IL SB3764

Amends the Uniform Commercial Code Article 9 (Secured Transactions) to incorporate 2010 UCC amendments relating to secured transactions, financing statements, and personal property security interests.

Updates definitions and rules for debtors including registered organizations, trusts, decedents' estates, and individuals, with specific requirements for how debtor names must be provided on financing statements.

Modifies procedures for filing, amending, and continuing effectiveness of financing statements, including changes to control requirements for electronic chattel paper and allowances for continuation under new rules.

Adds provisions for "information statements" to allow persons to dispute inaccurate or wrongfully filed records, replacing prior "correction statement" terminology.

Establishes transition rules for financing statements filed before the effective date, allowing continued effectiveness under specified conditions and providing timelines for compliance with new perfection requirements.