UCC; INFORMATION STATEMENT                                                      H.B. 4694:

                                                                                         SUMMARY OF BILL

                                                                         REPORTED FROM COMMITTEE

House Bill 4694 (as reported without amendment)

Sponsor:  Representative Jack O'Malley

House Committee:  Financial Services

Senate Committee:  Insurance and Banking

CONTENT

The bill would amend Article 9 (Secured Transactions) of the Uniform Commercial Code (UCC) to change references to a "correction statement" to an "information statement", and to require a filing office to accept certain financing statement forms approved by the International Association of Commercial Administrators and adopted by the Secretary of State (SOS) and any other form adopted by the SOS.

MCL 440.9520 et al.                                  Legislative Analyst:  Stephen Jackson

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  10-29-21                                     Fiscal Analyst:  Joe Carrasco

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.