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News Archive

Compliance Compass: new forms to protect collateral

 

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Paul Guttormsson

As of Monday, July 1, Wisconsin (along with most other states) amended the laws that govern how credit unions perfect their liens on personal property as collateral. Credit unions should now be using new "UCC1 Financing Statement" forms, and they should update the way they name debtors on the forms. The forms include updated instructions.

 

The new forms are available in the UCC area of the Wisconsin Department of Financial Institutions (DFI) website. The DFI’s online filing system has been modified to reflect changes to the forms.  

 

The DFI had continued to accept old versions of the UCC forms for 30 days. But any old forms submitted now will be rejected as non-standard filings.

 

For guidance on how to correctly name debtors on the new forms, see The League’s June 28, 2013 Compliance Courier.


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