OK SB988

Transfers authority for Oklahoma's central filing system for farm product security interests (effective financing statements) from the Secretary of State to the Oklahoma County Clerk

Oklahoma County Clerk assumes responsibility for maintaining USDA-certified central filing system, developing standard forms, recording filings, compiling master lists, and registering buyers of farm products, commission merchants, and selling agents

Filing fees remain at $10 for effective financing statements, continuation statements, amendments, and terminations; registration fee is $50/year for interested parties (waived for Internet access)

Removes requirement for debtor signature on effective financing statements; enforcement of termination statement penalties ($500) shifts from Attorney General to Oklahoma County District Attorney

Act becomes effective 180 days after USDA certifies the new central filing system, with all active filings to be migrated to Oklahoma County Clerk's office at no fee