| 4 | 3 | | |
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| 5 | 4 | | SENATE BILL 544 |
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| 6 | 5 | | By Stevens |
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| 7 | 6 | | |
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| 8 | 7 | | |
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| 9 | 8 | | SB0544 |
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| 10 | 9 | | 000675 |
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| 11 | 10 | | - 1 - |
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| 12 | 11 | | |
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| 13 | 12 | | AN ACT to amend Tennessee Code Annotated, Title 47, |
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| 14 | 13 | | relative to Uniform Commercial Code financing |
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| 15 | 14 | | statement filings. |
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| 16 | 15 | | |
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| 17 | 16 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: |
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| 18 | 17 | | SECTION 1. Tennessee Code Annotated, Section 47-9-513(e)(5)(C), is amended by |
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| 19 | 18 | | deleting the subdivision and substituting: |
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| 20 | 19 | | (C) Within three (3) business days of receipt of the petition for review and cost |
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| 21 | 20 | | bond by the filing office, the filing office shall forward the petition, the Uniform |
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| 22 | 21 | | Commercial Code financing statement that is the subject of the petition, and the |
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| 23 | 22 | | notarized affidavit of the public official to the administrative procedures division of the |
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| 24 | 23 | | office of the secretary of state, along with a request for a hearing. |
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| 25 | 24 | | SECTION 2. Tennessee Code Annotated, Section 47-9-513(e)(7), is amended by |
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| 26 | 25 | | adding the following language at the end of the subdivision: |
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| 27 | 26 | | If an administrative law judge reaches a determination as described in this subsection, |
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| 28 | 27 | | then the secured party shall provide a copy of the determination to the filing office. |
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| 29 | 28 | | SECTION 3. Tennessee Code Annotated, Section 47-9-513(e)(8), is amended by |
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| 30 | 29 | | adding the following language at the end of the subdivision: |
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| 31 | 30 | | If an administrative law judge reaches a determination as described in this subsection, |
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| 32 | 31 | | then the public official filing an affidavit under this part shall provide a copy of such |
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| 33 | 32 | | determination to the filing office. If the secured party seeks review of a determination |
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| 34 | 33 | | made by an administrative law judge under this subsection pursuant to ยง 4-5-322, then |
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| 35 | 34 | | the secured party shall provide a copy of the petition for judicial review to the filing office |
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| 36 | 35 | | within seven (7) days of the filing of the petition. |
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| 37 | 36 | | |
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| 38 | 37 | | |
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| 39 | 38 | | - 2 - 000675 |
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| 40 | 39 | | |
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| 41 | 40 | | SECTION 4. This act takes effect upon becoming a law, the public welfare requiring it. |
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