HEA 1054 Summary

• Amends IC 26-1-9.1-516 to reference new section 901 regarding fraudulent financing statements that the secretary of state may refuse to accept for filing.

• Creates new IC 26-1-9.1-901 authorizing the secretary of state to refuse filing or recording of financing statements that are not required to be filed with the secretary of state or are materially false or fraudulent, including statements with identical debtor and secured party names, those naming individual debtors as transmitting utilities, or statements filed without proper consent.

• Creates new IC 26-1-9.1-902 allowing persons to file a motion for judicial review of fraudulent financing statements, with courts empowered to award costs, declare statements ineffective, and order termination or purging of the statements from records.

• Amends IC 36-2-11-8 to prohibit county recorders from recording any instrument contaminated by blood or other bodily fluid.

• Declares an emergency effective upon passage for all provisions.