Michigan Laws 450.848a – Strict compliance exception for 2020 to 2021; applicability to transactions under uniform commercial code
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Terms Used In Michigan Laws 450.848a
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Michigan Laws 450.832
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or possession subject to the jurisdiction of the United States. See Michigan Laws 450.832
- Transaction: means an action or set of actions occurring between 2 or more persons relating to the conduct of business, commercial, or governmental affairs. See Michigan Laws 450.832
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) Notwithstanding any other provision of this act, for the period beginning April 30, 2020 and ending June 30, 2021, strict compliance with section 18 is suspended to permit each state department to send and accept electronic records and electronic signatures to and from other persons without a determination from or approval by the department of technology, management, and budget.
(2) Except as otherwise provided in this subsection, this act applies to a transaction that is governed by the uniform commercial code and entered into on or after April 30, 2020 and before July 1, 2021. During the time period described in this subsection, to the extent there is a conflict between the uniform commercial code and this act, the uniform commercial code controls.
(3) As used in this section, “the uniform commercial code” means the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.9994.