Senate Bill No. 988 amends the Uniform Commercial Code to enhance the management of secured transactions related to farm products by transferring responsibilities from the Secretary of State to the Oklahoma County Clerk. The bill establishes a central filing system for effective financing statements, requiring that these statements be signed and filed with the Oklahoma County Clerk. It also outlines the Clerk's responsibilities in maintaining records and providing information about security interests in farm products. Key changes include the removal of references to the Secretary of State, the introduction of a new fee structure for various filings, and a conditional effective date for the central filing system's implementation.

Additionally, the bill mandates that all active filings as of the act's effective date be submitted to the Oklahoma County Clerk's office without fees, while establishing a $10 fee for filing effective financing statements and related documents. It amends existing fee structures for the Secretary of State's office and emphasizes data security and confidentiality during the information transfer process. The act's effectiveness is contingent upon the USDA's certification of the central filing system, with both the Oklahoma County Clerk and Secretary of State responsible for proper accounting and deposit of collected fees. Overall, the bill aims to streamline the process for securing interests in farm products and enhance the role of the Oklahoma County Clerk in these transactions.

Statutes affected:
Introduced: 28-111
Committee Substitute: 28-111
Floor (Senate): 28-111
Engrossed: 28-111
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 28-111