HB 1773 Summary

• Amends Oklahoma's Uniform Commercial Code Article 9 (secured transactions) to modernize definitions and requirements for filing financing statements, with updates addressing electronic documents and collateral types.

• Establishes standards for control of electronic chattel paper and modifies requirements for debtor name identification on financing statements, including special provisions for individuals with driver's licenses and trusts.

• Revises rules for when buyers, lessees, and licensees take free of security interests; clarifies priority rules for security interests created by new debtors; and modifies grounds for refusing to accept financing statement filings.

• Updates UCC financing statement forms (UCC 1, UCC 1Ad, UCC 3, and UCC 3Ad) to reflect new requirements and provides transition rules for pre-effective-date financing statements filed before November 1, 2015.

• Effective date: November 1, 2015.