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 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 handling petitions for review related to financing statements and ensures that all relevant parties are informed of judicial determinations. The changes are designed to enhance the efficiency and clarity of the administrative process surrounding financing statement filings in Tennessee. The act will take effect upon becoming law, emphasizing the importance of public welfare in its implementation.

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