2003 - 2004 LEGISLATURE
August 7, 2003 - Introduced by Representatives Ladwig, Kerkman, Albers,
Gronemus, Grothman, Gundrum, Hines, Huber, Hundertmark, F. Lasee,
McCormick, Montgomery, Nischke, Owens, Seratti, Staskunas, Towns,
Vukmir and Van Roy, cosponsored by Senators Darling, Lassa, Roessler and
Schultz. Referred to Committee on Financial Institutions.
1An Act to repeal and recreate
409.521 of the statutes; relating to: inclusion
2of social security numbers and employer identification numbers in Uniform
3Commercial Code financing statements.
Analysis by the Legislative Reference Bureau
Currently, to perfect certain types of security interests under the Uniform
Commercial Code (UCC), a secured party must file a financing statement with the
appropriate filing office. These financing statements are made available to the
public, generally for the purpose of facilitating commercial transactions. In addition,
the Department of Financial Institutions (DFI), in cooperation with the registers of
deeds in this state, maintains a statewide lien system which, among other things,
allows public access to these financing statements through the Internet.
Current law generally provides for the use of a standard, national form for these
financing statements. This standard form contains a box where an individual
debtor's social security number or organizational debtor's employer identification
number may be recorded. However, because a social security number is not required
under Wisconsin law, the standard form generally in use in this state also includes
a notice that an individual's social security number is not required in Wisconsin.
This bill amends the standard form generally in use in this state so as to
include, in the box where a social security number or employer identification number
may be recorded, a statement that these numbers are not required in Wisconsin. In
addition, the bill requires DFI to include a notice in the instructions for these
financing statements indicting that these numbers are not required in Wisconsin.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB459, s. 1
409.521 of the statutes is repealed and recreated to read:
2409.521 Uniform form of written financing statement and amendment. 3(1) Tax identification number.
In publishing instructions for the forms specified in 4
subs. (2) and (3), the department of financial institutions shall include a statement, 5
where applicable, that inclusion of a social security number or employer 6
identification number is not required under Wisconsin law.
7(2) Initial financing statement form.
A filing office that accepts written 8
records may not refuse to accept a written initial financing statement in the following 9
form and format except for a reason set forth in s. 409.516 (2):
1(3) Amendment form.
A filing office that accepts written records may not refuse 2
to accept a written record in the following form and format except for a reason set 3
forth in s. 409.516 (2):
(1) This act first applies to financing statements filed on the effective date of 3