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Bill would create expedited administrative remedy for fraudulent UCC filings; industry and lenders discussed safeguards
Summary
Senate Bill 22 21 would expand remedies for victims of fraudulent Uniform Commercial Code financing-statement filings by allowing an affidavit-based termination process at the secretary of state, statutory damages increases and due-process protections for secured parties.
Senator Parker introduced Senate Bill 22 21, a measure to expand remedies for victims of fraudulent or forged financing statements under the Uniform Commercial Code. The committee considered a substitute that incorporated secretary-of-state language.
Sponsor explanation: The bill raises statutory-minimum damages for wrongful filings and clarifies that anyone harmed by a fraudulent filing — not just property owners — can seek…
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