On May 23, ILL LEG passed bill on controllable electronic records.
ILL LEG passed bill SB 3696 regarding adoption of controllable electronic records.
Amendments to various provisions of ILL LEG 810-5, the Uniform Commercial Code.
Bill Provisions
Amends the Uniform Commercial Code to adopt a controllable electronic records article and transitional provisions and also for the amendment of other provisions of the code.
Provides specified secured transactions are subject to Predatory loan prevention act, the Consumer fraud and deceptive business practices act, and other relevant statutes.
Beneficial interest in land trusts may be perfected by control of specified collateral.
Legislative History
On Feb. 9, 2024, bill was introduced in Senate; on Apr. 11, 2024, bill passed Senate.
On Apr. 11, 2024, bill was introduced in House; on May 23, 2024, bill passed in House.
Effectiveness
Upon enactment this act will be effective Jan. 1, 2025.
Aug. 2024 ILL LEG Governor Approval
On Aug. 9, 2024, ILL LEG reported governor signed bill, enacted Public Act 103-1036.
