Topic:
False UCC filings
(Zalewski, D-Chicago; Harmon, D-Oak Park) amends the Secured Transactions Article of the Uniform Commercial Code. It prohibits a person from filing or cause to be filed a false record that the person knows or reasonably should know is (1) not authorized or permitted under specified provisions; (2) not related to a valid existing or potential commercial or financial transaction, an existing agricultural or other lien, or a judgment of a court of competent jurisdiction; and (3) filed with the intent to harass or defraud the person identified as debtor in the record or any other person. Creates criminal and civil penalties and administrative relief from the Secretary of State. Exempts records filed by a regulated financial institution or its representative. Effective July 20, 2012.