Bill Text: FL S7054 | 2023 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Central Bank Digital Currency
Spectrum: Committee Bill
Status: (Passed) 2023-05-15 - Chapter No. 2023-80 [S7054 Detail]
Download: Florida-2023-S7054-Introduced.html
Bill Title: Central Bank Digital Currency
Spectrum: Committee Bill
Status: (Passed) 2023-05-15 - Chapter No. 2023-80 [S7054 Detail]
Download: Florida-2023-S7054-Introduced.html
Florida Senate - 2023 SB 7054 By the Committee on Banking and Insurance 597-03564-23 20237054__ 1 A bill to be entitled 2 An act relating to central bank digital currency; 3 amending s. 671.201, F.S.; defining the term “central 4 bank digital currency” and revising the definition of 5 the term “money” for purposes of the Uniform 6 Commercial Code; amending ss. 328.0015, 559.9232, 7 563.022, and 668.50, F.S.; conforming cross-references 8 to changes made by the act; providing an effective 9 date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Subsections (10) through (46) of section 14 671.201, Florida Statutes, are renumbered as subsections (11) 15 through (47), respectively, present subsections (24), (25), and 16 (26) of that section are amended, and a new subsection (10) is 17 added to that section, to read: 18 671.201 General definitions.—Unless the context otherwise 19 requires, words or phrases defined in this section, or in the 20 additional definitions contained in other chapters of this code 21 which apply to particular chapters or parts thereof, have the 22 meanings stated. Subject to definitions contained in other 23 chapters of this code which apply to particular chapters or 24 parts thereof, the term: 25 (10) “Central bank digital currency” means a digital 26 currency, a digital medium of exchange, or a digital monetary 27 unit of account issued by the United States Federal Reserve 28 System, a federal agency, a foreign government, a foreign 29 central bank, or a foreign reserve system, that is made directly 30 available to a consumer by such entities. The term includes a 31 digital currency, a digital medium of exchange, or a digital 32 monetary unit of account issued by the United States Federal 33 Reserve System, a federal agency, a foreign government, a 34 foreign central bank, or a foreign reserve system, that is 35 processed or validated directly by such entities. 36 (25)(24)“Money” means a medium of exchange that is 37 currently authorized or adopted by a domestic or foreign 38 government. The term includes a monetary unit of account 39 established by an intergovernmental organization or by agreement 40 between two or more countries. The term does not include a 41 central bank digital currency. 42 (26)(25)Subject to subsection (28)(27), a person has 43 “notice” of a fact if the person: 44 (a) Has actual knowledge of it; 45 (b) Has received a notice or notification of it; or 46 (c) From all the facts and circumstances known to the 47 person at the time in question, has reason to know that it 48 exists. A person “knows” or has “knowledge” of a fact when the 49 person has actual knowledge of it. “Discover” or “learn” or a 50 word or phrase of similar import refers to knowledge rather than 51 to reason to know. The time and circumstances under which a 52 notice or notification may cease to be effective are not 53 determined by this section. 54 (27)(26)A person “notifies” or “gives” a notice or 55 notification to another person by taking such steps as may be 56 reasonably required to inform the other person in ordinary 57 course, whether or not the other person actually comes to know 58 of it. Subject to subsection (28)(27), a person “receives” a 59 notice or notification when: 60 (a) It comes to that person’s attention; or 61 (b) It is duly delivered in a form reasonable under the 62 circumstances at the place of business through which the 63 contract was made or at another location held out by that person 64 as the place for receipt of such communications. 65 Section 2. Paragraphs (c), (j), and (n) of subsection (2) 66 of section 328.0015, Florida Statutes, are amended to read: 67 328.0015 Definitions.— 68 (2) The following definitions and terms also apply to this 69 part: 70 (c) “Conspicuous” as defined in s. 671.201(11)s.71671.201(10). 72 (j) “Representative” as defined in s. 671.201(37)s.73671.201(36). 74 (n) “Send” as defined in s. 671.201(40)s. 671.201(39). 75 Section 3. Paragraph (f) of subsection (2) of section 76 559.9232, Florida Statutes, is amended to read: 77 559.9232 Definitions; exclusion of rental-purchase 78 agreements from certain regulations.— 79 (2) A rental-purchase agreement that complies with this act 80 shall not be construed to be, nor be governed by, any of the 81 following: 82 (f) A security interest as defined in s. 671.201(39)s.83671.201(38). 84 Section 4. Paragraph (g) of subsection (2) of section 85 563.022, Florida Statutes, is amended to read: 86 563.022 Relations between beer distributors and 87 manufacturers.— 88 (2) DEFINITIONS.—In construing this section, unless the 89 context otherwise requires, the word, phrase, or term: 90 (g) “Good faith” means honesty in fact in the conduct or 91 transaction concerned as defined and interpreted under s. 92 671.201(21)s. 671.201(20). 93 Section 5. Paragraph (d) of subsection (16) of section 94 668.50, Florida Statutes, is amended to read: 95 668.50 Uniform Electronic Transaction Act.— 96 (16) TRANSFERABLE RECORDS.— 97 (d) Except as otherwise agreed, a person having control of 98 a transferable record is the holder, as defined in s. 99 671.201(22)s. 671.201(21), of the transferable record and has 100 the same rights and defenses as a holder of an equivalent record 101 or writing under the Uniform Commercial Code, including, if the 102 applicable statutory requirements under s. 673.3021, s. 677.501, 103 or s. 679.330 are satisfied, the rights and defenses of a holder 104 in due course, a holder to which a negotiable document of title 105 has been duly negotiated, or a purchaser, respectively. 106 Delivery, possession, and indorsement are not required to obtain 107 or exercise any of the rights under this paragraph. 108 Section 6. This act shall take effect July 1, 2023.