AN ACT RELATING TO UNIFORM COMMERCIAL CODE -- SECURED TRANSACTIONS

Summary

The act updates Rhode Island’s Uniform Commercial Code by clarifying when a financing statement is effective and adding new filing requirements for records, continuations, and amendments. It creates a new chapter that prohibits deceptive solicitations to businesses, requires clear advertising disclosures, and gives the attorney general and businesses a private right to sue. It also establishes procedures for debtors to contest wrongful financing statements and for parties to report unauthorized entity formations.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share