Bill Title: Amends the Uniform Commercial Code. Provides that no person shall file a fraudulent financing statement and assigns civil and criminal penalties for such filings. Provides a procedure for filing a form affidavit to provide notice of a fraudulent financing statement or amendment and provides guidance for when the Secretary of State may terminate the financing statement or amendment based on the affidavit. Provides that a filing office may terminate a record under specified circumstances with notice to the filer of the financing statement or amendment. Provides several circumstances where effective filing does not occur. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Passed) 2012-07-25 - Public Act . . . . . . . . . 97-0849 [SB1692 Detail]

Text: Latest bill text (Chaptered) [HTML]

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