Texas 2013 - 83rd Regular

Texas House Bill HB1978 Compare Versions

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Old	New	Differences
1	1	83R17095 CLG-D
2	2	By: Villarreal H.B. No. 1978
3	3	Substitute the following for H.B. No. 1978:
4	4	By: Villarreal C.S.H.B. No. 1978
5	5
6	6
7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to financing statements and other records under the
10	10	secured transactions law.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 9.516(b), Business & Commerce Code, as
13	13	effective July 1, 2013, is amended to read as follows:
14	14	(b) Filing does not occur with respect to a record that a
15	15	filing office refuses to accept because:
16	16	(1) the record is not communicated by a method or
17	17	medium of communication authorized by the filing office;
18	18	(2) an amount equal to or greater than the applicable
19	19	filing fee is not tendered;
20	20	(3) the filing office is unable to index the record
21	21	because:
22	22	(A) in the case of an initial financing
23	23	statement, the record does not provide a name for the debtor;
24	24	(B) in the case of an amendment or information
25	25	statement, the record:
26	26	(i) does not identify the initial financing
27	27	statement as required by Section 9.512 or 9.518, as applicable; or
28	28	(ii) identifies an initial financing
29	29	statement whose effectiveness has lapsed under Section 9.515;
30	30	(C) in the case of an initial financing statement
31	31	that provides the name of a debtor identified as an individual or an
32	32	amendment that provides a name of a debtor identified as an
33	33	individual that was not previously provided in the financing
34	34	statement to which the record relates, the record does not identify
35	35	the debtor's surname; or
36	36	(D) in the case of a record filed or recorded in
37	37	the filing office described in Section 9.501(a)(1), the record does
38	38	not provide the name of the debtor and a sufficient description of
39	39	the real property to which it relates;
40	40	(4) in the case of an initial financing statement or an
41	41	amendment that adds a secured party of record, the record does not
42	42	provide a name and mailing address for the secured party of record;
43	43	(5) in the case of an initial financing statement or an
44	44	amendment that provides a name of a debtor that was not previously
45	45	provided in the financing statement to which the amendment relates,
46	46	the record does not:
47	47	(A) provide a mailing address for the debtor; or
48	48	(B) indicate whether the name provided as the
49	49	name of the debtor is the name of an individual or an organization[;
50	50	or
51	51	[(C) if the financing statement indicates that
52	52	the debtor is an organization, provide:
53	53	[(i) a type of organization for the debtor;
54	54	[(ii) a jurisdiction of organization for
55	55	the debtor; or
56	56	[(iii) an organizational identification
57	57	number for the debtor or indicate that the debtor has none];
58	58	(6) in the case of an assignment reflected in an
59	59	initial financing statement under Section 9.514(a) or an amendment
60	60	filed under Section 9.514(b), the record does not provide a name and
61	61	mailing address for the assignee;
62	62	(7) in the case of a continuation statement, the
63	63	record is not filed within the six-month period prescribed by
64	64	Section 9.515(d); or
65	65	(8) the record is not on an industry standard form,
66	66	including a national standard form or a form approved by the
67	67	International Association of Commercial Administrators, adopted by
68	68	rule by the secretary of state.
69	69	SECTION 2. This Act takes effect July 1, 2013, if it
70	70	receives a vote of two-thirds of all the members elected to each
71	71	house, as provided by Section 39, Article III, Texas Constitution.
72	72	If this Act does not receive the vote necessary for effect on that
73	73	date, this Act takes effect September 1, 2013.