IN SB0468 | 2023 | Regular Session


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.

Tracking Information

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Uniform Commercial Code amendments.


Roll Calls

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]


2023-05-04SenatePublic Law 199
2023-05-04SenateSigned by the Governor
2023-05-01HouseSigned by the Speaker
2023-04-28SenateSigned by the President of the Senate
2023-04-24SenateSigned by the President Pro Tempore
2023-04-20SenateSenate concurred in House amendments; Roll Call 464: yeas 46, nays 0
2023-04-20SenateMotion to concur filed
2023-04-05HouseReturned to the Senate with amendments
2023-04-04HouseThird reading: passed; Roll Call 361: yeas 95, nays 2
2023-04-03HouseSecond reading: amended, ordered engrossed
2023-04-03HouseAmendment #1 (Judy) prevailed; voice vote
2023-03-30HouseCommittee report: amend do pass, adopted
2023-03-20HouseRepresentative Judy added as cosponsor
2023-02-28HouseFirst reading: referred to Committee on Financial Institutions
2023-02-10SenateReferred to the House
2023-02-09SenateCosponsor: Representative Steuerwald
2023-02-09SenateHouse sponsor: Representative Jeter
2023-02-09SenateThird reading: passed; Roll Call 95: yeas 48, nays 1
2023-02-07SenateSecond reading: amended, ordered engrossed
2023-02-07SenateAmendment #1 (Young M) prevailed; voice vote
2023-02-02SenateCommittee report: amend do pass, adopted
2023-01-31SenateSenator Randolph added as coauthor
2023-01-30SenateSenator Glick added as coauthor
2023-01-23SenateSenator Freeman added as coauthor
2023-01-23SenateSenators Charbonneau, Brown L, Pol added as coauthors
2023-01-19SenateFirst reading: referred to Committee on Judiciary
2023-01-19SenateAuthored by Senators Garten, Koch, Taylor G


Indiana State Sources

Bill Comments