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Bill Status of HB5303 103rd General Assembly
Short Description: UCC-CONTROL ELECTRONIC RECORDS
House Sponsors
Rep. Daniel Didech
Last Action
| Date | Chamber | Action | | 4/19/2024 | House | Rule 19(a) / Re-referred to Rules Committee |
Statutes Amended In Order of Appearance
| 810 ILCS 5/Art. 11A heading | |
| 810 ILCS 5/Art. 12A heading new | |
| 810 ILCS 5/Art. 12A Pt. 1 heading new | |
| 810 ILCS 5/Art. 12A Pt. 2 heading new | |
| 810 ILCS 5/Art. 12A Pt. 3 heading new | |
Synopsis As Introduced
Amends the Uniform Commercial Code to adopt changes recommended by the Uniform Law Commission with respect to the addition of a Controllable Electronic Records Article and transitional provisions and the amendment of other provisions of the Code. Makes other changes. Effective January 1, 2025.
House Floor Amendment No. 1
Removes amendatory changes to the Transmitters of Money Act. Provides that specified secured transactions are subject to the Predatory Loan Prevention Act, the Consumer Fraud and Deceptive Business Practices Act, any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit, and any other statute or regulation concerning consumer protection. Makes a conforming change. Restores provisions that provide that a beneficial interest in Illinois land trusts may be perfected by control of specified collateral. Corrects typographical errors.
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