SB 988: Uniform Commercial Code; secured transactions; transferring certain authority from Secretary of State to Oklahoma County Clerk. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 4 edits

MODERATE

This bill version was updated from the House to the Senate floor, primarily changing the document header and adding a new sponsor (Pfeiffer of the House) to the Senate version. The substantive legal content regarding the Uniform Commercial Code amendments remains consistent between versions, with the main differences being formatting, page numbering, and the addition of new definitions for 'Knows' and 'Person' in the Senate version that were not present in the House version.

Scope change

The bill's scope and applicability remain unchanged; it continues to amend Oklahoma's Uniform Commercial Code regarding secured transactions and transfers filing authority from the Secretary of State to the Oklahoma County Clerk.

DEFINITION

Added new definitions for 'Knows' (meaning actual knowledge) and 'Person' (covering individuals, partnerships, etc.) in the Senate version

TECHNICAL

Updated document headers from 'HOUSE OF REPRESENTATIVES' to 'SENATE FLOOR VERSION' and changed the legislative session date to February 25, 2025

Added 'COMMITTEE SUBSTITUTE' designation and new sponsor Pfeiffer of the House to the Senate version

Reorganized page numbering and formatting between House and Senate versions, with Senate version showing additional content on later pages

Committee Substitute → Floor (House) · 3 edits

MINOR

This bill was amended during its passage through the House of Representatives, changing from a Committee Substitute version to a Floor Version. The substantive policy content of the bill remains largely the same, but the formatting and presentation were updated to reflect House floor amendments. The bill relates to Oklahoma's Uniform Commercial Code, specifically changing how financing statements are filed and transferred authority from the Secretary of State to the Oklahoma County Clerk.

Scope change

The scope of the bill remains focused on amending Oklahoma's Uniform Commercial Code regarding secured transactions, specifically transferring filing authority from the Secretary of State to the Oklahoma County Clerk and updating related fee structures.

TECHNICAL

The document format was changed from a Senate Committee Substitute to a House Floor Version, with updated page headers and formatting to reflect House amendments.

Added House-specific identifiers and formatting notes indicating that bold face text denotes Committee Amendments, which is standard House markup practice.

DEFINITION

Definitions in Section 1 were renumbered and reorganized during the House floor process, with some text reordering but no substantive policy changes to the definitions themselves.

House Committee Substitute for Senate Bill → Committee Substitute · 4 edits

MODERATE

This bill amends Oklahoma's Uniform Commercial Code to update the requirements for effective financing statements related to farm products. The changes modernize filing procedures by allowing both the Secretary of State and Oklahoma County Clerk to approve forms, clarify definitions for agricultural commodities, and adjust the numbering and structure of existing statutory requirements.

Scope change

The bill expands the scope of who can approve financing statement forms from only the Secretary of State to include the Oklahoma County Clerk, and clarifies the definition of farm products to include specific agricultural commodities and livestock.

REQUIREMENT

Financing statement forms must now be approved by both the Secretary of State and the Oklahoma County Clerk, transferring some authority from the Secretary of State to the County Clerk.

New language was added regarding the effective period of financing statements and requirements for amendments to reflect material changes within three months.

DEFINITION

The definition of 'farm product' was updated to explicitly list specific agricultural commodities (wheat, corn, soybeans) and livestock species (cattle, hogs, sheep, horses, poultry) in their unmanufactured state.

TECHNICAL

Statutory numbering and formatting were corrected throughout the document, including renumbering of subsections and fixing pagination references.

Enrolled (final version) → House Committee Substitute for Senate Bill · 4 edits

MODERATE

This bill amends Oklahoma's Uniform Commercial Code to update definitions and procedures for effective financing statements related to farm products. The changes primarily involve reorganizing statutory language and clarifying filing requirements for secured parties and debtors.

DEFINITION

Updated definition of 'Effective financing statement' to specify it must be approved by the Secretary of State Oklahoma County Clerk

Modified the list of required information in financing statements, including farm product names and county locations

REQUIREMENT

Reorganized and clarified filing procedures and requirements for financing statement amendments and continuations

TECHNICAL

Reformatted statutory language and section numbering for consistency with committee substitute standards

Engrossed → Enrolled (final version) · 6 edits · May 21, 2025

MODERATE

This bill amends Oklahoma's Uniform Commercial Code to transfer certain filing authority and fees from the Secretary of State to the Oklahoma County Clerk, updates definitions related to farm products and secured transactions, and modifies requirements for effective financing statements. The changes streamline agricultural financing documentation by incorporating the County Clerk into the filing process and clarifying what constitutes valid farm product security interests.

Scope change

The bill expands the scope of the Oklahoma County Clerk's responsibilities to include certain secured transaction filings previously handled by the Secretary of State, while maintaining statewide applicability for agricultural financing.

FISCAL

Transfers certain filing fees from the Secretary of State to the Oklahoma County Clerk

REQUIREMENT

Updates requirements for effective financing statements to include approval and filing with both Secretary of State and Oklahoma County Clerk

Adds presumption of notice receipt when sent via first-class mail for certain sections of the act

Modifies the effective financing statement requirements to include specific farm product details and county production information

DEFINITION

Adds new definitions for 'farm product' to include eggs and specifies that products must be in possession of a person engaged in farming operations

TECHNICAL

Updates statutory references and formatting throughout the bill from Engrossed to Enrolled version

Amended And Engrossed → Engrossed · 5 edits · May 20, 2025

MODERATE

This bill amends Oklahoma's Uniform Commercial Code to update definitions and filing requirements for farm products under the security interest system. The changes clarify what constitutes a 'farm product' and modify how financing statements must be filed and maintained, particularly regarding the inclusion of social security numbers or taxpayer identification numbers for debtors.

Scope change

The bill expands the scope of filing requirements to include specific debtor identification information (social security numbers or taxpayer identification numbers) and updates the definition of 'farm product' to include agricultural commodities and livestock in their unmanufactured state.

DEFINITION

Updated the definition of 'Effective financing statement' to require inclusion of the debtor's social security number or taxpayer identification number, replacing previous requirements.

Modified the definition of 'Farm product' to explicitly include agricultural commodities and livestock in their unmanufactured state, such as ginned cotton, wool-clip, maple syrup, milk, and eggs.

REQUIREMENT

Changed the requirement for financing statements to be approved by both the Secretary of State and Oklahoma County Clerk, reflecting a transfer of certain authority.

Updated the amendment process for financing statements to require written amendments within three months to reflect material changes.

Modified the effectiveness period of financing statements to remain effective for five years from the date of filing, with options for extension through refiling or continuation statements.

Introduced → Amended And Engrossed · 4 edits · May 20, 2025

MODERATE

The bill was amended to transfer filing authority from the Secretary of State to the Oklahoma County Clerk, update statutory language, and change the effective date from unconditional to conditional. The amendment also reorganized the bill structure and modified references to certain sections of the Uniform Commercial Code.

Scope change

The bill's scope remains focused on secured transactions and farm product financing, but the administrative authority for filing financing statements shifts from the Secretary of State to the Oklahoma County Clerk.

REQUIREMENT

Filing authority for effective financing statements was transferred from the Secretary of State to the Oklahoma County Clerk.

TIMELINE

The effective date was changed from unconditional to conditional, meaning the law will only take effect if certain conditions are met.

TECHNICAL

The bill structure was reorganized with a new title and enacting clause, and references to certain statutory sections were updated.

FISCAL

The amendment includes language about transferring certain fees from the Secretary of State to the Oklahoma County Clerk.

Uniform Commercial Code; secured transactions; transferring certain authority from Secretary of State to Oklahoma County Clerk. Effective date.

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