Bill Text: MI SB0520 | 2017-2018 | 99th Legislature | Introduced
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-Introduced.html
SENATE BILL No. 520
September 6, 2017, Introduced by Senator BOOHER and referred to the Committee on Regulatory Reform.
A bill to amend 1962 PA 174, entitled
"Uniform commercial code,"
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)
At least weekly, at the per record rate under section
9525,
the filing office Beginning
not later than January 1, 2018,
the
secretary of state shall offer to sell
or license to the public
on
a nonexclusive basis, in bulk, copies 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 every medium from time to
time 1 or more mediums
available
to the filing office.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.
(7) For each calendar year after 2018, the department may
adjust the amount of the subscription fee under subsection (6) by
an amount determined by the state treasurer to reflect the
cumulative percentage change in the consumer price index from
October 1, 2017 to the October 1 immediately preceding that
calendar year, using the most recent data available and rounded to
the nearest dollar.
(8) As used in this section, "consumer price index" means the
most comprehensive index of consumer prices available for this
state from the Bureau of Labor Statistics of the United States
Department of Labor.
