Senate Bill sb2126

    Florida Senate - 2001                                  SB 2126

    By Senator Garcia





    39-1364-01

  1                      A bill to be entitled

  2         An act relating to filings administered by the

  3         Department of State; providing legislative

  4         findings and intent; amending s. 679.401, F.S.;

  5         prescribing places of filing for secured

  6         transactions; creating s. 679.4015, F.S.;

  7         establishing the Florida Secured Transaction

  8         Registry; prescribing duties of the Department

  9         of State; prescribing standards for the

10         registry; providing an effective date.

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12  Be It Enacted by the Legislature of the State of Florida:

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14         Section 1.  The Legislature finds that, consistent with

15  the revisions of the Uniform Commercial Code drafted by the

16  National Conference of Commissioners on Uniform State Laws,

17  the need for government regulation of this state's secured

18  transaction registry no longer exists. The benefits to the

19  lending industry in this state in self-administration of a

20  registry that affects only that sector are consistent with the

21  legislative policy of reducing the regulation and involvement

22  of government in commerce and business.

23         Section 2.  Paragraph (c) of subsection (1) and

24  subsection (5) of section 679.401, Florida Statutes, are

25  amended to read:

26         679.401  Place of filing; erroneous filing; removal of

27  collateral.--

28         (1)  The proper place to file in order to perfect a

29  security interest is as follows:

30         (c)  In all other cases, by filing in the office of the

31  Department of State or as otherwise provided by law.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2001                                  SB 2126
    39-1364-01




  1         (5)  Notwithstanding the preceding subsections, and

  2  subject to s. 679.302(3), the proper place to file in order to

  3  perfect a security interest in collateral, including fixtures,

  4  of a transmitting utility is the office of the Department of

  5  State or as otherwise provided by law.

  6         Section 3.  Section 679.4015, Florida Statutes, is

  7  created to read:

  8         679.4015  Florida Secured Transaction Registry.--

  9         (1)  There is created the Florida Secured Transaction

10  Registry. The Department of State shall cease serving as the

11  designated filing officer and filing office specified in this

12  part no later than October 1, 2001.

13         (2)  The Department of State shall immediately develop

14  and issue a request for qualifications seeking capable parties

15  to perform both the administrative and operational functions

16  being performed immediately before the effective date of this

17  act by the department as a filing officer and filing office

18  under the Uniform Commercial Code.

19         (a)  The qualifications must, at a minimum, provide for

20  the organization and maintenance of the Florida Secured

21  Transaction Registry as the centralized Uniform Commercial

22  Code filing and retrieval system, which:

23         1.  Is comparable and compatible with the existing

24  filing system;

25         2.  Is open to the public and accessible through the

26  Internet, to permit the review of all existing filings of the

27  department and all future filings, in compliance with chapter

28  119;

29         3.  Provides for oversight and compliance audits by the

30  department;

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    Florida Senate - 2001                                  SB 2126
    39-1364-01




  1         4.  Requires records maintenance in compliance with

  2  this part and chapter 119; and

  3         5.  Maintains the current level of filing fees and

  4  procedures for the deposit of revenues with the department as

  5  specified in chapter 15, net of operating costs, for a period

  6  of 5 years.

  7         (b)  Notwithstanding chapter 287, the Department of

  8  State shall select from the respondents the most qualified

  9  entities based on the department's qualifications and

10  negotiate a contract.

11         (c)  The Department of State shall develop performance

12  standards to assure that the filing system is accurate and

13  complete and that its users are being well-served.

14  Periodically, the department shall verify that these

15  performance standards are being met, and it may modify them as

16  needed from time to time.

17         Section 4.  Except as otherwise provided in this act,

18  this act shall take effect upon becoming a law.

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21                          SENATE SUMMARY

22    Establishes a Florida Secured Transaction Registry to
      serve as the filing office for secured transactions under
23    the Uniform Commercial Code. Provides duties of the
      Department of State with respect to the selection of an
24    administrator of the registry and requires the department
      to establish performance standards to determine the
25    quality of service under the registry.

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CODING: Words stricken are deletions; words underlined are additions.