SRC-LBB S.B. 1533 78(R)   BILL ANALYSIS


Senate Research Center   S.B. 1533
By: Brimer
Business & Commerce
3/29/2003
As Filed


DIGEST AND PURPOSE 

Currently,  the secretary of state must accept filings relating to
collateral security in commercial transactions in any format, although 95
percent of filers utilize the National Standard Form.  As proposed, S.B.
1533  mandates the approved form for filing financing statement records
under the Uniform Commercial Code and deletes the graphic representation
of forms from the statute. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 9.516, Texas Business & Commerce Code, as
follows: 

Section 9.516.  (b)  Provides that filing does not occur with respect to a
record that a filing office refuses to accept because the record is not on
the National Standard Form or a form approved by the International
Association  of Commercial Administrators (IACA) and adopted by the
secretary of state in addition to other conditions.  Redesignates
Subdivisions (1)-(7) as (2)-(8). 

SECTION 2.  Amends Section 9.521, Texas Business & Commerce Code, as
follows: 

(a)  Prohibits a filing office that accepts written records from refusing
to accept a written initial financing statement on the National Standard
Form or a form approved by the International Association of Commercial
Administrators (IACA) and adopted by administrative rule by the secretary
of state, except for a reason set forth in Section 9.516(b).  Deletes
graphics of forms. 

(b)  Prohibits a filing office that accepts written records from refusing
to accept a written record on the National Standard Form or a form
approved by the International Association of Commercial Administrators
(IACA) and adopted by administrative rule by the secretary of state,
except for a reason set forth in Section 9.516(b).  Deletes graphics of
forms. 

SECTION 3.  Effective date:  January 1, 2004.