MI SB0548

Amends the Uniform Electronic Transactions Act (2000 PA 305) to modernize provisions governing transferable records such as electronic notes and documents of title.

Defines a "transferable record" as an electronic record that would qualify as a note under UCC Article 3 or a document under UCC Article 7 if in writing, and where the issuer expressly agrees it is transferable.

Establishes that a person has control of a transferable record when a system reliably establishes them as the record's issuer or most recent transferee, with requirements for a single authoritative copy that is unique, identifiable, and unalterable.

Grants persons in control of transferable records the same rights and defenses as holders under the Uniform Commercial Code, including potential holder-in-due-course status, without requiring physical delivery, possession, or indorsement.

Requires persons seeking to enforce a transferable record to provide reasonable proof of control upon request, which may include access to the authoritative copy and related business records.