MI HB4694

Requires the Secretary of State to refuse filing records that are not authorized, outside the scope of Article 9, materially false/fraudulent, or assert claims against government employees without proper security agreements or court judgments.

Allows the Secretary of State to refuse records where the debtor and secured party are substantially the same or where an individual debtor is a transmitting utility.

Establishes procedures for the Secretary of State to determine if previously filed records were wrongfully filed and void such records upon finding they were improper, with notification to the secured party.

Exempts financing statements filed by regulated financial institutions from refusal grounds under subsection (5), though the Secretary may request verification of regulation or licensure if the institution is organized outside Michigan.

Permits persons whose records are refused to commence court actions requiring the Secretary of State to accept the record for filing, with effective dates backdated to the initial filing date except against good faith purchasers.