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Legislative Year: 2022 Change
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Bill Detail: HB22-1053

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Title Blockchain Agriculture And Uniform Commercial Code
Status Governor Signed (06/07/2022)
Bill Subjects
  • Agriculture
  • Business & Economic Development
House Sponsors D. Valdez (D)
T. Van Beber (R)
Senate Sponsors C. Hansen (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 01/13/2022
Summary

In 2019, the general assembly enacted House Bill 19-1247, which
created an advisory group to study the use and benefits of blockchain
technology in agriculture. The group issued a report that included the
following recommendations:
  • That the legislature authorize the design, development, and
deployment of an online program for agricultural producers
to learn about the use and benefits of implementing new
digital, data-driven systems to facilitate trade in agricultural

products; and
  • That the legislature amend the Colorado Uniform
Commercial Code (UCC) to protect ownership and control
of digital information assets generated by agricultural
producers in a manner similar to the changes adopted by
Wyoming.
To implement the recommendations:
  • Section 1 of the bill instructs the commissioner of
agriculture (commissioner) to create and deploy an online
program that educates agricultural producers about
blockchain technology. The commissioner will consult and
cooperate with stakeholders to develop the online program,
publicize the program, and encourage agricultural
producers to participate in the program.
  • Section 2:
  • Classifies the various types of digital assets as the
appropriate type of property, security, or asset under
the UCC;
  • Classifies a bank providing custodial services of a
digital asset as a securities intermediary;
  • Establishes that control of a digital asset is the
functional equivalent of possessing a physical asset
for the purposes of perfecting a security interest in
the digital asset;
  • Requires an agreement for a secured party to take
control of a digital asset;
  • Clarifies that a secured party may file with the
secretary of state a financing statement to perfect a
security interest in proceeds from a digital asset;
  • Provides that a transferee takes a digital asset free of
any security interest 2 years after the transferee
takes the asset for value if the transferee does not
have actual notice of an adverse claim; and
  • Clarifies issues of court jurisdiction over digital
assets.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (03/21/2022) (most recent)  
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