Senate Sponsors: DILLARD. Short description: UCC ARTICLE 9 SECURED TRANS Synopsis of Bill as introduced: Amends the Uniform Commercial Code by replacing the Secured Transactions Article with the revised version proposed by the National Conference of Commissioners on Uniform State Laws, with additional modifications. Includes certificates of deposit within the scope of the terms "deposit account" and "instrument". Removes distinction regarding application of payments and loss of status of purchase-money security interest in non-consumer-goods transactions. Provides that a description of goods is sufficient even though it may omit the make, model, or serial number of the goods. Provides that a secured party may require a debtor to disclose to whom collateral may be sold and prohibits the debtor from selling to others. Provides criminal penalties for failure to pay a secured party upon disposal of collateral. Provides that an individual is subject to a Class 3 felony and that a corporation is subject to a business offense with a fine not exceeding $10,000. Imposes criminal penalties for disposing of collateral to persons not disclosed to the secured party. Makes provisions for local filing and record-keeping. Removes a provision providing that a debtor may not waive rights regarding an explanation of the calculation of surplus and deficiency. Removes a provision limiting a presumption of sufficient notice to non-consumer transactions. Provides that damages may be obtained in an individual action. Limits statutory damages to $100 and removes certain grounds giving rise to damages. Amends other Articles of the Uniform Commercial Code and the Local Records Act, the Counties Code, the Public Utilities Act, the Illinois Vehicle Code, the Uniform Federal Lien Registration Act, and the Toxic Substances Disclosure to Employees Act to make conforming changes. Effective July 1, 2001, except some parts effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status