Senate Bill 544 amends Tennessee Code Annotated, specifically Section 47-9-513, which pertains to the filing of Uniform Commercial Code financing statements. The bill modifies subdivision (e)(5)(C) by requiring the filing office to forward the petition for review, the relevant financing statement, and the notarized affidavit of the public official to the administrative procedures division within three business days of receiving the petition and cost bond. Additionally, it introduces new requirements in subdivisions (e)(7) and (e)(8) that mandate the secured party and the public official to provide copies of any determinations made by an administrative law judge to the filing office.

The bill aims to streamline the process of reviewing financing statement filings and ensure that all relevant parties are informed of judicial determinations. It emphasizes the importance of timely communication between the filing office and the involved parties, thereby enhancing the efficiency of the administrative review process. The act will take effect upon becoming law, prioritizing public welfare.

Statutes affected:
Introduced: 47-9-513(e)(5)(C), 47-9-513, 47-9-513(e)(7), 47-9-513(e)(8)