Sweeping Changes in Indiana - Senate Bill 489 Signed into Law
On May 11, 2001, Indiana Senate Bill 489 was enacted and becomes effective
July 1, 2001. There are multiple, sweeping changes in this
new law:
Uniform Commercial Code
- Allows for fax filing of financing statements
- Eliminates filing fee if financing statement filed electronically
- Fee for requests for information about a financing statement (including a request for a certificate showing whether there is a financing statement on file) increased to $5 if made in writing; free if made electronically
*** Senate Bill 357, recently enacted and effective July 1, 2001, removes requirement for debtor authentication of UCC-1 or UCC-3. This will bring Indiana into compliance with the balance of the states adopting Revised Article 9.
Electronic Signatures - allows for electronic signatures on all documents filed with the Secretary of State
Renewal of Name Reservations - clarifies that fee to file renewal of a name reservation for any entity type is $20
Name Registrations
- Extends the ability to register a name to all Foreign entity types and the fee is $30. Fee to renew registration is $30
- No longer need to provide brief purpose statement or Certificate of Existence with application for name registration
Annual/Biennial Reports - reduces filing fee if filed electronically as follows:
- For Profit Biennial Report (filed in writing) - $30; (filed electronically) - $20
- Not For Profit Annual Report (filed in writing) - $10; (filed electronically) - $5
- LLC Biennial Report (filed in writing) - $30; (filed electronically) - $20
Bank On It - restricts use of the term "bank" in an entity's name
LLC Mergers - establishes $90 filing fee for mergers involving a domestic LLC
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