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.
   11  Be It Enacted by the Legislature of the State of Florida:
   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.
   71  671.201(10).
   72         (j) “Representative” as defined in s. 671.201(37) s.
   73  671.201(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.
   83  671.201(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.