UTA LEG Commercial Filings Bill

On Feb. 28, UTA LEG passed bill on debtor termination statements.

  • UTA LEG passed bill SB 43 re commercial filing amendments to UTA LEG 70A-9a-513.
  • Amendments require a filing office to send notice to a secured party of a record if debtor files a termination statement terminating a financing statement.
  • Notice by mail or email must be sent no later than 14 days after statement filed.
  • Legislative History
  • On Jan. 16, 2024, bill introduced in Senate; on Jan. 31, 2024, bill passed Senate.
  • On Jan. 31, 2024, bill introduced in House; on Feb. 28, 2024, bill passed House.
  • Effectiveness
  • This bill takes effect on May 1, 2024.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 13, 2024, UTA LEG reported that the governor signed bill SB 43 into law.

Regulators UTA LEG
Entity Types Bank; CNSM; CU; Servicer; Thrift
Reference PR, Bill SB 43, 3/13/2024; Bill, SB0043, 2/28/2024; Citation: UTA LEG 70A-9a-513;
Functions Compliance; Legal; Reporting
Countries United States of America
Products Banking; Loan
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 202782
Linked to N/A
Reg. Last Update 3/13/2024
Report Section US Banking

Last substantive update on 03/19/2024