Senate Bill No. 988 amends the Uniform Commercial Code to streamline secured transactions related to farm products by transferring certain responsibilities from the Secretary of State to the Oklahoma County Clerk. The bill mandates the Oklahoma County Clerk to develop standard forms for financing statements and maintain a central filing system. It also updates filing procedures and statutory language, requiring effective financing statements to be filed with the Clerk and outlining the conditions for their effectiveness. Additionally, the bill introduces penalties for failing to file termination statements and clarifies that filings will be processed based on the order of submission, with no priority among them.

The legislation further establishes a new fee structure for various filings, including a $10 fee for effective financing statements, continuation statements, partial releases, and termination statements. It also sets fees for registering buyers of farm products and distributing copies of a master list, with rates determined by the number of counties involved. The bill amends existing fee structures for the Secretary of State's office and ensures that all collected fees are accounted for and deposited into designated funds. The act will take effect 180 days after the USDA certifies the central filing system, with formal notification required to be sent to key state officials upon implementation.

Statutes affected:
Introduced: 28-111
House Committee Substitute for Senate Bill: 28-111
Committee Substitute: 28-111
Floor (House): 28-111
Floor (Senate): 28-111
Engrossed: 28-111
Amended And Engrossed: 28-111
Enrolled (final version): 28-111
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 28-111