Legislative Updates for March from the Secretary of State

Submitted by UCS on March 18, 2024

Article 9 and Lien-Related Legislation

Utah: The governor signed Senate Bill 43 on 3/13/2024 to amend the state’s version of UCC § 9-513. The amendment adds a new section that requires a filing office to notify the secured party of record if the debtor files a termination statement. The new law takes effect on 5/1/2024. Read More.

 Business Organization Legislation 

Alabama: Senate Bill 204 was introduced on 3/6/2024 to repeal the statute requiring corporations to provide an annual report to the Secretary of State. This appears similar to House Bill 230, which was reported last week. Read More  

Connecticut: Senate Bill 428 was introduced on 3/12/2024 to revise business registration requirements for filing with the secretary of state. Among other changes, this bill would require businesses to provide a valid email address to the secretary of state and allow the secretary of state to provide certain notices to businesses by email instead of by registered or certified mail as provided by current law. Read More 

Delaware: House Bill 338 was introduced on 3/7/2024 to make various updates to the statutory trust law. Read More  

Florida: Senate Bill 1198, which would address ratification of defective corporate actions, including notice requirements and filing articles of validation, passed the House on 3/5/2024 and is pending delivery to the governor. Read More

Georgia: House Bill 876, which would revise the incorporation process for banks and trust companies, passed the Senate on 3/8/2024 and is pending delivery to the governor. Read More 

New York: The governor signed Senate Bill 8059 on 3/1/2024 to amend the limited liability company beneficial owner disclosure requirements recently enacted by Senate Bill 995 (2023). The new law expands the reporting requirements to include reporting of applicants and other requirements. However, it also moves the effective date for existing companies to report beneficial ownership information back a year to 1/1/2026. Read More  

Rhode Island: Senate Bill 2782 was introduced on 3/8/2024 to repeal and replace the state’s Limited Liability Company Act with a newer and updated model act. Read More 

Utah: The governor signed House Bill 318 on 3/13/2024 to amend the Decentralized Autonomous Organizations Act. The amendments provide that the Division of Corporations and Commercial Code does not issue a certificate of organization for such entities and modifies the requirements for the name of such an organization. Read More 

Washington: The governor signed Senate Bill 5786 on 3/13/2024 to make numerous changes to the Washington Business Corporations Act. Read More

Wyoming: Senate Bill 50, which would adopt the Wyoming Decentralized Unincorporated Nonprofit Association Act, passed the House on 3/4/2024 and was signed by the governor on 3/7/2024. The Act provides for the formation and management of decentralized unincorporated nonprofit associations. The new law takes effect on 7/1/2024. Read More