California Joins Other States by Enacting CBA-Sponsored Legislation Changing UCC Financing Statement Protocol
September 22, 2014
California joins 40 other states, the District of Columbia, and Puerto Rico by enacting CBA-sponsored AB 1858, which requires the use of a person’s name as it appears on his or her driver’s license or DMV-issued personal identification card on UCC financing statements. Under existing practices, various versions of a debtor’s name could be listed on different financing statements, making it difficult for creditors to ascertain the existence or priority of statements a debtor or the subject property. See CBA’s Regulatory Compliance Bulletin, which was written by Neil Rubenstein, shareholder of the law firm Buchalter Nemer and member of CBA’s Legal Affairs Committee. Kevin Gould was CBA’s lead lobbyist on AB 1858. See CBA’s Regulatory Compliance Bulletin for more information.