Bill > HB0474

This bill amends various sections of Title 70A, the Uniform Commercial Code (UCC), to modernize and clarify commercial transactions, particularly concerning electronic records and digital assets. Key changes include updating definitions to encompass electronic forms, such as replacing "writing" with "record" in many instances to reflect digital transactions, and introducing new provisions related to "controllable electronic records" and "electronic money" to govern their control, perfection, and priority in secured transactions. The bill also clarifies rules for determining the governing law for various types of collateral, including deposit accounts, chattel paper, and investment property, often allowing parties to choose the governing law or defaulting to specific jurisdictions based on the location of assets or parties. Additionally, it updates provisions related to negotiable instruments, letters of credit, and secured transactions to better accommodate modern business practices and digital commerce, including changes to how signatures are recognized and how electronic records are handled in various commercial contexts. The bill also includes transitional provisions to manage the implementation of these changes, with most provisions taking effect on May 6, 2026.

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https://le.utah.gov/~2026/bills/static/HB0474.html