HB 5624 Summary

• Replaces references to "correction statement" with "information statement" throughout the Uniform Commercial Code secured transactions provisions (sections 9520 and 9525).

• Updates form references in section 9521 to recognize UCC financing statement forms adopted by the Secretary of State, including forms promulgated by the American Law Institute and Uniform Law Commission and approved by the International Institute of Commercial Arbitration.

• Clarifies capitalization and punctuation of "American Law Institute and the Uniform Law Commission" throughout sections 9521 and related provisions for consistency.

• Eliminates filing fees for information statements (formerly correction statements) filed by individuals with the Secretary of State when they are named as a debtor on a record.