MN SF4387

Amends Minnesota Statutes sections 336.9-510 and 336.9-516 to allow filing offices to refuse or flag financing statements filed with intent to harass or defraud.

Creates new section 336.9-5135 allowing persons named as debtors in fraudulent filings to submit notarized affidavits to the filing office requesting termination of wrongfully filed financing statements.

Establishes a 20-day waiting period before termination statements become effective, allowing secured parties to request expedited review or commence court action for reinstatement within six months.

Adds criminal penalties under section 609.7476 making it a gross misdemeanor for first offense and felony for subsequent offenses to file records with intent to harass or defraud without authorization.

Provides liability protections allowing filing offices and defrauded persons to recover costs, expenses, and reasonable attorney fees from parties filing fraudulent records.