Ohio law would protect qualifying digital buyers and rank lenders

Qualifying buyers would acquire covered digital records free of competing property claims. The rules cover digital records that meet the legal control test and payment rights tied to them. Bank deposits and electronic money follow separate rules. Buyers must give value, act in good faith, obtain control, and have no notice of a competing property claim. Protection generally covers the record itself; separate property it represents can remain subject to claims. Covered payment rights also receive protection. Different consumer protection rules still apply. A publicly filed lender claim alone does not count as notice. These provisions take effect October 6, 2026. Buyers’ rights depend on the governing law at the time of purchase.

Lenders would use legally recognized control to protect claims to covered digital property pledged for loans. The rules cover digital records that meet the control test, related payment rights, and electronic money. Control means legally recognized power over an asset’s benefits and transfer. Lenders can also protect claims to covered digital records and related payment rights by filing. Electronic money generally requires control. When no secured debt or commitment to provide more value remains, lenders must return control within ten days of a signed demand. The digital-record rule excludes outright buyers of covered payment rights. Some earlier lender claims must meet the law’s requirements before the adjustment date or an earlier expiration date to retain protection. These provisions take effect October 6, 2026. The adjustment date is October 6, 2027: the later of July 1, 2025, or one year after effectiveness. Earlier protection can expire sooner.

Sales and leasing rules would apply to mixed deals based on whether goods are the main part. These provisions cover a single deal combining a sale or lease of goods with services or other property. When goods are not the main part, only rules mainly concerning the goods apply, with specified exceptions for finance leases. When goods are the main part, sales or leasing rules apply to the deal, while other law can still govern its other parts. Separate laws regulating sales to consumers and farmers remain in place. These provisions take effect October 6, 2026.

The Supreme Court’s administrative director would send retired-judge reimbursement bills to the assigned court’s administrative judge. The rules cover courts using retired judges assigned to active duty and the funding authorities responsible for the county’s share. The bill covers the county’s share of compensation the state already paid for the retired judge’s service. These provisions take effect October 6, 2026. Annual bills are issued August 1 for the twelve-month period ending June 30.