S.B. 94-132 Security interests - filing - committee - creation - hospital liens - appropriation. Eliminates the requirement for nonresidents that a security interest on farm products, to be perfected, must be filed both in the office of the clerk and recorder of the county where the goods are kept and where the land is located. Provides instead that such a security interest will be perfected if it is filed in the office of any county clerk and recorder. States that a security interest filed after July 1, 1994, will not be deemed perfected unless an effective financing statement is also filed. Provides that when such statements are filed by computer modem access they may be filed in the same office as the security interest.
Creates a committee to study the establishment of a system to simplify the filing of security interests and the retrieval of information concerning same. Requires the committee to examine methods of providing filers with a system whereby they will perfect security interests, including certain effective financing statements, with one filing at one location. Requires the committee to report its recommendations to the general assembly by January 1, 1995. Specifies the composition of the committee and repeals such committee effective July 1, 1995.
Defines effective financing statement to include a fax copy of a statement and, if permitted by federal law or rule, an electronically transmitted filing. Requires that an annual maintenance fee of $10 per filing be paid for an effective financing statement to remain effective 5 years.
Eliminates the requirement that master lists be distributed by the state central filing system board on a quarterly basis and provides instead that the board shall determine the frequency with which such lists shall be distributed.
Eliminates the stated hours during which inquiries concerning information provided by effective financing statements may be made at the office of the state central filing system board and provides instead that the board shall designate the times during which such inquiries may be made.
Eliminates a requirement that the general assembly approve any contract which the board enters to design, implement, operate, or improve the central filing system.
Repeals the "Central Filing of effective Financing Statement Act" and provisions concerning the state central filing system board, effective July 1, 1996.
Provides that a hospital lien shall take effect when a written notice is filed with the secretary of state, not the division of insurance. Exempts liens properly recorded before July 1, 1994, from the new requirement.
Appropriates $30,584 to the department of agriculture for allocation to the state central filing system board for the implementation of the act.
APPROVED by Governor May 31, 1994
EFFECTIVE July 1, 1994
S.B. 94-176 Consumer credit - allowable charges - practices of issuers - notice to and consent of buyers - federal preemption - exemption from usury laws. In connection with revolving charge accounts and revolving loan accounts, allows creditors to impose minimum credit service charges or finance charges up to 50 cents, cash advance charges up to 2½ of the amount advanced, annual fees, and returned-check fees up to $20.00. Requires advance notice to the consumer of certain changes in the terms of a credit agreement, including an increase in the minimum periodic payments required on the unpaid balance. Relocates and revises requirements for clear and conspicuous disclosure in any solicitation or application to open an account of applicable annual percentage rates, the variability of annual percentage rates and the ranges in which rates apply, if variable, and annual or monthly charges imposed.
Construes the use of a revolving charge account or revolving loan account as an acceptance by the consumer of the seller's or lender's terms then in effect, creating a binding contract on those terms.
Prohibits a seller from charging a buyer in advance for lodging or motor vehicle rental services to be provided in the future without first giving the buyer notice and an opportunity to reject the services.
Repeals existing state opt-out provisions under federal laws prescribing uniform interest rates and preempting state interest-rate controls.
Exempts from state usury laws the minimum interest charges and other charges and fees authorized by the act as well as other similar charges and fees specifically authorized by law.
Applies to purchases and extensions of credit on or after July 1, 1994.
APPROVED by Governor May 31, 1994
EFFECTIVE July 1, 1994
H.B. 94-1102 Deceptive trade practice - use of the term "dietitian" by unauthorized persons. Makes it a deceptive trade practice for persons to claim orally or in writing that they are a "dietitian", "dietician", "certified dietitian", or "certified dietician" or to use the abbreviation "C.D.", or "D.", unless they have at least a baccalaureate degree in nutrition, dietetics, nutrition education, food systems management, public health nutrition, or another specified discipline from an accredited or other specified institution and either hold a certificate of registered dietician through the commission on dietetic registration or have completed 900 hours of preprofessional work experience under the supervision of a qualified dietitian.
APPROVED by Governor March 15, 1994
EFFECTIVE July 1, 1994
H.B. 94-1132 Negotiable instruments - bank deposits and collections. Rewrites article 3 of the "Uniform Commercial Code" to update its provisions as recommended by the National Conference of Commissioners on Uniform State Laws. Changes the code as follows: Narrows the scope of the article by applying it to bearer or order instruments and checks; eliminates the requirement that instruments contain a sum certain and substitutes a "readily ascertainable amount of money"; expands contribution rules to provide that a party who satisfies an instrument has a right of contribution from coparties who signed the instrument in the same capacity; includes a statute of limitations in the rules for determining when a cause of action accrues; when an instrument is an order instrument, requires an indorsement for negotiation; limits the effect of restrictive indorsements on the right to receive payment; explicitly makes a nondepositary payor bank exempt from liability with intermediary banks; adds a requirement for indicia of a regularly executed instrument to the other requirements for a "holder in due course".
Makes various amendments to article 4 of the "Uniform Commercial Code" to assure compatibility with the rewrite of article 3, including the following: Expands the definition of bank to include institutions that have customers with accounts and checking privileges; makes it clear that "truncation" can be used in transmitting instruments (sending images of an instrument rather than the actual instrument); adds a statute of limitations upon actions to enforce an obligation, duty, or right arising under article 4; expands warranty provisions to include "encoding" and "retention" warranties; and clarifies the acceptability of providing customers with detailed statements of accounts rather than actual items.
APPROVED by Governor April 28, 1994
EFFECTIVE January 1, 1995
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