1-1     By:  Carona                                            S.B. No. 478
 1-2           (In the Senate - Filed February 11, 1999; February 15, 1999,
 1-3     read first time and referred to Committee on State Affairs;
 1-4     March 1, 1999, reported favorably by the following vote:  Yeas 6,
 1-5     Nays 0; March 1, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to filing of financing statements and certain other
 1-9     filings with the secretary of state.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Section 9.402, Business & Commerce Code, is
1-12     amended by adding Subsection (i) to read as follows:
1-13           (i)  This code does not require that a financing statement or
1-14     other filing made under this subchapter be created or transmitted
1-15     to the secretary of state on paper.  A financing statement or other
1-16     filing made in accordance with rules adopted under this subchapter
1-17     is not ineffective or insufficient because the financing statement
1-18     or other filing is generated or transmitted electronically.
1-19           SECTION 2.  Subsection (i), Section 9.402, Business &
1-20     Commerce Code, as added by this Act, is intended to clarify law
1-21     existing before the effective date of this Act, and the authority
1-22     expressed in that section is within the authority previously
1-23     granted to the secretary of state under Section 9.411, Business &
1-24     Commerce Code.  This Act applies to the filing of a financing
1-25     statement or other filing made before, on, or after the effective
1-26     date of this Act.
1-27           SECTION 3.  The importance of this legislation and the
1-28     crowded condition of the calendars in both houses create an
1-29     emergency and an imperative public necessity that the
1-30     constitutional rule requiring bills to be read on three several
1-31     days in each house be suspended, and this rule is hereby suspended,
1-32     and that this Act take effect and be in force from and after its
1-33     passage, and it is so enacted.
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