Bill Text: MI SB0520 | 2017-2018 | 99th Legislature | Chaptered
Bill Title: Commercial code; secured transactions; bulk sales of records by filing offices; revise requirements. Amends sec. 9523 of 1962 PA 174 (MCL 440.9523).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-11-28 - Assigned Pa 0175'17 With Immediate Effect [SB0520 Detail]
Download: Michigan-2017-SB0520-Chaptered.html
Act No. 175
Public Acts of 2017
Approved by the Governor
November 20, 2017
Filed with the Secretary of State
November 21, 2017
EFFECTIVE DATE: November 21, 2017
STATE OF MICHIGAN
99TH LEGISLATURE
REGULAR SESSION OF 2017
Introduced by Senator Booher
ENROLLED SENATE BILL No. 520
AN ACT to amend 1962 PA 174, entitled “An act to enact the uniform commercial code, relating to certain commercial transactions in or regarding personal property and contracts and other documents concerning them, including sales, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, other documents of title, investment securities, leases, and secured transactions, including certain sales of accounts, chattel paper and contract rights; to provide for public notice to third parties in certain circumstances; to regulate procedure, evidence and damages in certain court actions involving such transactions, contracts or documents; to make uniform the law with respect thereto; to make an appropriation; to provide penalties; and to repeal certain acts and parts of acts,” by amending section 9523 (MCL 440.9523), as added by 2000 PA 348.
The People of the State of Michigan enact:
Sec. 9523. (1) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to section 9519(1)(a) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead do both of the following:
(a) Note upon the copy the number assigned to the record pursuant to section 9519(1)(a) and the date and time of the filing of the record.
(b) Send the copy to the person.
(2) If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides all of the following:
(a) The information in the record.
(b) The number assigned to the record pursuant to section 9519(1)(a).
(c) The date and time of the filing of the record.
(3) The filing office shall communicate or otherwise make available in a record 1 or more of the following information to any person that requests it:
(a) Whether there is on file on a date and time specified by the filing office, but not a date earlier than 3 business days before the filing office receives the request, any financing statement that meets all of the following:
(i) Designates a particular debtor or, if the request so states, designates a particular debtor at the address specified in the request.
(ii) Has not lapsed under section 9515 with respect to all secured parties of record.
(iii) If the request so states, has lapsed under section 9515 and a record of which is maintained by the filing office under section 9522(1).
(b) The date and time of filing of each financing statement.
(c) The information provided in each financing statement.
(4) In complying with its duty under subsection (3), the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing its written certificate or another record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.
(5) The filing office shall perform the acts required by subsections (1) through (4) at the time and in the manner prescribed by filing-office rule, but, in the case of a filing office described in section 9501(1)(b), not later than 2 business days after the filing office receives the request.
(6) Not later than January 1, 2018, the secretary of state shall sell or license to the public on a nonexclusive basis, in bulk, by subscription, images of all records filed in it under this part each month, or bulk data from the filed records, in a format established by the secretary of state and in 1 or more mediums available to the secretary of state. The secretary of state shall charge a subscription fee of $500.00 per month to a person that subscribes to receive images or data under this subsection.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
