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. 1-34 * * * * *