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Committee approves moving agricultural UCC filings from Secretary of State to Oklahoma County Clerk
Summary
The House Banking, Financial Services and Pensions Committee voted to pass Senate Bill 988, which transfers handling of agricultural UCC receipts from the Secretary of State's office to the Oklahoma County Clerk's office to consolidate records and improve timeliness for lenders and sale barns.
The House Banking, Financial Services and Pensions Committee voted to pass Senate Bill 988 on a voice vote after discussion by Floor Leader Pfeiffer and committee members.
Senate Bill 988 transfers agricultural Uniform Commercial Code (UCC) receipts from the Oklahoma Secretary of State's office to the Oklahoma County Clerk's office. Floor Leader Pfeiffer told the committee the language was agreed to by the Livestock Marketing Association, the Oklahoma Ag Cooperative Council, the Oklahoma Bankers Association, the Secretary of State's office and the Oklahoma County Clerk's office.
Pfeiffer said Oklahoma County has handled UCC loans since February 2001, when filings moved from all 77 counties to Oklahoma County, and that the change will put agricultural loans “over with all the other UCC stuff that Oklahoma County handles.” He added the move should give sale barns and similar venues “better real time data, and better response” than they currently receive from the Secretary of State's office.
Committee members voiced no sustained opposition; several members recorded “aye” during the roll call. The clerk declared the bill passed and referred it for further consideration by oversight.
Background and context: Committee discussion focused on administrative consolidation and operational efficiency for lenders and agricultural businesses; no technical changes to the underlying UCC lien rules were discussed during the presentation.
Votes at a glance: Committee recorded the bill as passing by the committee voice vote and a final recorded tally spoken in the hearing as 8 yes, 0 no.
