Texas 2013 - 83rd Regular

Texas Senate Bill SB474 Compare Versions

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1	1	By: Carona S.B. No. 474
2	2	(Villarreal)
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to financing statements and other records under the
8	8	secured transactions law.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subsection (b), Section 9.516, Business &
11	11	Commerce Code, as effective July 1, 2013, is amended to read as
12	12	follows:
13	13	(b) Filing does not occur with respect to a record that a
14	14	filing office refuses to accept because:
15	15	(1) the record is not communicated by a method or
16	16	medium of communication authorized by the filing office;
17	17	(2) an amount equal to or greater than the applicable
18	18	filing fee is not tendered;
19	19	(3) the filing office is unable to index the record
20	20	because:
21	21	(A) in the case of an initial financing
22	22	statement, the record does not provide a name for the debtor;
23	23	(B) in the case of an amendment or information
24	24	statement, the record:
25	25	(i) does not identify the initial financing
26	26	statement as required by Section 9.512 or 9.518, as applicable; or
27	27	(ii) identifies an initial financing
28	28	statement whose effectiveness has lapsed under Section 9.515;
29	29	(C) in the case of an initial financing statement
30	30	that provides the name of a debtor identified as an individual or an
31	31	amendment that provides a name of a debtor identified as an
32	32	individual that was not previously provided in the financing
33	33	statement to which the record relates, the record does not identify
34	34	the debtor's surname; or
35	35	(D) in the case of a record filed or recorded in
36	36	the filing office described in Section 9.501(a)(1), the record does
37	37	not provide the name of the debtor and a sufficient description of
38	38	the real property to which it relates;
39	39	(4) in the case of an initial financing statement or an
40	40	amendment that adds a secured party of record, the record does not
41	41	provide a name and mailing address for the secured party of record;
42	42	(5) in the case of an initial financing statement or an
43	43	amendment that provides a name of a debtor that was not previously
44	44	provided in the financing statement to which the amendment relates,
45	45	the record does not:
46	46	(A) provide a mailing address for the debtor; or
47	47	(B) indicate whether the name provided as the
48	48	name of the debtor is the name of an individual or an organization[;
49	49	or
50	50	[(C) if the financing statement indicates that
51	51	the debtor is an organization, provide:
52	52	[(i) a type of organization for the debtor;
53	53	[(ii) a jurisdiction of organization for
54	54	the debtor; or
55	55	[(iii) an organizational identification
56	56	number for the debtor or indicate that the debtor has none];
57	57	(6) in the case of an assignment reflected in an
58	58	initial financing statement under Section 9.514(a) or an amendment
59	59	filed under Section 9.514(b), the record does not provide a name and
60	60	mailing address for the assignee;
61	61	(7) in the case of a continuation statement, the
62	62	record is not filed within the six-month period prescribed by
63	63	Section 9.515(d); or
64	64	(8) the record is not on an industry standard form,
65	65	including a national standard form or a form approved by the
66	66	International Association of Commercial Administrators, adopted by
67	67	rule by the secretary of state.
68	68	SECTION 2. This Act takes effect July 1, 2013, if it
69	69	receives a vote of two-thirds of all the members elected to each
70	70	house, as provided by Section 39, Article III, Texas Constitution.
71	71	If this Act does not receive the vote necessary for effect on that
72	72	date, this Act takes effect September 1, 2013.