Uniform Commercial Code Amendments

HB 543 amends Utah's Uniform Commercial Code to require securities intermediaries (like banks or brokers holding financial assets) to provide clear written disclosures to customers when certain priority rules apply. Specifically, it mandates that if a financial asset could be prioritized for a creditor over customer claims (under Subsections 2 or 3 of Section 70A-8-511), the intermediary must disclose this fact and explain its practical impact. This directly affects customers holding assets with these intermediaries and the intermediaries themselves, clarifying their disclosure obligations. The bill takes effect on May 6, 2026, with no new funding or procedural changes beyond the disclosure requirement.