Texas 2019 - 86th Regular

Texas House Bill HB4519

Caption

Relating to the development of a central filing system by the secretary of state for the filing of financing statements for certain security interests; authorizing fees; providing civil penalties.

Impact

The introduction of a central filing system is expected to simplify and standardize how agricultural liens are perfected in Texas. By having a dedicated platform for the filing of effective financing statements, farmers and creditors will benefit from reduced ambiguity regarding lien priority and compliance with the filing process. Should this bill be enacted, it will significantly influence how agricultural financing is managed and monitored across the state.

Summary

House Bill 4519 seeks to establish a central filing system under the Texas Secretary of State for the filing of financing statements related to certain security interests, particularly agricultural liens. The bill amends relevant sections of the Business & Commerce Code to incorporate a new chapter (Chapter 607) that defines terms, processes, and requirements regarding the filing system. This initiative aims to streamline the process of recording security interests in farm products, thereby enhancing transparency and efficiency in agricultural transactions.

Contention

However, the bill may encounter contention regarding the implications of increased centralization of filing requirements. Some stakeholders in the agricultural sector might view this as an additional bureaucratic hurdle, potentially imposing fees and penalties. It raises questions about how effectively the system will protect the interests of smaller farm operations and whether it will address existing issues related to the management of agricultural liens adequately.

Companion Bills

TX SB2033

Same As Relating to the development of a central filing system by the secretary of state for the filing of financing statements for certain security interests; authorizing fees; providing civil penalties.

Previously Filed As

TX HB5011

Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.

TX SB2075

Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.

TX SB925

Relating to the use of blockchain technology for financing statements and related records filed with the secretary of state.

TX HB1012

Relating to the prohibition of certain discrimination; authorizing civil penalties.

TX SB110

Relating to the prohibition of certain discrimination; authorizing civil penalties.

TX SB2105

Relating to the registration of and certain other requirements relating to data brokers; providing a civil penalty and authorizing a fee.

TX HB3890

Relating to the regulation and voluntary licensing of reroofing contractors by the Texas Department of Licensing and Regulation; providing administrative and civil penalties; authorizing fees.

TX HB19

Relating to the creation of a specialty trial court to hear certain cases; authorizing fees.

TX HB2226

Relating to state and municipal motor fuel taxes; providing civil penalties; creating criminal offenses; requiring occupational licenses; authorizing the imposition of taxes; providing for increases and decreases in the rates of taxes.

TX HB5

Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.

Similar Bills

TX SB2033

Relating to the development of a central filing system by the secretary of state for the filing of financing statements for certain security interests; authorizing fees; providing civil penalties.

TX HB3969

Relating to a study regarding the feasibility of implementing a central filing system for the filing of financing statements for agricultural liens.

OK SB988

Uniform Commercial Code; secured transactions; transferring certain authority from Secretary of State to Oklahoma County Clerk. Effective date.

OK HB3811

Uniform Commercial Code; farm products central filing system; master list; Internet download; fees charged by the Secretary State; effective date.

IA HSB688

A bill for an act establishing a central filing system relating to security interests in farm products, providing fees, and including contingent implementation and effective date provisions.

IA SSB3167

A bill for an act establishing a central filing system relating to security interests in farm products, providing fees, and including contingent implementation and effective date provisions.

OK HB1848

Uniform Commercial Code; secured transactions; liens; database; effective date.

OK HB1848

Uniform Commercial Code; secured transactions; liens; database; effective date.