TITLE: Relating to financing statements and other records under the secured transactions law.

SUMMARY: Relating to financing statements and other records under the secured transactions law.

FULL TEXT:
AN ACT relating to financing statements and other records under the secured transactions law. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subsection (b), Section 9.516, Business & Commerce Code, as effective July 1, 2013, is amended to read as follows: (b) Filing does not occur with respect to a record that a filing office refuses to accept because: (1) the record is not communicated by a method or medium of communication authorized by the filing office; (2) an amount equal to or greater than the applicable filing fee is not tendered; (3) the filing office is unable to index the record because: (A) in the case of an initial financing statement, the record does not provide a name for the debtor; (B) in the case of an amendment or information statement, the record: (i) does not identify the initial financing statement as required by Section 9.512 or 9.518, as applicable; or (ii) identifies an initial financing statement whose effectiveness has lapsed under Section 9.515; (C) in the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual that was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or (D) in the case of a record filed or recorded in the filing office described in Section 9.501(a)(1), the record does not provide the name of the debtor and a sufficient description of the real property to which it relates; (4) in the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record; (5) in the case of an initial financing statement or an amendment that provides a name of a debtor that was not previously provided in the financing statement to which the amendment relates, the record does not: (A) provide a mailing address for the debtor; or (B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization [; or [(C) if the financing statement indicates that the debtor is an organization, provide: [(i) a type of organization for the debtor; [(ii) a jurisdiction of organization for the debtor; or [(iii) an organizational identification number for the debtor or indicate that the debtor has none];(6) in the case of an assignment reflected in an initial financing statement under Section 9.514(a) or an amendment filed under Section 9.514(b), the record does not provide a name and mailing address for the assignee; (7) in the case of a continuation statement, the record is not filed within the six-month period prescribed by Section 9.515(d); or (8) the record is not on an industry standard form, including a national standard form or a form approved by the International Association of Commercial Administrators, adopted by rule by the secretary of state. SECTION 2. This Act takes effect July 1, 2013, if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.