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 document is a version control diff showing the transition of Senate Bill 988 from the House to the Senate floor. The primary changes involve updating the bill's header to reflect Senate approval and reassigning co-sponsorship to a House member. The substantive legal text regarding the Uniform Commercial Code and the transfer of filing authority from the Secretary of State to the Oklahoma County Clerk remains identical to the House version.

Scope change

The bill's scope, applicability, and legal requirements remain unchanged; this is a procedural update reflecting the bill's progression through the legislative process.

TECHNICAL

Updated the document title and date to reflect the Senate floor version dated February 25, 2025.

Changed the bill designation from 'Committee Substitute for Engrossed' to 'Committee Substitute' to indicate the current legislative stage.

Added a new co-sponsor, Pfeiffer of the House, to the list of bill sponsors.

Altered the footer text from the House version to the Senate version, including the page number.

Committee Substitute → Floor (House) · 1 edit

MINOR

The bill text was updated from a 'Committee Substitute' version to the 'House Floor' version, incorporating amendments by the House of Representatives. The substantive policy content regarding the Uniform Commercial Code and the transfer of filing authority from the Secretary of State to the Oklahoma County Clerk remains identical to the previous version, with no changes to definitions, fees, or effective dates.

Scope change

The scope of the bill's applicability and the specific legal requirements have not changed; only the procedural version of the text was updated.

TECHNICAL

The document header and title were updated to reflect that this is the House Floor version, including the addition of co-sponsor Hall of the House.

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

MODERATE

The bill updates the Uniform Commercial Code definitions for farm product financing statements to reflect a shared filing authority between the Secretary of State and the Oklahoma County Clerk. It modernizes the statutory language to acknowledge the County Clerk's role in processing these documents and adjusts the effective date provisions to align with new operational procedures.

Scope change

The scope of the filing authority for farm product financing statements has been expanded to include the Oklahoma County Clerk alongside the Secretary of State, changing the administrative body responsible for accepting and processing these filings.

DEFINITION

The definition of an 'Effective financing statement' was updated to require approval from both the Secretary of State and the Oklahoma County Clerk, reflecting a shift in administrative responsibility.

REQUIREMENT

The requirement for filing fees was adjusted to reference Section 111 of Title 28, which now includes provisions for transferring fee collection authority from the Secretary of State to the Oklahoma County Clerk.

TIMELINE

The effective date of the act was changed to be conditional, allowing the legislation to take effect only after the necessary inter-agency agreements and operational preparations are completed.

TECHNICAL

New page headers and formatting were added to the document to indicate the revised page numbers and request numbers associated with the updated filing procedures.

Enrolled (final version) → House Committee Substitute for Senate Bill · 1 edit

MINOR

The bill text was reorganized from a standard enrolled format to a 'Committee Substitute' version, which typically indicates a revision made by the House Committee after the Senate passed the original version. The substantive legal content, including definitions and requirements for financing statements, remains identical to the original text, with no changes to policy, scope, or applicability.

TECHNICAL

The document header and title page were updated to reflect that this is a House Committee Substitute version, replacing the original Enrolled Senate text.

Engrossed → Enrolled (final version) · 5 edits · May 28, 2025

MODERATE

The bill transitions from an 'Engrossed' draft to the final 'Enrolled' version, incorporating several substantive updates to the Uniform Commercial Code regarding farm product financing. Key changes include redefining 'effective financing statements' to require approval from the Secretary of State Oklahoma County Clerk, adding a new definition for 'selling agent,' and expanding the list of farm products to include eggs. The text also adds a presumption that notice is received if sent via first-class mail and clarifies that filing fees are now handled by the County Clerk rather than the Secretary of State.

Scope change

The bill's scope remains focused on secured transactions involving farm products, but the administrative authority for filings has shifted from the Secretary of State to the Oklahoma County Clerk.

DEFINITION

Added a new definition for 'selling agent' to clarify who negotiates farm product sales on behalf of farmers.

Expanded the definition of 'farm product' to explicitly include eggs in the list of covered agricultural commodities.

REQUIREMENT

Updated the requirements for 'effective financing statements' to specify that forms must be approved by the Secretary of State Oklahoma County Clerk.

Added a provision stating that receipt of legal notice is presumed if sent via first-class mail with postage prepaid.

ENFORCEMENT

Transferred the responsibility for collecting filing fees and managing the public database from the Secretary of State to the Oklahoma County Clerk.

Amended And Engrossed → Engrossed · 3 edits · May 20, 2025

MINOR

The bill was renumbered from a House amendment to a Senate bill, and the substantive text was updated to clarify definitions and filing requirements for farm products under the Uniform Commercial Code. The changes ensure that financing statements for agricultural commodities are filed with the Oklahoma County Clerk rather than the Secretary of State, aligning the process with existing fee structures and improving clarity on what constitutes a valid filing.

Scope change

The scope of the bill remains focused on secured transactions involving farm products, but the specific authority for filing financing statements was transferred from the Secretary of State to the Oklahoma County Clerk.

REQUIREMENT

The authority to file effective financing statements for farm products was transferred from the Secretary of State to the Oklahoma County Clerk.

DEFINITION

Definitions for key terms like 'effective financing statement' and 'farm product' were updated to explicitly require approval by the Secretary of State and Oklahoma County Clerk and to specify new content requirements.

TECHNICAL

The document title and authorship lines were updated to reflect that this is now an Engrossed Senate Bill rather than a House Amendment.

Introduced → Amended And Engrossed · 3 edits · May 20, 2025

MINOR

The bill was amended to replace the original text entirely, updating the legislative title and enacting clause to reflect a conditional effective date and updated statutory references. The core definitions and requirements for financing statements remain largely consistent, though the text was reorganized and corrected to remove internal amendment markers and formatting errors from the previous version.

Scope change

The bill's scope regarding the transfer of authority from the Secretary of State to the Oklahoma County Clerk and the modification of filing procedures remains unchanged.

TIMELINE

The bill's effective date was changed from a standard date to a 'conditional effective date,' likely to align with specific state legislative sessions or conditions.

TECHNICAL

The text was cleaned of internal amendment markers (e.g., 'AMENDMENT NO. 1') and page headers, resulting in a final, clean version of the bill text.

Statutory citations in the summary were updated to include specific sections (e.g., 12A O.S. 2021, Section 1-9-525) and corrected references 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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