Bill > H0206

This bill updates multiple articles of the Vermont Uniform Commercial Code (UCC), primarily focusing on modernizing definitions and provisions related to electronic records, digital transactions, and financial technologies. The bill introduces several key changes across different articles, with a particular emphasis on creating a new Article 12 governing "Controllable Electronic Records" and making consequential amendments to existing articles like Articles 1, 2, 3, 4A, 5, 7, 8, and 9. Major provisions include expanding definitions to include electronic and digital transactions, updating rules for electronic money and electronic records, providing frameworks for control and transfer of digital assets, and establishing new priority and perfection rules for electronic financial instruments. The bill also includes transitional provisions to ensure smooth implementation, with most changes taking effect on July 1, 2025, and provisions to handle existing transactions and security interests. The modifications aim to provide legal clarity and consistency for emerging digital financial technologies and transaction methods, reflecting the increasing digitalization of commercial and financial interactions.

Budget and Finance, Business and Industry

https://legislature.vermont.gov/bill/status/2026/H.206