HB 6274 Summary

• Amends Connecticut's Uniform Commercial Code Article 9 to update definitions and rules governing secured transactions, effective July 1, 2013

• Modifies debtor name requirements for financing statements, including new provisions for individuals based on motor vehicle operator's licenses or identity cards, and special rules for trusts and decedents' estates

• Updates control requirements for electronic chattel paper and clarifies perfection rules for security interests across jurisdictions, including grace periods when debtors change locations or when new debtors assume security agreements

• Changes terminology from "correction statement" to "information statement" for filing disputes and adjusts requirements for filing office procedures and fee structures

• Establishes transitional rules for financing statements filed before the effective date, allowing continued effectiveness under modified requirements and providing methods to continue perfection under new law