Bill > H44

This bill makes amendments to the Uniform Commercial Code (UCC) covering provisions dealing with negotiable instruments and bank deposits and collections. The key provisions include: 1. Defining new terms like "consumer account," "consumer transaction," "principal obligor," "record," "remotely-created consumer item," and "secondary obligor." 2. Replacing the term "writing" with "record" throughout various sections to accommodate electronic instruments. 3. Modifying provisions related to enforcement of lost or destroyed instruments, payment and discharge of instruments, and the rights and obligations of secondary obligors. 4. Introducing new warranties for remotely-created consumer items, which are items drawn on a consumer account that do not bear a handwritten signature of the drawer. 5. Allowing banks to return images of items rather than the physical items if they have an agreement to do so, or to provide a record of dishonor or nonpayment if the item is unavailable. Overall, the bill aims to update the UCC to address changes in banking and payment practices, particularly those involving consumer accounts and electronic records.

Business and Industry

https://malegislature.gov/Bills/190/H44