The Music Modernization Act was signed into law on October 11, 2018. In short, the Music Modernization Act (MMA) is legislation that is going to change the rates and the way mechanical royalties are paid out to copyright owners. It will also overhaul how the statutory boards and courts regulate collective licensing in the United States.
The MMA will improve digital royalty payouts to songwriters, begin paying artists and labels a digital royalty for songs recorded prior to 1972, and will create a new licensing collective to oversee digital mechanical licensing for songwriters and music publishers.
Here is the timeline of the Music Modernization Act.