Uniform Commercial Code; negotiable instruments and bank deposits and collections. (HB1718)
Introduced By
Del. Don Merricks (R-Danville)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
✓ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Uniform Commercial Code; negotiable instruments and bank deposits and collections. Updates Articles 3 (Negotiable Instruments) and 4 (Bank Deposits and Collections) of the UCC to reflect court decisions and advances in technology. The amendments cover the following topics: transferring lost instruments, payment and discharge, telephonically generated checks, suretyship, electronic communications, and consumer notices. The amendments to Articles 3 and 4 were completed by the Uniform Law Commissioners, in conjunction with the American Law Institute, in 2002 and have been enacted in 10 states. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/10/2011 | Committee |
01/10/2011 | Prefiled and ordered printed; offered 01/12/11 11100653D |
01/10/2011 | Referred to Committee on Commerce and Labor |
01/18/2011 | Reported from Commerce and Labor (21-Y 0-N) (see vote tally) |
01/20/2011 | Read first time |
01/21/2011 | Passed by for the day |
01/24/2011 | Motion to rerefer to committee agreed to |
01/24/2011 | Rereferred to Commerce and Labor |
02/03/2011 | Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally) |
02/03/2011 | Committee substitute printed 11104774D-H1 |
02/06/2011 | Read first time |
02/07/2011 | Read second time |
02/07/2011 | Committee substitute agreed to 11104774D-H1 |
02/07/2011 | Amendment by Delegate Merricks agreed to |
02/07/2011 | Engrossed by House - committee substitute with amendment HB1718EH1 |
02/07/2011 | Printed as engrossed 11100653D-E |
02/08/2011 | Engrossed bill reprinted 11104774D-EH1 |
02/08/2011 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/08/2011 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/09/2011 | Constitutional reading dispensed |
02/09/2011 | Referred to Committee on Commerce and Labor |
02/22/2011 | Left in Commerce and Labor |
Comments
This bill is designed to allow the banks to transfer notes in bland and to lower the standard of the chain of title required to prove ownership before forecloseing. It is also designed to legitimize the MERS system of property reocords. Meaning that all buyers of foreclosed homes would face owning a bad title of pay very high premiums for title insurance (assuming you get it at all).
This is a really bad bill that attempts to bail out the banks and that poses real risks with both its intended and unintended consequences.