HB 5083 Summary

• Amends Article 9 of the Uniform Commercial Code governing secured transactions, including modifications to provisions on electronic chattel paper control, debtor location rules, financing statement perfection, and collateral priority.

• Establishes requirements for electronic chattel paper systems to have a single authoritative copy maintained by the secured party or designated custodian, with restrictions on copying and amendments without secured party consent.

• Modifies financing statement sufficiency requirements, including new rules for naming debtors (individuals must use driver's license or ID card name if available, trusts must identify settlor or testator), and extends perfection periods for manufactured homes from 5 to 30 years.

• Adds Part 8 with transition provisions governing how pre-existing financing statements filed before July 1, 2013 remain effective, requiring compliance with amended article requirements within one year or continued effectiveness under prior law.

• Repeals Article 11 of the Uniform Commercial Code and becomes effective July 1, 2013, contingent on enactment of HB 5081 and HB 5082.