The Uniform Commercial Code (UCC) forms have changed for perfecting UCC liens. If you make UCC filings in Illinois, be sure you are using the new forms required as of July 1, 2013. The following notice is posted on the Secretary of State’s Business Services website:
Effective July 1, 2013, Public Act 97-1034 amends the forms required for filing under the Uniform Commercial Code (810 ILCS 5). In order to prevent rejection of your documents, you must use said forms beginning on July 01, 2013. Please notify your software provider and IT programmers accordingly. Do not submit the amended UCC forms prior to the effective date of July 01, 2013 or they will be rejected. The revised UCC National forms are available at www.iaca.org beginning May 01, 2013, and will be available on this website as of July 1, 2013.
You should ensure you are using the updated forms to avoid rejection or any other delays in perfecting your lien. You can find the updated forms on the Secretary of State’s website at the link below.
Also note that Public Act 97-1034 amended 810 ILCS 5/9-503, which addresses the name of the debtor provided on the financing statement. The law now requires that the name used for an individual debtor on the financing statement should be the individual’s name as it appears on their driver’s license. Sec. 9-503(a)(4). If the debtor’s license is expired or they do not have a driver’s license, then the financing statement should provide the “individual name of the debtor or the surname and first personal name of the debtor.” Sec. 9-503(a)(5). This change suggests that creditors should always obtain a copy of the debtor’s driver’s license if UCC filings are included in the security for the loan.
Other changes were made to Sec. 9-503 as well affecting the names to be provided on the financing statement. If you would like to learn more, see the links below: