By: Carona S.B. No. 478 A BILL TO BE ENTITLED AN ACT 1-1 relating to filing of financing statements and certain other 1-2 filings with the secretary of state. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 9.402, Business & Commerce Code, is 1-5 amended by adding Subsection (i) to read as follows: 1-6 (i) This code does not require that a financing statement or 1-7 other filing made under this subchapter be created or transmitted 1-8 to the secretary of state on paper. A financing statement or other 1-9 filing made in accordance with rules adopted under this subchapter 1-10 is not ineffective or insufficient because the financing statement 1-11 or other filing is generated or transmitted electronically. 1-12 SECTION 2. Subsection (i), Section 9.402, Business & 1-13 Commerce Code, as added by this Act, is intended to clarify law 1-14 existing before the effective date of this Act, and the authority 1-15 expressed in that section is within the authority previously 1-16 granted to the secretary of state under Section 9.411, Business & 1-17 Commerce Code. This Act applies to the filing of a financing 1-18 statement or other filing made before, on, or after the effective 1-19 date of this Act. 1-20 SECTION 3. The importance of this legislation and the 1-21 crowded condition of the calendars in both houses create an 1-22 emergency and an imperative public necessity that the 1-23 constitutional rule requiring bills to be read on three several 1-24 days in each house be suspended, and this rule is hereby suspended, 2-1 and that this Act take effect and be in force from and after its 2-2 passage, and it is so enacted.