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FL S1666
Bill
AI Summary
- Creates chapter 669 of the Florida Statutes establishing a new framework for "controllable electronic records," defining terms such as controllable accounts, controllable payment intangibles, qualifying purchasers, and electronic money, and specifying rules for control, transfer, and governing law of these digital assets
- Explicitly excludes central bank digital currency from the definition of "controllable electronic record," consistent with existing Florida law restricting such currency
- Modernizes terminology throughout the Uniform Commercial Code (chapters 669–680), replacing references to "writing" with "record," "authenticated" with "signed," and "electronically" with "in a record," to accommodate electronic transactions and signatures
- Establishes detailed transitional provisions with a July 1, 2025 effective date and a July 1, 2026 "adjustment date," preserving the validity of transactions entered into before the effective date while providing timelines for existing security interests to meet new enforceability and perfection requirements
- Amends secured transactions law (chapter 679) to add rules for perfection, priority, and control of security interests in controllable electronic records, controllable accounts, controllable payment intangibles, and electronic money, including new choice-of-law provisions tied to the electronic record's jurisdiction
Legislative Description
Uniform Commercial Code
Last Action
Laid on Table, companion bill(s) passed, see CS/CS/HB 515 (Ch. 2025-92)
4/23/2025
Committee Referrals
Rules4/2/2025
Judiciary3/18/2025
Full Bill Text
No bill text available