MD SB154

Adds new Title 10A to the Maryland Uniform Commercial Code establishing legal framework for property rights in controllable electronic records, controllable accounts, and controllable payment intangibles stored in electronic form

Defines "control" of a controllable electronic record as having exclusive power to receive benefits from the record, prevent others from receiving benefits, and transfer control to another person, with identification through name, cryptographic key, or account number

Creates "qualifying purchaser" status for buyers who obtain control of controllable electronic records for value, in good faith, and without notice of competing property claims, allowing them to acquire rights free of such claims

Establishes rules for account debtors to discharge payment obligations on controllable accounts, including notification requirements when control transfers to a new party and protections for individual consumers with personal or household debts

Sets choice-of-law rules based on the controllable electronic record's designated jurisdiction as stated in the record itself or the system where it is recorded, effective October 1, 2026