mandatory e-filing of secured transaction records

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Mandatory E-Filing of Secured Transaction Records

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The ABA Joint Task Force on Filing Office Operations and Search Logic held a well attended panel discussion on Saturday afternoon, April 24, from 2:00 to 3:30 PM. primarily to consider the implementation, in 2010, by the Colorado Secretary of State as the first UCC filing office in the United States to eliminate paper forms and accept only electronic records. A panel comprised of Brian Gryth, Legislative & Legal Analyst, Business Division, Colorado Secretary of State, and John McCabe, Partner, Davis Graham & Stubbs, LLP, Denver office, discussed the reasons behind the decision to go all electronic and how they plan to address the obstacles, objections and other issues arising from this significant process change. Brian began with a PowerPoint presentation of the functionality of his office's proposed electronic filing system, its robust architecture, and its functionality in processing UCC filings. During the presentation, John and the members of the audience engaged Brian in a lively conversation. While questions remain, Brian made an excellent presentation and, in some cases, a defense of the approach of the Colorado Secretary of State. Many concerns were allayed because of the extensive beta testing proposed.

TRANSCRIPT

Page 1: Mandatory E-filing of Secured Transaction records

Mandatory E-Filing

of Secured

Transaction Records

Page 2: Mandatory E-filing of Secured Transaction records

1. The Law

2. How We Get There

3. Practical Aspects

Page 3: Mandatory E-filing of Secured Transaction records

The Law

Page 4: Mandatory E-filing of Secured Transaction records

The filing office can specify the method and medium of communication.

Method and Medium

Page 5: Mandatory E-filing of Secured Transaction records

The Secretary of State may require any filing to be made by electronic means.

By Electronic Means

Page 6: Mandatory E-filing of Secured Transaction records

Electronic filing is the only authorized method of delivery.

Only Method of Delivery

Page 7: Mandatory E-filing of Secured Transaction records

Federal liens are excluded from the electronic mandate.

Exclusion

Page 8: Mandatory E-filing of Secured Transaction records

Paper filings accepted only upon the Secretary’s approval of hardship cases.

Hardship

Page 9: Mandatory E-filing of Secured Transaction records

The electronic mandate will also apply to searches and certification of reports and records.

Related Issues

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How We Get There

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Effective Date

The same date as the new system deploys.

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Attachments

We will accept: PDF and Text (.txt)Total file size of 10 megabytes (MB)Maximum of 50 files

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ACH

Will be accepted

Page 14: Mandatory E-filing of Secured Transaction records

System-to-System Transfer

Users will be able to submit filings using an XML data transfer process.

Page 15: Mandatory E-filing of Secured Transaction records

Notice

Page 16: Mandatory E-filing of Secured Transaction records

Practical Aspects

Page 17: Mandatory E-filing of Secured Transaction records

Efficiency

Paper FilingElectronic

FilingVS.

Page 18: Mandatory E-filing of Secured Transaction records

How a Document Becomes a Record in a Paper Based World

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How a Document Becomes a Record in a Paper Based World

1 2 3

4 5 6

7 8 9

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How a Document Becomes a Record in an Electronic World

Filed Record

Public User

Online Filing Application

Online Payment

Page 30: Mandatory E-filing of Secured Transaction records

Historical Experience

Page 31: Mandatory E-filing of Secured Transaction records

Moving Forward

Mobile

On-line

Page 32: Mandatory E-filing of Secured Transaction records

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