| Article 9 and Lien-Related Legislation
Utah: Senate Bill 43, which would amend the state’s version of UCC § 9-513, passed the Senate on 1/31/2024. The amendment would add a new section that requires a filing office to send a notice to the secured party of record if the debtor files a termination statement. Read more here.
Virginia: House Bill 414, which would prohibit a clerk of the circuit court from charging a separate fee for indexing a document that may serve as two or more instruments with independent legal purposes, passed the House on 2/1/2024. The prohibition would specifically apply to a record of mortgage effective as a financing statement under the state’s version of UCC § 9-502. Read more here.
Business Organization Legislation
Arizona: Senate Bill 1542 was introduced on 1/29/2024 to (i) require the corporations commission to create a registry of all corporations and LLCs that own single family residential property in the state; and (ii) limit the number of single-family residential properties a corporation or LLC may own. See an additional entry under the Real-Estate-Recording-Related Legislation section below for related provisions in the bill regarding deeds and recording requirements. Read more here.
Colorado: HB24-1137 Implement Fraudulent Filings Group Recommendations some of the requirements are: a registered agent who is an individual and not a business entity must hold a valid Colorado driver’s license or state identification. Requires a registered agent that is a business entity to be in good standing in the Colorado business registry. Read more here.
Georgia: House Bill 876, which would revise the incorporation process for banks and trust companies, passed the House on 2/6/2024 and was sent to the Senate. Read more here.
Maryland: Senate Bill 954 was introduced on 2/2/2024 to require certain business entities to report beneficial ownership information to the state within 30 days of formation. Beneficial ownership bill that would require BOs (those owning over 25% interest in a “Reporting Entity”, meaning and entity created by filing a document with the MDSDAT) to file a report within 30 days of formation including their name, residential or business address and a form of ID with the MD SDAT. The report would need to be updated within 30 days of any change. It appears that the info would not be made public but would be available to state agencies. Although bill would be effective 10.1.24, entities existing before the eff date would have until 10.1.25 to file an initial report. Read more here.
New Jersey: Assembly Bill 3435 was introduced on 2/1/2024 to require an application for development submitted by an organization to identify any beneficial owner holding at least 10% ownership in the organization. Read more here.
Rhode Island: House Bill 7280 was introduced on 1/26/2024 to make numerous technical amendments to the statutes on taxes and corporations, associations and partnerships. Read more here.
Utah: House Bill 318, which would amend the Decentralized Autonomous Organizations Act, passed the House on 1/31/2024. The amendments would provide that the Division of Corporations and Commercial Code does not issue a certificate of organization for such entities and modify the requirements for the name of such an organization. Read more here.
Washington: Senate Bill 5786, which would make numerous changes to the Washington Business Corporations Act, passed the Senate on 2/7/2024. Read more here.
Wyoming: House Bill 0098 is expected to be enacted during the 2024 legislative session ending March 8, and would take effect 7/1/24. It creates a new requirement for registered agents to maintain names and addresses of owners of domestic entities with 100 or less owners in the registered office. Read more here.
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