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

DateAction
01/10/2011Committee
01/10/2011Prefiled and ordered printed; offered 01/12/11 11100653D
01/10/2011Referred to Committee on Commerce and Labor
01/18/2011Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
01/20/2011Read first time
01/21/2011Passed by for the day
01/24/2011Motion to rerefer to committee agreed to
01/24/2011Rereferred to Commerce and Labor
02/03/2011Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/03/2011Committee substitute printed 11104774D-H1
02/06/2011Read first time
02/07/2011Read second time
02/07/2011Committee substitute agreed to 11104774D-H1
02/07/2011Amendment by Delegate Merricks agreed to
02/07/2011Engrossed by House - committee substitute with amendment HB1718EH1
02/07/2011Printed as engrossed 11100653D-E
02/08/2011Engrossed bill reprinted 11104774D-EH1
02/08/2011Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/08/2011VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/09/2011Constitutional reading dispensed
02/09/2011Referred to Committee on Commerce and Labor
02/22/2011Left in Commerce and Labor

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 20 seconds.

Comments

Dan writes:

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.