ENGR. H. B. NO. 1833 Summary

• Amends Article 9 (Secured Transactions) of the Oklahoma Uniform Commercial Code with comprehensive modifications to definitions, perfection requirements, and filing procedures for security interests.

• Establishes new standards for control of electronic chattel paper, modifies debtor location rules for transmitting utilities, and clarifies how security interests are perfected across different jurisdictions.

• Updates financing statement forms (UCC-1 and UCC-3) with revised field requirements and eliminates certain organizational debtor information requirements while enhancing individual debtor identification standards.

• Creates procedures for filing information statements regarding inaccurate or wrongfully filed records, and revises rules on when buyers, lessees, and licensees take free of security interests.

• Becomes effective July 1, 2013, with transition provisions allowing pre-effective-date financing statements to remain valid under specified conditions and requiring continuation filings within one year to maintain perfection.