President Obama yesterday, September 16, signed into law the America Invents Act, a controversial bill meant to reform the way patents are filed and granted.

The America Invents Act is meant to expedite the the patent application process by granting priority to those who file the patent first, rather than the ones who invent the product or technology that is being patented. The act will allow filers to select a fast-track option that will take one-third the time to file when compared to traditional patent-filing wait periods. 

The act will also reform the way litigation regarding patents is handled, giving parties involved in a dispute the option to not go to court in order to get it resolved. This will be handled via a post-grant review, where the United States Patent and Trademark Office will review a patent to see if it is good or bad.

Of course, the act has its haters, which believe the act will allow corporations to use their deep bank accounts to push their applications through quicker than a smaller inventor with limited funds, even if the smaller inventor actually invented the technology first.

[White House via Slash Gear]