HF 618: Relating to commercial transactions, including control and transmission of electronic records and digital assets

What it does

GENERAL. This bill amends Code chapter 554, Iowa’s version of the uniform commercial code (UCC), governing certain commercial transactions involving forms of personal electronic property that do not derive value from physical attributes (sometimes referred to as form of intangible personal property). In 2022, the general assembly enacted two bills dealing with these types of transactions: (1) new Article of the UCC (Code chapter 554) and referred to as the “Uniform Commercial Code —— Controllable Electronic Records” (2022 Iowa Acts, chapter 1117) and (2) new Code chapter 554E referring to smart contracts, distributed ledger technology, and digital assets (2022 Iowa Acts, chapter 1116).

House subcommittee · named January 9, 2024

• Rep. Brian K. Lohse (R) · brian.lohse@legis.iowa.gov
• Rep. Megan Jones (R) · megan.jones@legis.iowa.gov
• Rep. Sami Scheetz (D)

Lobbying · 4 for, 0 against

For: Iowa Bankers Association; Iowa Commission on Uniform State Laws c/o David S. Walker, Chair; Iowa State Bar Association; Meidh Technologies, Inc

In plain words

1. February 22, 2023Filed in the House and sent to the Judiciary committee · as HSB 195
2. February 22, 2023House subcommittee named: Lohse, Gustoff and Scheetz · as HSB 195
3. February 23, 2023Subcommittee recommended passing it · as HSB 195
4. February 28, 2023Approved by the House committee · as HSB 195
5. March 3, 2023Filed in the House
6. March 3, 2023Approved by the House committee, and given a new number: HF 618 · as HSB 195
7. January 9, 2024House subcommittee named: Lohse, Jones and Scheetz
8. January 24, 2024Subcommittee recommended passing it
9. February 8, 2024Approved by the House committee
10. February 14, 2024Approved by the House committee, and given a new number: HF 2519
11. March 20, 2024Withdrawn