MS SB2645

Creates Section 75-9-501.1 to prohibit filing false Uniform Commercial Code records intended to harass, defraud, or lacking authorization or valid commercial/financial basis.

Authorizes the Secretary of State to review and terminate fraudulent filings upon receipt of debtor complaints or when the office has reason to believe a violation occurred, with 30-day notice period.

Requires the Secretary of State to give heightened scrutiny to records against government employees related to public duties, records where debtor and secured party are substantially the same, records involving transmitting utilities, and public finance transactions.

Exempts regulated financial institutions from fraud review unless the Secretary of State requests additional documentation proving the filing came from such an institution.

Allows secured parties to challenge terminations in Chancery Court of the First Judicial District of Hinds County, with court-ordered reinstatement effective from initial filing date except against innocent purchasers.