establishes that a qualifying purchaser — one who obtains control of a controllable electronic record for value, in good faith, and without notice of competing claims — acquires rights free of any property right claim, and that a filed financing statement alone does not constitute notice of such a claim

Expands perfection by control under Chapter 679 (Secured Transactions) to cover controllable accounts, controllable electronic records, controllable payment intangibles, and electronic money, and creates new priority rules granting secured parties with control superiority over those without control

Overhauls the definition of "chattel paper" and creates a new dual perfection requirement (s. 679.3152) requiring possession of each authoritative tangible copy and control of each authoritative electronic copy of records evidencing chattel paper

Modernizes terminology throughout the UCC (Chapters 669–680) by replacing "authenticated" with "signed," "writing" with "record," and revising the definition of "sign" to encompass electronic symbols, sounds, or processes adopted with present intent to authenticate a record

Amends Chapters 672 (Sales) and 680 (Leases) to address hybrid transactions — single transactions combining sales or leases of goods with services or non-goods property — applying goods-specific provisions only to the goods component when that component does not predominate

Sets governing law for controllable electronic records through a hierarchical framework: (1) express designation in the record, (2) system rules, (3) stated governing law, (4) system governing law, and (5) a default to the District of Columbia, applicable regardless of whether the transaction has any relation to that jurisdiction

Provides transitional provisions with an effective date of July 1, 2025 and an adjustment date of July 1, 2026, preserving the validity of pre-existing transactions and allowing security interests perfected under prior law to remain perfected until the adjustment date if new requirements are not yet satisfied

Makes conforming amendments across numerous Florida statutes — including securities, motor vehicle liens, vessel titles, electronic transactions, and deposit institution laws — to update cross-references to revised UCC definitions and provisions