SF 540: 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).

Senate subcommittee · named January 11, 2024

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Tom Shipley (R) · tom.shipley@legis.iowa.gov
• Sen. Janice Weiner (D) · janice.weiner@legis.iowa.gov

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. March 6, 2023Filed in the Senate
2. March 6, 2023Approved by the Senate committee
3. June 5, 2023Sent to the Senate Judiciary committee
4. January 11, 2024Senate subcommittee named: Bousselot, Shipley and Weiner
5. February 12, 2024Subcommittee recommended passing it with changes
6. February 19, 2024Approved by the Senate committee, and given a new number: SF 2389