Plain English Breakdown
The effective date listed in metadata (Feb 03, 2026) differs slightly from the approval date in the text (Nov 24, 2025); the law takes effect after a 30-day congressional review period.
Uniform Commercial Code Financing Statement Forms Amendment Act of 2025
This law requires the Recorder of Deeds to accept written initial financing statements in specific standard forms and allows the Chief Financial Officer to set filing fees.
What This Bill Does
- Requires a filing office that accepts written records, such as the Recorder of Deeds, not to refuse an initial financing statement if it matches a form approved by the International Association of Commercial Administrators or adopted by rule from the Chief Financial Officer.
- Updates specific sections of the law to replace references to the Mayor with the phrase 'Chief Financial Officer' regarding forms and fees.
- Permits the Chief Financial Officer to create rules that set fees for filing and indexing initial financing statements.
Who It Names or Affects
- The Recorder of Deeds
- The Chief Financial Officer
- People or businesses who file written initial financing statements
Terms To Know
- Financing Statement
- A document filed to give public notice that a lender has an interest in specific property owned by a borrower.
- Recorder of Deeds
- The government office responsible for accepting and keeping official records like financing statements.
Limits and Unknowns
- This law does not list the specific dollar amounts for filing fees, as those will be set later by rules from the Chief Financial Officer.
- A filing office may still refuse a record if there is a reason listed in section 28:9-516(b), but this bill text does not explain what those reasons are.