Bill > HB1342

This bill amends Tennessee's Uniform Commercial Code (UCC) provisions related to financing statement filings by modifying several procedural requirements. Specifically, when a secured party files a petition challenging a public official's affidavit about a financing statement, the filing office must now forward not just the petition, but also the actual UCC financing statement and the notarized affidavit to the administrative procedures division of the secretary of state's office within three business days. The bill also adds new notification requirements for both the secured party and the public official after an administrative law judge makes a determination. If an administrative law judge reaches a decision, the secured party must provide a copy of that determination to the filing office. Similarly, if a public official's affidavit is part of the review, they must also provide the determination to the filing office. Additionally, if the secured party seeks judicial review of the administrative law judge's determination, they must send a copy of their petition for judicial review to the filing office within seven days of filing. These changes aim to improve transparency and communication in the UCC financing statement filing process. The bill takes effect immediately upon becoming law.

Business and Industry, Justice

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1342&ga=114