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Commerce Committee advances bill to add UCC Article 12 covering ledger technologies
Summary
The House Commerce Committee voted to report CS/CS for HB 515 favorably after a brief presentation from sponsor Rep. Gentry and two witnesses in support. The bill would create a new Uniform Commercial Code chapter addressing perfection of security interests and priority for ledger-based property, including cryptocurrencies.
Representative Josh Gentry, sponsor of CS for HB 515, told the House Commerce Committee the bill would add a new chapter to Florida’s Uniform Commercial Code to address how security interests and lien priorities work for ledger-based assets. “In 2022, the uniform commercial code people got together again and decided that we needed a new article 12,” Gentry said, adding the measure pulls concepts from Articles 8 and 9 and adds new definitions to cover intangible investment property.
The bill, which Gentry described as “81 pages long,” was presented to the committee on behalf of the Business Law Section of the Florida Bar. Amia Diaz Lyon of the Business Law Section waved in support during public testimony; David Gardner of the Florida Bankers Association also waved in support. Committee members asked no questions during the hearing and no amendments were offered.
Committee debate was minimal. Representative Gentry waived closing remarks. The committee then conducted a roll-call vote; the clerk recorded votes in favor and the chair announced the bill “passes” and that it was “reported favorably.”
The measure as described to the committee would create a new UCC chapter to address perfection of security interests, lien priorities and definitions intended for ledger technologies and intangible investment property, including items such as bitcoin. The sponsor said the draft melds parts of existing Article 8 (investment securities) and Article 9 (secured transactions) and adapts them for intangible ledger-based assets.
No committee amendment text was offered and no formal questions from members were recorded in the transcript. Public testimony in support came only from the two witnesses who waved in support; no opponents or neutral witnesses spoke.
Votes at a glance: CS for HB 515 — reported favorably by roll call (committee chair announced the bill passes).
