Committee advances UCC financing statements bill to update filing forms and fees
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Summary
The committee advanced legislation to remove an embedded UCC financing-statement form from the code, permit the record of deeds to accept industry-standard forms and direct the Chief Financial Officer to set fees for filing and indexing initial financing statements.
The Committee on Business and Economic Development voted to advance a bill that would modernize uniform commercial code financing statements filed in the District and give the Recorder of Deeds greater flexibility to accept forms aligned with industry standards.
The measure removes the current standardized UCC form embedded in District code and authorizes the Recorder of Deeds to permit alternative, industry-standard forms. The committee also amended the code to direct the Chief Financial Officer to promulgate rules setting fees for filing and indexing initial financing statements, the presentation said, a change committee members said ensures uniform oversight of financing-statement regulation.
Chair Kenan McDuffie moved to draft the committee report in print with legal staff to make technical, editorial and conforming changes; the committee approved the draft by voice vote. The transcript records the committee made an additional conforming change at the request of the Office of the Chief Financial Officer and the Office of the General Counsel to amend section 28‑9‑525 of the DC Code related to fee-setting authority.
No roll-call tally was recorded in the meeting transcript and the committee did not record further amendments at the meeting.