Delaware

House Bill 214 (Chapter 161) signed by governor July 18 allows special purpose financial captive insurance companies (designed to act as special reinsurance vehicles for life or property and casualty insurers whereby insurance business transferred to such special purpose captive insurance companies can be funded through capital markets offerings) to use business organization forms permitted by Delaware law - stock corporation, nonstock corporation, limited liability company, partnership, limited partnership, or statutory trust, or such other person other than a natural person approved by the Insurance Commissioner. The full bill text can be accessed from
http://www.legis.state.de.us/LIS/LIS144.nsf/vwLegislation/HB+214?Opendocument

House Bill 253 (Chapter 76) signed by governor June 30 increased motor vehicle document, registration and title fees effective October 1.
http://www.legis.state.de.us/LIS/LIS144.nsf/vwLegislation/HB+253?Opendocument

Senate Bill 120 (Chapter 92) signed by governor and effective July 5 provides additional methods for secured party to gain control of deposit account.
http://www.legis.state.de.us/LIS/LIS144.nsf/vwLegislation/SB+120?Opendocument

Massachusetts

House Bill 4144 (Chapter No. 82-2007) signed by governor August 2 relates to protection of personal information.
http://www.mass.gov/legis/laws/seslaw07/sl070082.htm

New Jersey

The Department of Treasury Division of Revenue Business Services Branch announced July 26 that effective July 30 the Short Form Standing Certificate was changed to an Internet printable document with a printed seal on standard white paper replacing the blue border paper and gold seal. New certificates have a verification number to allow anyone to verify the validity of a certificate. While the certificate is generated in real time, the filing office will still take one business day to post annual reports.
http://www.state.nj.us/treasury/revenue/standcert.htm

New York

Senate Bill 3814 (Chapter 449) signed by governor August 1enacts Domain Names Cyber Piracy Protection Act.
http://assembly.state.ny.us/leg/?bn=S03814&sh=t

North Carolina

Senate Bill 576 ratified and sent to governor July 24 would clarify entity merger provisions and authority of board committees.
http://www.ncga.state.nc.us/Sessions/2007/Bills/Senate/HTML/S576v2.html

Texas

House Bill 1737 (Chapter 688) effective September 1 makes technical amendments to the Business Organizations Code.
http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/HB01737F.htm

Senate Bill 1153 (Chapter 543) effective September 1 provides for the use of title insurance for personal property to ensure that a debtor has ownership rights or interest in the property sufficient to transfer the property to the lender as collateral.
http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/SB01153F.htm

Senate Bill 1540 (Chapter 565) effective June 16 enacted non-uniform changes regarding sufficiency of debtor’s name.
http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/SB01540F.htm

Vermont

House Bill 294 (Act No. 76) signed June 7 increased certain executive branch fees including Division of Corporations.
http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/DOCS/2008/ACTS/ACT076.HTM

Tennessee Enacts Non-Uniform Amendment to UCC PMSI Requirements

This year, Tennessee made a small change in its version of Revised Article 9 that should be of interest to purchase money lenders. The Tennessee General Assembly passed Senate Bill 426, which modified the time period for a secured party to perfect a purchase money security interest. Revised Article 9 allows the secured party to perfect its PMSI by filing before or within 20 days after the debtor received possession of the collateral. U.C.C. § 9-324(a). The non-uniform Tennessee amendment changed the time period to 30 days. 2007 Tenn. Pub. Acts Chapter 10...

Click here to learn more

Washington Adopts Emergency UCC Rule Amendment

The Washington Department of Licensing (“DOL”) recently adopted a rule amendment that changes the lapse dates assigned to certain UCC filings. The amendment relates to UCC financing statements filed in connection with a public finance or manufactured housing transaction. It took effect on August 14, 2007, as a temporary measure, pending a public hearing to consider permanent adoption of the rule later this year...

Click here to learn more

Nevada

Nevada DMV will no longer accept any signature that is stamped or computer/mechanically generated on a title or MSO. All signatures, including notaries, must be original and in ink.

Oregon

Washington, Multomah, Clackamas and Medford counties all require an emissions inspection prior to registration. All four counties are now considered to be the Portland "area."