Fiscal Note - SB 0006 - Uniform Commercial Code - Articles 5 and 8
L.R. NO. 0281-01
BILL NO. Truly Agreed To And Finally Passed SB 6
SUBJECT: Commercial Code
TYPE: Original
DATE: May 2, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Insurance (INS), Office of the Secretary of
State (SOS), Department of Economic Development-Division of Finance (DOF),
Department of Revenue (DOR), Department of Elementary and Secondary Education
(DES) and the Office of Administration (COA) assume the proposed legislation
would have no fiscal impact on their agencies.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Small Business
To the extent that the proposal clarifies issues of extension of credit,
fraud and negotiable securities, this proposal could affect small businesses.
DESCRIPTION
The proposed legislation would revise Articles 5 and 8 of the Uniform
Commercial Code Statutes and would bring the present law in conformity with
present requirements. In Article 5, clarification would be made regarding
letters of credit with more defined standards of practice. In Article 8, the
proposal would revise the attachment and perfection of security interests in
investment securities.
The proposal would repeal the requirement that financing statements for
security interests covering crops growing or to be grown also contain a
description of the real estate concerned.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Insurance
Office of the Secretary of State
Department of Economic Development-Division of Finance
Department of Revenue
Department of Elementary and Secondary Education
Office of Administration
This Fiscal Note is not an official copy and should not be quoted or cited.