Other Legislative Updates
The Section’s Legislation Committee, chaired by Stephanie Lieb, had an industrious agenda for this year’s legislative session. The Section is proud to announce that four of its initiatives have passed out of the House and Senate. Financial Literacy (mentioned above) has already been signed by the Governor. These other bills are awaiting their turn at the Governor’s desk:
Service of Process – SB 1062 by Sen. Jennifer Bradley (R-Fleming Island) revises provisions to the procedures for service on various kinds of business entities as well as for service outside the State of Florida and in foreign countries. Further, the bill amends procedures related to the filing of a presuit notice for medical negligence. If approved, it will take effect 1/1/23.
Pick Your Partner – SB 336 by Sen. Lori Berman (D-Lantana) reflects updates recently made to Article 9 of the model Uniform Commercial Code (UCC). The amendments clarify that certain overrides of restrictions on transferability do not apply to an ownership interest in a general partnership, limited partnership, or LLC.
Legislation to rectify issues raised in the Kearney case – SB 406 by Sen. Lori Berman (D-Lantana) provides that language referring only to the type of collateral is insufficient to waive constitutional and statutory protections that prevent creditors from obtaining a judgment against certain assets, allowing the individual to pledge such assets as collateral. The bill was filed in response to a federal court case which held that mere contractual reference to “all assets” included certain property previously understood to be excluded from such an agreement. If approved, the legislation would apply to all security interests retroactively and will take effect upon becoming law.
In addition to proactive legislation authored or supported by the Section, the Section takes an active role in reviewing proposed legislation that may impact our clients as well as offering technical advice on certain legislation. This year was no different on this front. The Section provided input on the following issues during this session: Money Services Businesses; Digital Currency; Data Privacy; Restrictive Covenants; Chapter 517; and Mergers & Acquisitions.
Thanks so much to our legislative consultants Aimee Diaz Lyon and Doug Bell for their amazing energy and perseverance on behalf of the Section. Also, thank you to Stephanie Lieb and Vice-Chairs Peter Valori and Robert Barron and all the members of the Legislation Committee who have been so committed to the work of the Section this legislative session.