HB0543 • 2026

Uniform Commercial Code Amendments

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Rep. Kyle, Jason B.
Last action: 2026-03-06
Official status: House/ filed
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Uniform Commercial Code Amendments

This bill amends the Uniform Commercial Code.

What This Bill Does

This bill amends the Uniform Commercial Code.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-03-06 House file for bills not passed
House/ filed
2026-03-06 Clerk of the House
House/ received from Senate
2026-03-06 Senate Secretary
Senate/ strike enacting clause
2026-03-06 Clerk of the House
Senate/ to House
2026-03-05 Senate Rules Committee
Senate/ comm rpt/ sent to Rules
2026-03-04 Senate Judiciary, Law Enforcement, and Criminal Justice Committee
Senate Comm - Not Considered
2026-03-04 Senate Judiciary, Law Enforcement, and Criminal Justice Committee
Senate Comm - Recommends Returned to Rules
2026-03-02 House 3rd Reading Calendar for House bills
House/ 3rd reading
2026-03-02 Senate Secretary
House/ passed 3rd reading
2026-03-02 Senate Secretary
House/ to Senate
2026-03-02 Senate Rules Committee
Senate/ 1st reading (Introduced)
2026-03-02 Waiting for Introduction in the Senate
Senate/ received from House
2026-03-02 Senate Judiciary, Law Enforcement, and Criminal Justice Committee
Senate/ to standing committee
2026-02-26 House Business, Labor, and Commerce Committee
House Comm - Favorable Recommendation
2026-02-26 House Business, Labor, and Commerce Committee
House Comm - Substitute Recommendation
2026-02-26 House 3rd Reading Calendar for House bills
House/ 2nd reading
2026-02-26 House Business, Labor, and Commerce Committee
House/ comm rpt/ substituted
2026-02-26 Released
LFA/ fiscal note publicly available for HB0543S01
2026-02-26 Version Sponsor
LFA/ fiscal note sent to sponsor for HB0543S01
2026-02-24 House Business, Labor, and Commerce Committee
House/ to standing committee
2026-02-24 Legislative Fiscal Analyst
LFA/ bill assigned to staff for fiscal analysis for HB0543S01
2026-02-24 Legislative Fiscal Agency
LFA/ bill sent to agencies for fiscal input for HB0543S01
2026-02-17 House Rules Committee
House/ received fiscal note from Fiscal Analyst
2026-02-16 Released
LFA/ fiscal note publicly available for HB0543
2026-02-16 Version Sponsor
LFA/ fiscal note sent to sponsor for HB0543
2026-02-11 Legislative Research and General Counsel
Bill Numbered but not Distributed
2026-02-11 House Rules Committee
House/ 1st reading (Introduced)
2026-02-11 Clerk of the House
House/ received bill from Legislative Research
2026-02-11 Legislative Fiscal Analyst
LFA/ bill assigned to staff for fiscal analysis for HB0543
2026-02-11 Legislative Fiscal Agency
LFA/ bill sent to agencies for fiscal input for HB0543
2026-02-11 Legislative Research and General Counsel
Numbered Bill Publicly Distributed

Official Summary Text

This bill amends the Uniform Commercial Code.

Current Bill Text

Read the full stored bill text

9
70A-8-511
0
Uniform Commercial Code Amendments
2026 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Jason B. Kyle
Senate Sponsor: John D. Johnson
LONG TITLE
General Description:
This bill amends the Uniform Commercial Code.
Highlighted Provisions:
This bill:
provides that a securities intermediary shall provide a disclosure when a financial asset
held by the securities intermediary is subject to certain conditions.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
70A-8-511
, as enacted by Laws of Utah 1996, Chapter 204
Be it enacted by the Legislature of the state of Utah:
Section 1. Section
70A-8-511
is amended to read:
70A-8-511
. Priority among security interests and entitlement holders.
(1)
Except as otherwise provided in Subsections
(2)
and
(3)
, if a securities intermediary
does not have sufficient interests in a particular financial asset to satisfy both its
obligations to entitlement holders who have security entitlements to that financial asset
and its obligation to a creditor of the securities intermediary who has a security interest
in that financial asset, the claims of entitlement holders, other than the creditor, have
priority over the claim of the creditor.
(2)
A claim of a creditor of a securities intermediary who has a security interest in a
financial asset held by a securities intermediary has priority over claims of the securities
intermediary's entitlement holders who have security entitlements with respect to that
financial asset if the creditor has control over the financial asset.
(3)
If a clearing corporation does not have sufficient financial assets to satisfy both its
obligations to entitlement holders who have security entitlements with respect to a
financial asset and its obligation to a creditor of the clearing corporation who has a
security interest in that financial asset, the claim of the creditor has priority over the
claims of entitlement holders.
(4)
If Subsection
(2)
or
(3)
applies to a financial asset held by a securities intermediary, the
securities intermediary shall provide a written, conspicuous disclosure to each of the
securities intermediary's entitlement holders stating:
(a)
that the financial asset is subject to Subsection
(2)
or
(3)
; and
(b)
a brief description of the practical implication of the financial asset being subject to
Subsection
(2)
or
(3)
.
Section 2.
Effective Date.
This bill takes effect on
May 6, 2026
.
2-24-26 9:02 AM