Bill > SB988

This bill transfers the authority for managing the central filing system for farm product financing statements from the Oklahoma Secretary of State to the Oklahoma County Clerk. The bill modifies several sections of Oklahoma's Uniform Commercial Code to replace references to the Secretary of State with the Oklahoma County Clerk, effectively shifting responsibilities for filing, maintaining, and distributing effective financing statements related to farm products. Key changes include transferring the process of recording financing statements, maintaining a master list of filings, registering buyers and sellers, and collecting associated fees to the County Clerk's office. The bill establishes new procedures for filing, including more precise timestamp requirements and specific rules for processing filings. It also creates a new Oklahoma County Clerk's Uniform Commercial Code Central Filing Fund to collect the fees generated by these transactions. The implementation of these changes is contingent upon certification by the United States Department of Agriculture (USDA), with the effective date set 180 days after such certification. This transfer aims to potentially streamline and localize the filing process for farm product financing statements.

Business and Industry, Government Affairs, Justice

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb988&Session=2600