MN HF3400

Allows filing office to file termination statements for fraudulent financing statements when a debtor submits a notarized affidavit claiming the filing was unauthorized and made with intent to harass or defraud.

Termination statement becomes effective 20 days after filing, with the filing office required to notify the secured party by certified mail and email within two business days.

Grants secured parties the right to request expedited administrative review before termination takes effect or to commence a court action for reinstatement within six months, with proceedings handled on an expedited basis.

If court determines the financing statement was authorized and properly filed, the statement is reinstated and deemed never terminated; if fraudulent, the filing office and debtor may recover costs and reasonable attorney fees from the secured party.

Authorizes filing office to refuse initial financing statements or amendments if it reasonably believes the record was communicated with intent to harass, defraud, or for unlawful purposes, without duty to investigate or return images of rejected filings.