HB 1082 Summary

• Adopts 2022 amendments to the Uniform Commercial Code for North Dakota, updating definitions and rules for commercial transactions involving electronic records, money, and secured interests

• Establishes new chapters 41-11 and 41-12 addressing transitional provisions and controllable electronic records, with an adjustment date of July 1, 2025 for certain provisions

• Modernizes terminology throughout the UCC by replacing "writing" with "record," "authenticated" with "signed," and adding provisions for electronic documents, electronic money, and electronic chattel paper

• Creates control mechanisms for new asset types including controllable accounts, controllable electronic records, controllable payment intangibles, and electronic money to facilitate digital commerce

• Passed House 84-9 and Senate 34-12; effective August 1, 2023 with gradual implementation through the adjustment date for security interest priority rules