The Uniform Commercial Code Financing Statement Forms Amendment Act of 2025 amends the current law to ensure that the Recorder of Deeds cannot refuse to accept a written initial financing statement if it conforms to a format approved by the International Association of Commercial Administrators or a format adopted by the Chief Financial Officer through rulemaking. This change aims to streamline the process for filing financing statements and enhance compliance with standardized forms.
Additionally, the bill modifies specific sections of the law by replacing references to the "Mayor" with "Chief Financial Officer" in sections 28:9-525(a) and 28:9-526. This shift emphasizes the role of the Chief Financial Officer in promulgating rules related to the filing and indexing of initial financing statements, thereby centralizing authority and responsibility for these processes. The act will take effect after approval by the Mayor and a 30-day congressional review period.