UCC-SECURED CREDITOR LIABILTY
Synopsis of Bill as introduced:
Amends the Secured Transactions Article of the Uniform Commercial
Code. In provisions giving the debtor a right to recover an amount
not less than the credit service charge plus 10% of the principal
amount of the debt or the time price differential plus 10% of the cash
price if the collateral is consumer goods and the secured party is not
proceeding in accordance with this Article regarding secured
transactions, provides that the debtor can recover in an individual
action. Effective immediately.
FISCAL NOTE (DCCA)
HB 1412 does not impose any requirements on and does not have
a fiscal impact on units of local government.
STATE MANDATES FISCAL NOTE
HB 1412 fails to create a State mandate.
FISCAL NOTE (Dpt. Financial Institutions)
HB1412 would have no fiscal impact on the Department.
The bill would not either decrease or increase the need for
the number of judges in the state.
Last action on Bill: PUBLIC ACT.............................. 90-0214
Last action date: 97-07-25
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status