Indiana Senate Bill 468 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 9-3)
Status: Passed on May 4 2023 - 100% progression
Action: 2023-05-04 - Public Law 199
Text: Latest bill text (Enrolled) [PDF]

Uniform Commercial Code amendments. Incorporates into Indiana's Uniform Commercial Code (UCC) the Amendments to the Uniform Commercial Code (2022) approved and recommended for enactment in all states by the Uniform Law Commission (ULC) to address emerging technologies. Makes conforming amendments to general provisions and definitions that apply throughout the UCC. Makes conforming amendments to chapters of the UCC governing the following: (1) Sales. (2) Leases. (3) Negotiable instruments. (4) Fund transfers. (5) Letters of credit. (6) Documents of title. (7) Investment securities. (8) Secured transactions. Repeals the chapter in the UCC governing controllable electronic records. Amends the definition of "money" for purposes of Indiana's Uniform Commercial Code (UCC) to specify that money: (1) is a medium of exchange that is not in an electronic form; and (2) does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank. Establishes a new chapter in the UCC that: (1) governs controllable electronic records; and (2) incorporates the provisions of the ULC's amendments governing controllable electronic records. Provides that a "controllable electronic record" does not include an electronic record that is currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by a government. Establishes a new chapter in the UCC that: (1) addresses the validity, enforceability, and perfection of certain commercial transactions, including secured transactions, entered into before the effective date of the amendments on July 1, 2023; and (2) establishes July 1, 2025, as an "adjustment date" on or after which certain transactions must conform to the requirements of the amendments to remain valid, enforceable, or perfected. Adds language to incorporate into Indiana's UCC the Amendments to Uniform Commercial Code Article 9 (2018), as approved by the American Law Institute and the National Conference of Commissioners of Uniform State Laws. Provides, through the incorporation of these amendments, that the provisions in the UCC providing that restrictions on the transfer of property pledged as collateral are ineffective do not apply in the case of a security interest in an ownership interest in a general partnership, limited partnership, or limited liability company.

Uniform Commercial Code amendments.

Sen. Chris Garten [R]	Sen. Eric Koch [R]	Sen. Greg Taylor [D]	Sen. Ed Charbonneau [R]
Sen. Elizabeth Brown [R]	Sen. Rodney Pol [D]	Sen. Aaron Freeman [R]	Sen. Susan Glick [R]
Sen. Lonnie Randolph [D]	Rep. Chris Jeter [R]	Rep. Gregory Steuerwald [R]	Rep. Christopher Judy [R]

2023-04-20 - Senate - Senate - Senate concurred in House amendments (Y: 46 N: 0 NV: 2 Abs: 2) [PASS]
2023-04-04 - House - House - Third reading (Y: 95 N: 2 NV: 1 Abs: 2) [PASS]
2023-02-09 - Senate - Senate - Third reading (Y: 48 N: 1 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2023-05-04	Senate	Public Law 199
2023-05-04	Senate	Signed by the Governor
2023-05-01	House	Signed by the Speaker
2023-04-28	Senate	Signed by the President of the Senate
2023-04-24	Senate	Signed by the President Pro Tempore
2023-04-20	Senate	Senate concurred in House amendments; Roll Call 464: yeas 46, nays 0
2023-04-20	Senate	Motion to concur filed
2023-04-05	House	Returned to the Senate with amendments
2023-04-04	House	Third reading: passed; Roll Call 361: yeas 95, nays 2
2023-04-03	House	Second reading: amended, ordered engrossed
2023-04-03	House	Amendment #1 (Judy) prevailed; voice vote
2023-03-30	House	Committee report: amend do pass, adopted
2023-03-20	House	Representative Judy added as cosponsor
2023-02-28	House	First reading: referred to Committee on Financial Institutions
2023-02-10	Senate	Referred to the House
2023-02-09	Senate	Cosponsor: Representative Steuerwald
2023-02-09	Senate	House sponsor: Representative Jeter
2023-02-09	Senate	Third reading: passed; Roll Call 95: yeas 48, nays 1
2023-02-07	Senate	Second reading: amended, ordered engrossed
2023-02-07	Senate	Amendment #1 (Young M) prevailed; voice vote
2023-02-02	Senate	Committee report: amend do pass, adopted
2023-01-31	Senate	Senator Randolph added as coauthor
2023-01-30	Senate	Senator Glick added as coauthor
2023-01-23	Senate	Senator Freeman added as coauthor
2023-01-23	Senate	Senators Charbonneau, Brown L, Pol added as coauthors
2023-01-19	Senate	First reading: referred to Committee on Judiciary
2023-01-19	Senate	Authored by Senators Garten, Koch, Taylor G

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/senate/468/details
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#1.INTR
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#2.COMS
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#3.ENGS
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#4.COMH
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#5.ENGH
Text	https://iga.in.gov/legislative/2023/bills/senate/468/#6.ENRH
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/468/#S95
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/468/#H361
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/468/#S464