HF 2443: Relating to contract enforceability regarding smart contracts and distributed ledger technology

What it does

This bill relates to digital assets, smart contracts, and distributed ledger technology. The bill defines “controllable account” to mean an account evidenced by an electronic record that the debtor undertakes to pay the person that has control of the controllable electronic record. The bill defines “controllable payment intangible” to mean a payment intangible that is evidenced by a controllable electronic record that the account debtor undertakes to pay the person that has control of the controllable electronic record.

Senate subcommittee · named March 1, 2022

• Sen. Julian B. Garrett (R)
• Sen. Nate Boulton (D)
• Sen. Tom Shipley (R) · tom.shipley@legis.iowa.gov

Lobbying · 4 for, 0 against

For: Electronic Services System; Iowa County Recorders Association; Iowa State Bar Association; Smart Contracts

In plain words

1. February 16, 2022Filed in the House
2. February 24, 2022Passed the House, 97–0
3. February 28, 2022Arrived in the Senate
4. March 1, 2022Senate subcommittee named: Garrett, Boulton and Shipley
5. March 9, 2022Subcommittee recommended passing it
6. March 15, 2022Approved by the Senate committee
7. May 2, 2022Passed the Senate, 45–0
8. June 1, 2022Sent to the Governor
9. June 13, 2022Signed into law